The global coding and marking systems market generated a revenue of $3,832.4 million in 2019 and is predicted to attain a valuation of $7,469.6 million by 2030. Furthermore, the market would advance at a CAGR of 6.4% between 2020 and 2030. The surging requirement for coding and marking systems in the automotive industry and the soaring applications of these systems in the food & beverage industry are the main growth drivers of the market.
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The mushrooming requirement for coding and marking systems in the pharmaceutical, cosmetic, and food & beverage industries is one of the major factors fueling the expansion of the coding and marking systems market across the world. The growing sales of bottled water, packaged food items, dairy products, and fruit juices are propelling the advancement of the packaged food & beverage industry. Similarly, the rising popularity of pharmaceutical packaging is also driving the demand for coding and marking systems.
Globally, the coding and marking systems market would exhibit the highest CAGR in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This would be a result of the implementation of stringent government regulations and policies, the soaring export of various packaged food products, and the growing incidence of piracy and counterfeiting in several industries in the regional countries.
Hence, it can be safely concluded that the market will record substantial growth all over the world in the upcoming years, mainly because of the rising requirement for marking and coding systems in the packaging, pharmaceutical, and automotive industries and the growing incidence of counterfeiting around the world.
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