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The Indian coding and marking systems was valued at $45.8 million in 2018, and it is expected to reach $77.0 million by 2024, demonstrating a CAGR of 9.0% during the forecast period. Continuous inkjet technology was the largest category in the coding and marking systems market in 2018. Increasing application of continuous inkjet printers, thermal ink jet printer, and print and apply labelers for coding and labeling the primary and secondary food and beverage packaging are giving a boost to the coding and marking systems market in India.
Dynamics of India Coding and Marking Systems
The key trend observed in the Indian market for coding and marking systems is the replacement of analog technologies with digital coding solutions. In previous times, coding and marking requirements in Indian manufacturing and processing sector was conducted through analog technologies, but in the recent years it is being replaced by digital coding and marking systems offered by global companies. This is attributable to the increase in complexity in coding and marking requirements for product packaging, availability of digital coding and marking systems offered by global companies and obsolesce of analog technology.
With the rapid increase in traceability requirement in order to prevent risks and maintain quality control, effective traceability systems have gained a fast-paced adoption. This enables a manufacturer to trace its products throughout the supply chain, as well as recall the product as and when required, track production, and match replacement parts. In addition, regulations regarding product identification are expected to provide a traction to the market in the coming times. For instance, Food Safety Standards Authority of India (FSSAI) issued a regulation named the Food Safety and Standards (Organic Foods) Regulations, 2017, which came into action from July 1, 2018. This requires manufacturers to mark “Jaivik Bharat” logo on their produced items to ensure product is produced as per the required norms mentioned in Food Safety and Standards (Organic Foods) Regulations, 2017. Such initiatives are expected to translate into increasing adoption of coding and marking systems in India.
India Coding and Marking Systems Segmentation
On the basis of technology, continuous ink jet printers accounted for the largest sales revenue of $21.2 million in 2018. The market category is expected to reach $36.7 million by 2024 demonstrating a CAGR of 9.6% during the forecast period. Continuous inkjet printers offer advantages including very high-speed printing, ability to print characters on any material, and it has the ability to run for long durations with minimal service requirement.
Based on end user, food & beverage accounted for the highest sales revenue of $21.7 million in 2018, and is expected to reach $37.9 million demonstrating the fastest CAGR of 9.7% during the study period.
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Competitive Landscape of India Coding and Marking Systems Market
The market for coding and marking systems in the country is consolidated with a few players accounting for a major share. Some of the leading players in the market include Domino Printing Sciences plc, Danaher Corporation, Dover Corporation, and Control Print Limited, with Danaher Corporation accounting for largest market share in 2018 for coding and marking systems in India. The companies have favorable pricing mechanisms for long time end users and differentiated array pf end products aimed at catering the diverse set of end use requirements.
Key Questions Addressed/Answered in the Report