The Barcode Printers and Consumables Market is expected to expand its market share with a promising average CAGR of 8.0% and is expected to reach a valuation of around USD 14,375.28 million by 2032, while generating revenue of USD 6,658.5 million in 2022 USD achieved.
FMI’s research report on the market states that increasing market momentum is a result of greater acceptance of barcodes in the manufacturing sector, along with innovative ideas that are pushing manufacturers to produce industry-specific barcodes.
Customer-centric production is further driven with the advent of customization, AI-based analytics, and innovative content suggestions, boosting sales of barcode printers and consumables. The big market players are adopting this strategy. Advanced data capture technologies such as barcode scanners and fruitful consumables marketing techniques push manufacturers to adopt barcodes, which eventually expands the market size of barcode printers and consumables.
The emergence of wireless barcode printers and consumables in their industrial application as well as their use on desktop creates lucrative opportunities for the barcode printer and consumables market.
However, the memory system and programmable logic controllers lead to failed attempts to prevent the sale of bar code printers and consumables.
The central theses
- The United States holds 30.3% of the global barcode printer and consumables market and is expected to maintain its position at a CAGR of 9.0% over the forecast period. The growth is attributed to a higher number of retail stores and increasing digitization.
- China holds 8.3% of the global barcode printer and consumables market and is likely to maintain its position at a CAGR of 6.0% over the forecast period. The growth is due to the demand for higher efficiency, automation and more manufacturing units.
- Another Asian market, Japan, is thriving at a CAGR of 7.0 in the global barcode printer and consumables market, attributing its growth to higher demand from the pharmaceutical and logistics industries.
- Direct thermal printers are the most successful based on the printing technology due to the reduced environmental impact of eliminating poly-based binding materials.
- The healthcare industry is the largest application segment in the barcode printer and consumables market.
The Future Market Insights analyst comments, “The future for barcode printers and consumables looks bright as digitization permeates the market. Recently, brands are dealing with UI issues to fix the issues related to it. The use of barcode tags in logistics and supply chain management ensures efficient inventory management, effective shipment movement within logistics networks, and effective monitoring of manufacturing and assembly processes. This transforms the market into a market of the future.”
Market participants focus on minimizing waste and innovative solutions to reduce environmental impact by implementing unique and sustainable labeling solutions for apparel and retail industry. Additionally, the major players are focused on expanding their product portfolio through new product launches and innovations in their existing products, and expanding their global footprint through acquisitions and expansion.
- Zebra Technologies Corporation, a manufacturer of marking, tracing and computer printing technologies, announced that it has completed the acquisition of Matrox Imaging Company (Matrox Electronic Systems Ltd.), a developer of advanced imaging components and software systems.
- Avery Dennison, a leading manufacturer, announced in August 2021 that it had received USDA (US Department of Agriculture) BioPreferred certification for C4200, new hot melt adhesives that offer brands new ways to bring sustainable packaging to their customers.
- The US is expected to account for around 30.3% of the market for barcode printers and consumables. Revenue of the US Barcode Printers and Consumables Market is expected to grow at a CAGR of 9.0% between 2022 and 2032.
- China is expected to capture around 8.3% market share of the global barcode printer and consumables market during the forecast period 2022 and 2032. The China barcode printer and consumables market is anticipated to grow at a CAGR of 6.0% during the forecast period.
- Japan’s barcode printer and consumables market is expected to grow at over 7.0% CAGR through 2022 and beyond.
These insights are based on a report on the Barcode Printers and Consumables Market by Future Market Insights.