The global QR code labels market is on a remarkable growth trajectory, with a projected value of US$ 3.5 billion by 2033, driven by an impressive Compound Annual Growth Rate (CAGR) of 8.7% from 2023 to 2033. In 2023, the market is anticipated to be worth US$ 1.5 billion.
This surge can be attributed to the escalating demand for secure online payment solutions. QR code labels have emerged as a trusted tool for authenticating online transactions, enhancing their significance in the market.
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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Flexographic May Lead the 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 is 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 is to reach US$138.3 million by 2033.
- The China QR code market is to blossom at a CAGR of 12.1%, reaching US$ 645.2 million by 2033.
- By 2033, the Japan market to reach a CAGR of 10.3% and reach US$ 277.1 Million.
Competitive Landscape
The QR code label 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 label 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 label producers collaborate with brand owners in the food and beverage, pharmaceutical, chemical, personal care, and cosmetics sectors.
Recent Development
Acquisitions
- CCL Industries Inc. announced the acquisition of McGavigan Holdings Ltd., a privately held company specializing in ‘in mold’ 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. The 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 labeling 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 to both premium spirits and beer, it is likely to enable the Russian alcohol industry to maintain a track of export, import, and sales, in addition to production, distribution, and sales.
Australia-based QR code label manufacturers have been investing efforts in tracking seafood and meat products through transit and thereby allowing 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 the global QR code labels marketplace over the next few years. Superior functional attributes of QR code labels over conventional barcodes will remain the primary booster for manufacturers of the former in the 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 capacity for text, URLs, webpages, and contact information. Up to 30% damage tolerating ability is also cited as an important factor pushing the 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 is 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 the 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 the Asia Pacific market, remains the revenue growth engine for the regional QR code labels marketplace.
- North America’s market for QR code labels is slated to demonstrate exceptional growth in 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.
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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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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