NEW YORK, July 13, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “ Global Coding and Marking Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology (Continuous Inkjet Printer, Laser Coding Printer, Thermal Inkjet Printer, Piezo Inkjet Printer, Thermal Transfer Overprinting Printer, Print and Apply Labelling Printer, Valve Jet Printer), by End-Use (Food and Beverages, Healthcare, Electrical and Electronics, Chemicals and Others) ” published by P&S Market Research, the global Coding and Marking market is projected to reach $5,310.5 million by 2023, growing at a CAGR of 9.4% during the forecast period (2017 – 2023).
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As per the research, the global coding and marking market is expected to grow from $2,879.9 million in 2016 to $5,310.5 million by 2023. The rapidly growing food and beverages and healthcare industry especially in emerging economies of India, China, Brazil is generating significant demand for coding and marking. Different software and coders are designed to create a different mark for every product, which makes them easy to track during transportation.
Asia-Pacific and Europe were the major regions in the global coding and marking market in 2016. The regions are expected to dominate the global market during the forecast period. China, India, Japan and South Korea are witnessing significant increase in the use of liquid packaging in food and beverages industry, which is driving the growth of coding and marking market. Additionally, the growth in the pharmaceutical market in Asia-Pacific has spurred growth in the pharmaceutical packaging and coding and market. Growth in the disposable incomes of people in European countries, rise in demand for convenience food and increasing awareness of packaged food among consumers drive the growth of the European fresh food packaging market, which is supporting positive growth in the European coding and marking market.
The rising demand from the food and beverage, pharmaceutical and cosmetic industries are one of the primary factors driving the market. These industries capture the major market due to high demand at the customers’ end. The change in the lifestyle is directly impacting the buying decisions of the customers.
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The coding and marking market is majorly dominated by tier 1 and tier 2 players having presence across the globe. Some of the major players involved include Danaher Corporation, ID Technology LLC, Inkjet, Inc., Hitachi Industrial Equipment Systems Co., Ltd., and Dover Corporation.
Partnership-collaboration and strategic new product launch have been the major recent developments in the global coding and marking market. For instance, Panasonic Electric Works U.K. agreed to jointly work with Overprint Packaging Ltd. for supplying and installing their range of Sunx Laser Marking Systems in April 2016. Further, in September 2016, ID Technology launched new ci5000 series range of CIJ printers. The model series includes the ci5200, ci5300, ci5500 and ci5650 models.
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