The Indian coding and marking systems market are predicted to grow at 8.9% CAGR during the forecast period (2019–2024) to reach USD 499.3 million by 2024. The Indian market is primarily driven by the extensive growth in the manufacturing sector, packaging industry, pharmaceutical industry, and increasing need for product authentication and brand protection.
Coding and marking are considered to be the most vital part of the manufacturing and logistics process in consumer and industrial products. It is the system that is extensively being used to print the details on the product and packaging relating to manufacturing date, lot size, expiry date, and other details in order to disperse authentic information to the customers. Moreover, these systems enable the manufacturers to track the products along with the enhanced focus of the manufacturers towards safety concerns, quality assurance of the product and brand establishment.
Insight by Technology
Based on technology, the coding and marking systems market is categorized into continuous inkjet, thermal transfer overprinting, thermal inkjet, drop on demand, print & apply labelers, laser coding & marking, and valve jet & hot melt inkjet, of which continuous inkjet held the largest share in the Indian coding and marking systems market. The highest share of the continuous inkjet category in the market is due to the high printing speed, easy to install, and cost-effectiveness.
Insight by End User
On the basis of end user, the coding and marking systems market is categorized into food and beverages, electrical and electronics, automotive and aerospace, chemicals, healthcare, and others. The food and beverage industry is estimated to be the largest end-user category in the market in 2018. This is primarily due to the strict government regulations towards marking information on the food and beverage products.
The increasing manufacturing sector, pharmaceutical sector, food and beverages industry, increasing need for product authentication and brand protection, and increasing packaging industry are the major factor contributing towards the growth of the Indian coding and marking systems market. Government of India is making strict norms for the manufacturer to show the product-related details on the packaging, such as price, manufacturing and expiry dates, batch number, ingredient related information, and other related information, for the end users. Coding and marking help in the identification and tracking of product, thus, in turn, increase the growth of the Indian coding and marking systems market.
Increasing urbanization and busy lifestyle lead to increase in the consumption of packaged foods, packaged fruit juice, canned foods, frozen foods, bottled water, and others which has boosted the growth of the packaged food and beverage industries. Thus, increases the demand of coding and marking systems in food and beverages industry, which has positively impacted the growth of the Indian market.
The high cost of coding and marking systems is expected to hinder the growth of this market amongst the industrial that are considered to be price sensitive.
INDIA CODING AND MARKING SYSTEMS MARKET HIGHLIGHT
Domino Printing Sciences Plc, Videojet Technologies Inc. (subsidiary of Danaher Corporation), MarkemImaje S.A. (subsidiary of Dover Corporation), and Control Print Limited, having a combined market share of 80.0% – 90.0% in the Indian coding and marking systems market.
Some of the major players operating in the Indian coding and marking systems market are Danaher Corporation, Dover Corporation, Domino Printing Sciences plc, Control Print Limited, and Hitachi Ltd.
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