The global QR code labels market is estimated at US$ 1.3 Bn in 2022 and is projected to reach US$ 2.1 Bn by 2027, at a CAGR of 8.9% from 2022 to 2027.
The study conducted by Future Market Insights estimates that the food & beverage and industrial end uses of QR code labels market will cumulatively offer an incremental opportunity of around US$ 598 Mn during the period 2022-27 and these segments are projected to collectively capture approximately 2/3rd market share of the global QR code labels market by the end of 2027. Equally significant as packaging, product labeling has also emerged as an extremely important factor influencing the purchasing behavior of consumers. The 2D nature and machine (mobile device) readability of QR code labels continue to highlight their robust potential in terms of adoption. Apart from food and beverages, healthcare, pharmaceuticals, and personal care industries have been adapted to the paradigm shift of barcode-to-QR code, in recent past.
Increasing criticality of addressing serious industrial consequences of products and label counterfeiting is compelling operators in the various industrial domains to embed QR code labels over the conventional counterpart, i.e. barcode.
Exploring a broader application in the food and beverages industry that accounts for a substantial revenue share in QR code labels market, the QR code labels efficiently link consumers to the product authentication information, which is otherwise a challenge in case of labels that are limited by the lack of space availability.
Top Trends Shaping Strategic Activities of QR Code Labels Manufacturers
Waterproof QR code labels
QR code labels specifically designed for packaged seafood products
Mass integration of QR code labels on alcoholic beverages by wholesale and retail distributors
A majority of established companies manufacturing QR code labels are shifting their focus to waterproof QR code labels that efficiently withstand harsh weather conditions. Growing incorporation of QR code labels in seafood products and liquor bottles marks another strong trend in the QR code labels landscape, observed in recent years.
Russian wholesalers and retailers dealing in alcoholic beverages have commenced mass QR code labelling for all liquor bottles, as a brand new effort to adapt to their electronic tracking and monitoring systems. While this trend is now also applicable for both premium spirit and beer, it is likely to enable Russian alcohol industry to maintain a track of export, import, and sales, in addition to production, distribution, and sales.
Australia based QR code labels manufacturers have been investing efforts in tracking seafood and meat products through the transit and thereby allow consumers to remain informed of products’ history and current status.
In a recently released intelligence outlook, Future Market Insights forecasts a strong growth outlook for global QR code labels marketplace over next few years. Superior functional attributes of QR code labels over conventional barcodes will remain the primary booster for manufacturers of the former in global landscape.
Enjoying extensive applicability in security, inventory management, mobile payment, and marketing & advertisement, QR code labels will reportedly continue to gain higher traction owing to high storage capability for text, URLs, webpages, and contact information. Up to 30% damage tolerating ability is also cited as an important factor pushing adoption of QR code labels across industries.
Key Insights Drawn from Report –
Pressure-sensitive QR code labels remain an attractive segment, globally, across multiple industrial verticals.
Adoption across the F&B industry estimated to gather momentum, boosting sales of QR code labels in the near future.
Anti-counterfeiting applications are projected to uplift sales of QR code labels in automotive sector.
Soaring smartphone sales and the thriving retail sector are indirectly (positively) impacting the QR code labels landscape.
China, with nearly 40% value share in Asia Pacific market, remains the revenue growth engine for regional QR code labels marketplace.
North America’s market for QR code labels is slated to demonstrate exceptional growth in the revenue, in coming years.
Globally and regionally leading QR code labels manufacturers are likely to eye lucrative investment pockets across Asia Pacific, and Middle East & Africa.
These insights are based on a report on QR Code Labels Market by Future Market Insights.