The market is driven by the increasing need for product traceability. In addition, the increasing number of labelling regulations are anticipated to further boost the growth of the global coding and marking equipment market during the forecast period.

Packaging companies are increasingly adopting technologies such as barcodes, RFID, QR codes, and Data Matrix to track and trace products. QR codes help packaging companies understand various parameters, such as the condition of the product, manufacturing date, and usage. Manufacturing companies leverage Data Matrix codes to automatically identify and track products such as cars, trucks, and bikes throughout their life cycle. These codes also play a major role in tracking products in other industries such as F&B, aerospace, healthcare, retail, and automotive. The increasing focus on product traceability ensures safety and security throughout the product lifecycle. This is one of the key factors that is driving the growth of the global coding and marking equipment market.

Many governments across the world are implementing stringent regulations with respect to packaging and labelling. For instance, the Food Safety and Standards Authority of India (FSSAI) recently mandated the labelling of allergens and vegetarian and non-vegetarian logos for packaged foods in the form of a barcode or a Global Trade Identification Number (GTIN). The FSSAI also mandated the use of X symbol on food products that are not meant for human consumption. The growing stringency of such regulations across the world is forcing companies to make significant investments towards the procurement of coding and marking equipment. This is expected to drive the growth of the global coding and marking equipment market during the forecast period.