The market is expected to expand at CAGR of 9.7% during 2019 – 2027.
Manufacturers of QR code labels are expected to witness healthy revenue growth due to how widely applicable this practical technology is for a diverse range of brands. According to a report from Future Market Insights (FMI), the quick response (QR) code labels market was valued at US$996.8 million in 2018 and it is expected to grow at a CAGR of 8.7% during 2019 – 2027.
The readability of these labels is helping to spur their growth.
In the report, FMI noted that the 2D nature and machine readability of QR code labels are among the primary reasons why these unique barcodes have such strong adoption potential. This is especially true within the food and beverages industry as well as the personal care, healthcare and pharmaceuticals industries.
Most notably, the food and beverages industry accounts for a significant revenue share in market. QR codes on labels efficiently links consumers to the product’s authentication information. By simply scanning the code with their smartphone, consumers can view information about the product and the brand, which can often be a challenge in the case of labels having to contend with very limited space – or sometimes lack thereof – on the product.
The top trends in regard to QR labels within the food and beverages sector include labels that are waterproof, the mass integration of quick response code labels on alcoholic beverages by retail and wholesale distributors, and labels that are designed specifically for packaged seafood products.
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Higher security, among other benefits, is also contributing to wider spread use of QR code labels.
Products and label counterfeiting is another growing issue in certain sectors, leading to serious industrial consequences. As a result, more operators are embedding QR codes into their labels instead of relying on only traditional barcodes.
Additionally, the FMI report says that QR codes on labels are also likely to continue to gain greater traction because of the high storage capability for text, URLs webpages and contact details. In short, these labels make it easier for consumers to access a variety of discount coupons, cashbacks and useful information about the product (e.g. ingredients, nutritional facts, recipes, etc.).
Moreover, another advantage of QR code labels is consumers have the convenience to scan the codes whenever they want to access a URL or website, without ever needing to remember it.