The QR code labels market to reach US$ 3.5 billion by 2033, growing at an 8.7% CAGR between 2023 and 2033. By 2023, the QR code market may be worth US$1.5 billion.
One of the main drivers to propel market revenue growth is the growing adoption of QR code labels for safe and rapid payments, the availability of a wealth of product information from the codes, and the expanding demand for QR code labels as anti-counterfeiting solutions.
QR code labels are supported by every label printer now on the QR code labels market, are simple to label, can be read fast, and are generated using smartphone platforms, which is predicted to fuel market revenue development in the next years.
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Market Opportunities for Businesses in QR Code Labels
Companies now have new chances to develop direct mail campaigns that incorporate QR codes to improve customer experience and hasten the transition to a digital world. Companies can use QR code labels to improve pre- and post-purchase engagement and confirm product authenticity.
This further boosts preference for QR code payment and provide fresh opportunities for key companies in the QR code labels market to strengthen payment and shopping experience. QR code labels at checkout counters for payments can minimize contact, result in faster, safer, and secure payments, and fuel the trend of shopping-on-the-go.
Asia Pacific Maintains the Leading Revenue CAGR Position
Due to rising use of linked packaging and on-pack QR codes, as well as rising consumer preference for QR code labels on e-commerce and food & beverage packaging, the Asia Pacific QR code labels market revenue to grow at a quick pace over the course of the forecast period. The expanding application of QR code labels to transform standard packaging into interactive packaging that offers essential information about completed goods.
Demand for QR code labels in the area is rising as a result of consumers using them to access more product information, digital wallets, maps, restaurant menus, and digital entertainment content.
Another factor to contribute to the QR code market revenue growth in the future is the growing tendency of customers favouring linked packaging experiences like augmented reality, near-field communication, Radio Frequency Identification (RFID), and smart barcodes to access product information.
Flexographic May Lead Market
The various printing technologies in adoption for QR code label printing in QR code market include flexography, digital printing, offset lithography, and gravure printing. Flexographic had a sizeable share from 2023 to 2033 and to grow at a significant rate during the projected period
It is projected that during the forecast period, the digital printing technology segment in the QR code labels market to present profitable chances.
Key Takeaways
- Flexographic printing may develop at an 8.5% CAGR in the printing technique category throughout the projection period.
- From 2023 to 2033, the pressure sensitive labels segment in the label type category may rise at an 8.7% CAGR.
- The QR code market in the United States to expand at a 5.4% CAGR to $568.8 million by 2033.
- Germany’s market is set to grow at a 5.5% CAGR to US$ 124.0 million by 2033.
- The France market climbs at an 8.3% CAGR and to reach US$138.3 million by 2033.
- The China QR code market to blossom at a CAGR of 12.1%, reaching US$ 645.2 million by 2033.
- By 2033, the Japan market to reach at a CAGR of 10.3% and reach US$ 277.1 Million.
Competitive Landscape
The QR code labels manufacturers in the sector are implementing tactics including acquisitions, mergers, and the development of cutting-edge products to gain a competitive edge in the QR code labels market. The leading QR code labels manufacturers are introducing cutting-edge QR code labels that are produced from post-consumer recycled material or are completely recyclable.
To take a significant possible proportion of the market, the top QR code labels producers collaborate with brand owners in the food and beverage, pharmaceutical, chemical, and personal care and cosmetics sectors.
Recent Development
Acquisitions
- CCL Industries Inc. announced the acquisition of McGavigan Holdings Ltd., a privately held company specialising in ‘in mould’ decorative components for automobile interiors, in January 2022.
- Lintec Corporation announced in April 2021 that it has acquired Duramark Products, Inc., situated in South Carolina, United States. The company manufactures and distributes a variety of adhesive products.
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Top Trends Shaping Strategic Activities of QR Code Labels Manufacturers
- Waterproof QR code labels
- QR code labels specifically designed for packaged seafood products
- Mass integration of QR code labels on alcoholic beverages by wholesale and retail distributors
A majority of established companies manufacturing QR code labels are shifting their focus to waterproof QR code labels that efficiently withstand harsh weather conditions. Growing incorporation of QR code labels in seafood products and liquor bottles marks another strong trend in the QR code labels landscape, observed in recent years.
Russian wholesalers and retailers dealing in alcoholic beverages have commenced mass QR code labelling for all liquor bottles, as a brand new effort to adapt to their electronic tracking and monitoring systems. While this trend is now also applicable for both premium spirit and beer, it is likely to enable Russian alcohol industry to maintain a track of export, import, and sales, in addition to production, distribution, and sales.
Australia based QR code labels manufacturers have been investing efforts in tracking seafood and meat products through the transit and thereby allow consumers to remain informed of products’ history and current status.
In a recently released intelligence outlook, Future Market Insights forecasts a strong growth outlook for global QR code labels marketplace over next few years. Superior functional attributes of QR code labels over conventional barcodes will remain the primary booster for manufacturers of the former in global landscape.
Enjoying extensive applicability in security, inventory management, mobile payment, and marketing & advertisement, QR code labels will reportedly continue to gain higher traction owing to high storage capability for text, URLs, webpages, and contact information. Up to 30% damage tolerating ability is also cited as an important factor pushing adoption of QR code labels across industries.
Key Insights Drawn from Report –
- Pressure-sensitive QR code labels remain an attractive segment, globally, across multiple industrial verticals.
- Adoption across the F&B industry estimated to gather momentum, boosting sales of QR code labels in the near future.
- Anti-counterfeiting applications are projected to uplift sales of QR code labels in automotive sector.
- Soaring smartphone sales and the thriving retail sector are indirectly (positively) impacting the QR code labels landscape.
- China, with nearly 40% value share in Asia Pacific market, remains the revenue growth engine for regional QR code labels marketplace.
- North America’s market for QR code labels is slated to demonstrate exceptional growth in the revenue, in coming years.
- Globally and regionally leading QR code labels manufacturers are likely to eye lucrative investment pockets across Asia Pacific, and Middle East & Africa.
QR Code Labels Market by Category
By Label Type:
- Sleeve Labels
- Glue Applied Labels
- Pressure Sensitive Labels
- Other Labels
By Printing Technology:
- Flexographic Printing
- Digital Printing
- Offset Lithography
- Gravure Printing
- Other Printing Technology
By End Use:
- Food & Beverage
- Pharmaceuticals
- Personal Care & Cosmetics
- Automotive
- Homecare & Toiletries
- Chemicals
- Industrial
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East and Africa (MEA)
Competitive Landscape
To get a competitive advantage in the QR code labels market the manufacturers in the industry are adopting strategies like acquisitions, mergers and innovative product launches. The key players in the market are launching innovative QR code labels that are manufactured with post-consumer recycled material or are fully recyclable.
The key players are also involved in strategic partnerships with brand owners in the food& beverage, pharmaceutical, chemical and personal care & cosmetics industries to capture maximum market share.
For instance, in January 2022, CCL Industries Inc. announced acquisition of McGavigan Holdings Ltd., a privately owned company specializing in ‘in mold’ decorated components for automotive interiors.
In April 2021, Lintec Corporation announced that it has acquired Duramark Products, Inc., based in South Carolina, U.S. The company is a manufacturer and distributor of various adhesive products
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