The growing manufacturing and packaging industries and increasing application of coding and marking systems in the food and beverage industry are responsible for the growth of the Indian coding and marking systems market. Furthermore, the stringent government regulations on the labeling of product packages and increasing traceability requirements are fueling the market expansion. Because of these factors, the market will likely garner $127.6 million revenue by 2030 and show significant growth during the forecast period (2022–2030).
During the COVID-19 pandemic, the demand for coding and marking systems reduced due to the shutdown of manufacturing facilities across the country, including automotive, electronics, and chemical manufacturing facilities. Additionally, the market witnessed supply chain disruptions in the first half of 2020 owing to the nationwide lockdown imposed by the government in order to curtail the spread of the virus, which, in turn, created a supply–demand gap in the industry.
On the contrary, the food and beverage, pharmaceutical, and other consumer goods packaging industries witnessed a positive impact during the COVID-19 pandemic due to the increasing demand for packaged foods, healthcare products/equipment, medicines, and diagnostic kits. In addition to this, the market is expected to recover with the expected increase in manufacturing and packaging activities in the country in the coming years.
The Indian coding and marking systems market is classified into automotive, FMCG, electrical and electronics, extrusion, chemicals and agrochemicals, construction, pharmaceuticals, and others, based on end user. Among these, the FMCG category held the largest revenue share in 2021. The growing product safety and brand awareness, easier access to packaged food, and changing lifestyles have been the key growth drivers for the sector. Another key element driving the demand for FMCGs in India is the expanding youth population, particularly in urban areas. India has a huge number of young consumers, who make up the majority of the workforce, and since they have perpetual time restrictions, FMCG products are widely used.
Further, the market is divided into two categories based on offering: systems and software solutions. The software solutions market is expected to witness the faster growth during the forecast period. Using serialization codes and barcodes, manufacturers can track their products throughout the supply chain. Those participating in the supply chain can identify shipments, packages, and even individual lots from the point of origin to the point of final delivery. These solutions also reduce the chances of counterfeiting and product diversions, and they can be used to identify tainted products during recalls.
Players in the Indian coding and marking systems market are expanding their product portfolio to target more customers across industries. For instance,
Some of the major players operating in the Indian coding and marking systems market are Domino Printing Sciences plc, Danaher Corporation, Dover Corporation, Control Print Limited, Hitachi Ltd., RYNAN Technologies Pte Ltd., and Kishu Giken Kogyo Co. Ltd.