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Print Label Market Envisioned to Generate a CAGR of 4.2% from 2022-2031
by SDKI Research Market ResearchThe print label market is expected to grow at a CAGR of 4.2% over the forecast period (2022 - 2031).
Moreover, the rapid rise of digital print technology has made the print labels market more sophisticated and increased the adoption of print labels globally. Their versatility and flexibility, combined with the high graphics standards, are the key growth features.
Packaging and label segments are considerably stable in the COVID-19 period, owing to the increasing demand for food and pharmaceutical packaging. However, the COVID-19 outbreak disrupted the supply chain across various end-user industries like food and beverage, healthcare, and industrial, among others.
Factors such as the increasing demand for manufactured goods and an upsurge in the disposable income of people worldwide may impel the prospects for market growth until the end of the forecast period. Additionally, digital printing enhanced the label possibilities of various end-user industries in label designs, which encouraged many companies to shift to digital printing.
Many organizations believe that a print label is a perfect approach to attract a customer and gain massive traction toward the brand. Digital technology has now started aiding the industry in making attractive label designs to encourage potential consumers to make purchases. The integration of digital technology with the existing label printing technique is bound to bring a massive change to all the small-scale, as well as large-scale sectors, improving the overall market.
Label printing, however, in harsh environments, is a challenge for companies due to the lack of necessary labeling technology and associated costs. Nevertheless, as the market is evolving, with the advent of new printing technology, it is expected that this challenge may have a minor effect on the overall growth of the market during the forecast period.
The players in the market are also focusing on strengthening their sales and distribution channel, For instance, Xeikon opened an innovation center in Shanghai, designed to support the expanding Chinese needs The facility will enable visitors and customers to test a variety of applications and options for new revenue streams and business growth.
Key Market Trends
Food industry is Expected to Hold a Significant Share
The food industry is expected to account for a significant share of the print label market during the forecast period. The consumers are now more aware of the content of the food they consume. There has been more emphasis on the materials of the products which are displayed on the label due to which manufacturers are opting for larger labels.
Moreover, the growing demand for packaged food is also influencing the growth of this market as it ensures food quality, safety, and long shelf life. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the expenditure on packaged foods is increasing (at inflection point), due to an increase in per capita income, urbanization, and an increase in the number of working women.
As the global economies advance, there is greater penetration of modern retail trade outlets, such as supermarkets and convenience stores, which can carry a wider range of frozen food products in several emerging markets. According to the Organisation for Economic Co-operation and Development (OECD), sales of frozen and packaged foods in particular increased dramatically and the sales of personalized packed food were 56% higher year-on-year in Germany.
Additionally the emerging markets such as India the food delivery and services market is fostering further growth in the country, with players, like Bigbasket, Grofers, Zomato, Swiggy, Scootsy, registering a rapid increase in sales. Hence this increasing sales of retail chains in emerging markets will drive the growth of this market.
Asia-Pacific is Expected to Hold a Major Share
Asia-Pacific is home to the largest population in the world. The Chinese economy has been growing rapidly from the turn of the century, the government regulations allowing foreign firms to invest heavily, and the need for brand recognition among the large consumer-base has led advertising to reach a new high in the country.
The significant applications of print labels in the country include the cosmetics, food, and medical care sectors, which have substantial demand, owing to the large population in the region.
China is a fast-developing market. The adoption of efficient and better-performing technologies to produce high-quality products has resulted in the expansion of the print label market. With infrastructure development, the country is slowly shifting toward more sustainable methods, such as practices that support recycling. It is leading to a rise in the demand for products, such as liner-less labels, biodegradable face-stocks, and recyclable liners.
India's label printing industry has also been significantly impacted by the emergence of COVID-19 pandemic, despite several companies having received the permission to print label that would be used in the essential goods category such as medicines and hand washes, among others. Also, as per major industry players, as of April 2020, around 10% of the Indian label industry was functioning.
Competitive Landscape
The print label market is highly competitive and consists of several major players. Many companies are increasing their market presence by introducing new products or by entering into strategic partnerships or acquisitions.
April 2021 - Neenah Inc. achieved nine verified U.S. Department of Agriculture (USDA) Certified Biobased Products in their durable label solutions lineup, this states company's commitment to sustainability efforts. With this third-party verification, various DISPERSA, ENDURA, and PREVAIL durable label and board products have earned the ability to display a unique USDA label highlighting their biobased content ranging from 68-99%.
March 2021 - Fort Dearborn acquired Hammer Packaging Corporation, so it can take advantage of Hammer’s technology to enhance its position in the decorative label and packaging marketplace by further expanding the company’s geographic footprint, capacity and capabilities.
Feburary 2021 - Mondi Group launched two new paper-based sustainable EverLiner products - EverLiner Labelite and EverLiner M R, which are created using recycled and lightweight materials. They provide more sustainable solutions in a range of applications.
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Created on Sep 8th 2022 12:20. Viewed 242 times.
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