How Will Manufacturing Sector Strengthen India Coding and Marking Systems Market?
According to P&S Intelligence, the industry was valued at $42.7 million in 2021, and it will generate $127.6 million revenue by 2030. Additionally, the booming packaging and manufacturing industries and the increasing application of coding and marking systems are also key contributors to the market growth.
One of the primary growth drivers of the market is the ongoing boom in the manufacturing and packaging industries. To create a healthy environment for these industries, the Government of India is taking numerous initiatives, such as the 'Make in India' campaign and the production-linked incentive (PLI) scheme. Under the 'Make in India' scheme, the government has prioritized the food processing industry, which is one of the key users of coding and marking systems for product labeling. Likewise, the PLI scheme supports the pharmaceutical sector, which uses such systems for labeling pharmaceutical products.
In addition, the booming population will also help the Indian coding and marking systems market growth in the future. Population boom will result in the high volume consumption of chemicals and agrochemicals and electrical and electronic products. Additionally, the surging population will also lead to the wide-scale construction of residential and non-residential projects. Tools and products are labeled using coding and marking systems. According to the World Bank, the population of India grew from 1.36 billion in 2019 to 1.38 billion in 2020.
The FMCG category, under the end user segment, accounted for the largest share in the Indian coding and marking systems industry in 2021, due to the rising public awareness about product safety and brands. In addition, the increasing consumption of packaged food products, changing lifestyles, and burgeoning demand for FMCG products on account of the soaring youth population, especially in urban areas, will also steer the growth of the market in this category in the coming years.
Furthermore, the systems category held a larger share in the Indian coding and marking systems industry in 2021, based on the offering segment. This is due to the increasing use of coding and marking systems in the FMCG, automotive, pharmaceuticals, and chemicals and agrochemicals industries to authenticate, trace, and track products in their supply chains. On the other hand, the software solution category is expected to showcase the fastest growth in this decade, as the usage of serialization codes and barcodes helps manufacturers track their products throughout the supply chain.
At present, the Indian coding and marking systems market is consolidated, due to the presence of a few key players, such as Kishu Giken Kogyo Co. Ltd., RYNAN Technologies Pte Ltd., Hitachi Ltd., Control Print Limited, Dover Corporation, Danaher Corporation, and Domino Printing Sciences plc. In recent years, these players have been actively involved in product launches to gain a competitive edge. For instance, in November 2020, Domino Printing Sciences plc introduced the K600G, a blister foil and web digital printing solution, for product-level sterilization in the pharmaceutical sector.
