The global QR code labels market is experiencing significant growth, with a projected value of US$ 3.5 billion by 2033. This growth is being primarily driven by a Compound Annual Growth Rate (CAGR) of 8.7% from 2023 to 2033. The market is expected to reach US$ 1.5 billion in 2023. One of the main reasons for this surge is the increasing demand for secure online payment solutions. QR code labels have become a trusted tool for authenticating online transactions, making them crucial in the market.
QR code labels are now supported by every label printer in the market, making them easy to label, quick to read, and generated using smartphone platforms. This is predicted to further boost market revenue growth in the years to come.
Flexographic printing is expected to lead the market, with various printing technologies like digital printing, offset lithography, and gravure printing also being adopted for QR code label printing. Flexographic printing is forecasted to grow significantly during the projected period.
Key Takeaways:
– Flexographic printing may see an 8.5% CAGR in the printing technique category.
– Pressure-sensitive labels segment in the label type category may rise at an 8.7% CAGR.
– The US QR code market is estimated to grow 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.
– France’s market is expected to climb at an 8.3% CAGR and reach US$ 138.3 million by 2033.
– The China QR code market is projected to grow at a CAGR of 12.1%, reaching US$ 645.2 million by 2033.
– By 2033, the Japan market is set to reach a CAGR of 10.3% and reach US$ 277.1 million.
Manufacturers in the QR code labels sector are implementing strategies such as acquisitions, mergers, and developing innovative products to gain a competitive advantage in the market. Leading manufacturers are introducing advanced QR code labels made from post-consumer recycled material or completely recyclable materials.
Recent Developments:
– CCL Industries Inc. acquired McGavigan Holdings Ltd. in January 2022.
– Lintec Corporation acquired Duramark Products, Inc. in April 2021.
Top Trends in QR Code Labels:
– Waterproof QR code labels.
– QR code labels designed for seafood products.
– QR code labels on alcoholic beverages for tracking and monitoring.
Established companies are focusing on waterproof QR code labels that can withstand harsh conditions. QR code labels on seafood products and liquor bottles are trending. Russian wholesalers and retailers are using QR code labeling for liquor bottles to adapt to electronic tracking systems.
Future Market Insights forecasts a strong growth outlook for the global QR code labels market due to the superior functionality of QR code labels compared to traditional barcodes. QR code labels are widely used in security, inventory management, mobile payment, and marketing & advertisement. The market is expected to expand further due to their high storage capacity and damage tolerance.
Key Insights:
– Pressure-sensitive QR code labels remain popular across various industries.
– Adoption in the F&B industry is expected to increase.
– Anti-counterfeiting applications will drive sales in the automotive sector.
– Growing smartphone sales and retail sectors will impact the QR code labels landscape positively.
– China remains a key player in the Asia Pacific market for QR code labels.
– North America’s market is expected to show exceptional growth.
The QR code labels market is categorized by label type, printing technology, end-use, and region. The market offers various opportunities for businesses to enhance their strategies and gain insights into market trends for informed decision-making.
