The market for QR code labels is expected to reach US$ 3.5 billion by 2033, growing at an 8.7% CAGR between 2023 and 2033. By 2023, the market for QR code labels will likely be worth US$1.5 billion.
The QR code labels market is to reach US$ 3.5 billion by 2033, growing at an 8.7% CAGR between 2023 and 2033. By 2023, the QR code market may be worth US$1.5 billion.
One of the main drivers to propel market revenue growth is the growing adoption of QR code labels for safe and rapid payments, the availability of a wealth of product information from the codes, and the expanding demand for QR code labels as anti-counterfeiting solutions.
QR code labels are supported by every label printer now on the QR code labels market, are simple to label, can be read fast, and are generated using smartphone platforms, which is predicted to fuel market revenue development in the next years.
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Market Opportunities for Businesses in QR Code Labels
Companies now have new chances to develop direct mail campaigns that incorporate QR codes to improve customer experience and hasten the transition to a digital world. Companies can use QR code labels to improve pre-and post-purchase engagement and confirm product authenticity.
This further boosts preference for QR code payment and provides fresh opportunities for key companies in the QR code labels market to strengthen payment and shopping experience. QR code labels at checkout counters for payments can minimize contact, result in faster, safer, and more secure payments, and fuel the trend of shopping on the go.
Asia Pacific Maintains the Leading Revenue CAGR Position
Due to the rising use of linked packaging and on-pack QR codes, as well as rising consumer preference for QR code labels on e-commerce and food & beverage packaging, the Asia Pacific QR code labels market revenue to grow at a quick pace over the course of the forecast period. The expanding application of QR code labels to transform standard packaging into interactive packaging that offers essential information about completed goods.
Demand for QR code labels in the area is rising as a result of consumers using them to access more product information, digital wallets, maps, restaurant menus, and digital entertainment content.
Another factor to contribute to the QR code market revenue growth in the future is the growing tendency of customers to favor linked packaging experiences like augmented reality, near-field communication, Radio Frequency Identification (RFID), and smart barcodes to access product information.
Flexographic May Lead the Market
The various printing technologies in adoption for QR code label printing in QR code market include flexography, digital printing, offset lithography, and gravure printing. Flexographic had a sizeable share from 2023 to 2033 and to grow at a significant rate during the projected period
It is projected that during the forecast period, the digital printing technology segment in the QR code labels market to present profitable chances.
Key Takeaways
Competitive Landscape
The QR code label 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 label 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 label producers collaborate with brand owners in the food and beverage, pharmaceutical, chemical, personal care, and cosmetics sectors.
Recent Development
Acquisitions
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Top Trends Shaping Strategic Activities of QR Code Labels Manufacturers
A majority of established companies manufacturing QR code labels are shifting their focus to waterproof QR code labels that efficiently withstand harsh weather conditions. The 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 labeling 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 to both premium spirits and beer, it is likely to enable the Russian alcohol industry to maintain a track of export, import, and sales, in addition to production, distribution, and sales.
Australia-based QR code label manufacturers have been investing efforts in tracking seafood and meat products through transit and thereby allowing 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 the global QR code labels marketplace over the next few years. Superior functional attributes of QR code labels over conventional barcodes will remain the primary booster for manufacturers of the former in the 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 capacity for text, URLs, webpages, and contact information. Up to 30% damage tolerating ability is also cited as an important factor pushing the adoption of QR code labels across industries.
Key Insights Drawn from Report –
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QR Code Labels Market by Category
By Label Type:
By Printing Technology:
By End Use:
By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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.
QR Code Labels Market review , outlook , forecast , demand , size , share , key trends , analysis , Research , overview
Jun 09, 2023
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