The QR code labels market is expected to reach US$ 3.5 billion by 2033, with a CAGR of 8.7% between 2023 and 2033. The QR code market might be worth US$ 1.5 billion by 2023.
The growing acceptance of QR code labels for safe and speedy payments, the availability of a variety of product information from the codes, and the expanding need for QR code labels as anti-counterfeiting solutions are all driving market revenue growth.
QR code labels are supported by every label printer on the QR code labels market today, are easy to label, can be read quickly, and are generated utilising smart phone platforms, which is expected to drive market revenue growth in the next years.
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QR Code Labels Provide Business Possibilities
Businesses now have new opportunities to create direct mail campaigns that use QR codes in order to improve consumer experience and accelerate the transition to a digital world. QR code labels can be used by businesses to promote pre- and post-purchase engagement and to authenticate product legitimacy.
This increases consumer demand for QR code payment and opens up new chances for key players in the QR code labels market to improve payment and shopping experiences. QR code labels at checkout counters for payments can reduce contact, resulting in faster, safer, and more secure payments, and fueling the trend of mobile shopping.
Asia Pacific maintains the highest revenue CAGR.
The Asia Pacific QR code labels market revenue is expected to expand rapidly over the forecast period, owing to the increasing use of linked packaging and on-pack QR codes, as well as rising customer preference for QR code labels on e-commerce and food & beverage packaging. The growing use of QR code labels to transform traditional packaging into interactive packaging that provides critical information about finished items.
Consumers are using QR code labels to access more product information, digital wallets, maps, restaurant menus, and digital entertainment content, which is driving up demand for QR code labels in the area.
Another aspect that will contribute to the future growth of the QR code market revenue is the increased preference of customers for linked packaging experiences such as augmented reality, near-field communication, Radio Frequency Identification (RFID), and smart barcodes to access product information.
Flexographic Printing Might Be the Industry Leader
Flexography, digital printing, offset lithography, and gravure printing are among the printing technologies being used for QR code label printing in the QR code market. Flexographic has a substantial share from 2023 to 2033 and is expected to expand at a significant rate over the forecast period.
The digital printing technology segment in the QR code labels market is expected to give profitable opportunities over the forecast period.
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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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Key Segments
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
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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