The market value of the Indian coding and marking systems market in 2018 was 328 Crores. By 2024 it is expectedto reach 550 Crores. It currently holds a CAGR of 9%. The demand for coding and marking is increasing in India because of the rise in awareness of coding and marking. There are mandatory government regulations in place that make coding and marking compulsory for food and beverage products.
The demand for coding and marking in India has overtaken the global coding and marking equipment market which is valued at 2185.6 million USD in 2020 and is expected to reach 2954.3 million USD by the end of 2026, growing at a CAGR of 4.4% during 2021-2026.
The trends in the Indian Coding and Marking Systems segmentation by technology show Continuous Inkjet (CIJ) as the market leader, as it is the most in demand. Others in demand are the Thermal Transfer Overprinting (TTO), Thermal Ink Jet (TIJ), Drop on Demand (DoD), Laser Coding and Marking.inkjet coding and marking
This robust growth is mainly due to the growing food and beverage industry.Pharmaceuticals too have given an impetus to a large extent. The major contributors to business in the coding and marking industry are the Food and Beverage Industries, Electrical and Electronics Industries, Automotive Industries,Chemical Industries and Healthcare. The growth in these industries directly translates into business for us because of product traceability. In supply chain and logistics operations, product traceability is one of the most important features.
Product quality control, consistency in production and safety of products has a huge dependency on the traceability of a product. In manufacturing companies, replacement parts are matched using coding and marking. Additionally, Barcodes, RFID, QR codes, and Data Matrix codes for tracking and tracing products are technologies being integrated by packaging companies to smoothen out their supply chain logistics.
The coding and marking industry has seen a healthy growth in business, mainly owing to their traceability factor. Anything that is coded or marked has printed batch numbers. These batch numbers help identify batches in tracking and provides support in case of a product recall. Therefore, coding and marking traceable codes on products are being offered by major vendors in the market through various types of printingtechnology.
Keeping up with the demands of the market, certain trends can be seen coming up in the coding and marking industry. One of the major trends in this industry is the replacement of analogue technologies with digital coding solutions. The manufacturing and packaging industry is leading the charge in driving growth for coding and marking equipment. Smart and connected equipment to support manufacturing activities is the order of the day. Seamless communication between printers and programmable logic controllers (PLCs) enable companies to gain equipment insights in real-time. This has reshaped the demand in the industry.
The use of connected technology reduces unplanned downtime and offers predictability and improved productivity for manufacturers. Manufacturing companies are rapidly adopting advanced technologies and increasing connectivity to achieve maximum uptime and reduce operational expenditure.