The latest market report published by Credence Research, Inc. “Global QR Code Labels Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has exhibited a market size of USD 309.7 million in 2020 and is projected to cross a CAGR of over 8.2% during the forecast period from 2021 to 2027 to reach USD 940 million in 2027.
Browse the full report at https://www.credenceresearch.com/report/qr-code-labels-market
Over the last few years, the QR Code Labels has been driven by an increase in the popularity among the small and medium retail stores owing to the proliferation of digital payment methods in the emerging markets such as China, India, and African countries. Furthermore, factors such as growing adoption of QR code models across e-commerce industry and increased information holding capacity of QR code labels are contributing towards the growth of the global QR code labels market.
Key Trends in Global Market
Rising demand non-contact payment and product identification to drive the growth of sleeve QR code labels
The demand for QR code labels has increased across the developing countries such as China and India owing to growth of non-contact or contactless payment methods. The governments of these countries invested and pushed the adoption go digital contactless payment methods, thereby fueling the demand for QR code labels. The demand is anticipated to witness prominent growth during the forecast period. The sleeve QR code labels accounted for a prominent share of the global QR code labels market and are anticipated to expand significantly during the forecast period.
Global Market by Printing Technology Insights
Based on printing technology, the global QR code label market is segmented into flexographic, digital printing, offset lithography, gravure printing, and others. The flexographic segment contributed a prominent share to the global QR code labels market in 2019 and is anticipated to grow at a significant rate during the forecast period. The digital printing technology segment is expected to expand at a significant growth rate during the forecast period owing to easy printability offered by the digital printing technology. Additionally, the offset lithography segment is expected to witness steady growth during the forecast period.
Global Market by Regional Insights
North America held a dominant market share followed by Europe in 2020 and is expected to maintain its dominance over the forecast period. This dominance is attributed to the strong demand from digital payment methods and adoption in logistics applications. Asia Pacific is anticipated to be the fastest growing segment during the forecast period owing to expanding demand from major countries such as China, India, Indonesia, and Malaysia. The proliferation of contactless payment across these countries is the key growth contributor to the growth of the Asia Pacific QR code labels market. Additionally, the expanding e-commerce industry across the region and rising demand for contactless delivery of wide range of products is expected to be the major factors driving the growth of Asia Pacific QR code labels market during the forecast period.
Global Market by End Use Insights
Based on end use, the global QR code labels market is segmented into Food & Beverage, Pharmaceuticals, Personal Care & Cosmetics, and Others. The personal care & cosmetic segment accounted for a prominent share of the market in 2019. The Food & beverages segment is expected to be the fastest growing segment during the forecast period.
Global Market Competitive Landscape
Some of the most prominent players operating in the global market include Lintec Corporation, CCL Industries, Packtica SDN Bhd, Label Logic, Inc., Hibiscus PLC, Data Label Co. UK., Advanced Labels NW, Coast Label Company, Label Impressions Inc., and Consolidated Label & Co. among others.
Global QR Code Labels Market by Label Type, 2015 – 2027
· Sleeve Label
· Glue Applied Label
· Pressure-Sensitive Label
Global QR Code Labels Market by Printing Technology, 2015 – 2027
· Digital Printing
· Offset Lithography
· Gravure Printing
Global QR Code Labels Market by End Use, 2015 – 2027
· Food & Beverage
· Personal Care & Cosmetics
Global QR Code Labels Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global QR Code Labels Market: Key Players
· Lintec Corporation
· CCL Industries
· Packtica SDN Bhd
· Label Logic, Inc.
· Hibiscus PLC
· Data Label Co. UK.
· Advanced Labels NW
· Coast Label Company
· Label Impressions Inc.
· Consolidated Label & Co.