De-coding the Demand for Coding and Marking Market
Beige Market Intelligence has recently published an updated report titled "Global Coding and Marking Market – Strategic Assessment and Forecast 2017-2022. The market research report highlights many key insights about the coding and marking market.
The global coding and marking market is growing at a CAGR of 6.25% during 2016 – 2022. The importance of these products has been realized by varied industries for ascertaining the authenticity of their products. The devices are used at varied levels of the supply chain such as at the manufacturer level for coding the finished products, at the distributor level for stacking the coded products in the inventory, and back tracing in case of faulty production at the production level. The dealer level for stacking the products and coding group of products which are shelf ready. The basic requirement of coding and marking device is to deliver the information about production date and timing of the product, location of production, and details of usage and consumption. Thus, these products help prevent the loss to business buyers by reducing product counterfeiting, especially in the cosmetic industry, thereby reducing losses up to 70% due to manually operated coding. Another advantage is increasing the competitive advantage of brand owners by speeding up the marking process, which, in turn, would translate to shortening the length of the production process enhancing the value addition.
Factors driving the demand for printing and identification services worldwide include the following:
- Stringent government regulations and standards
- Product safety and liability issues
- Increased demand for FMCG goods
- Faster retail cycles
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New entrants and the existing vendors should aim at developing eco-friendly marking systems to reduce bioaccumulation and eco-toxicity due to their environment-degrading components. Such measures have already been adopted by companies such as Domino Printing Sciences by the formulation of vegetable-based ink for coding on the outer case of products in 2013. This can help in increasing the brand image of the company. Also, the environmental sustainable development mode of operation is generally encouraged by governments across the world. ENVIS Centre on Eco-labelling and Promotion of Eco-friendly Products in India collects and disseminates information about the importance of eco-friendly products. This organization was established with financial aid from the Ministry of Environment and Forests, Government of India. Thus, such initiatives trigger the positive spotlight, which is imparted by the government to the firms with the environment- friendly model.
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