LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global digital printing market for packaging, to grow at a CAGR of close to 11%, to exceed USD 21 billion by 2021, according to their latest report.
The market study covers the present scenario and growth prospects of the global digital printing market for packaging for 2017-2021. The report also lists labels, flexible plastic, and corrugated and folding cartons as the three main segments based on packaging type. The labels segment accounted for more than 70% of the market share in terms of revenue in 2016.
According to Sharan Raj, a lead analyst at Technavio for packaging research, “The growth of the global digital printing market for the packaging segment is driven by many factors, including customization, increased adoption of color printing, consumer engagement, increased investment in marketing activities by business customers, and the emergence of the new business models of several companies, including Hewlett-Packard and Xeikon.”
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Technavio transportation and logistics analysts highlight the following three market drivers that are contributing to the growth of the digital printing market for packaging:
- Increased demand for premium packaging
- Growth in global packaging industry
- Demand for sleeve labels and colored labels
Increased demand for premium packaging
The increased demand for premium packaging for products, such as cosmetics and household items is mainly from developed and mature markets such as the US, Japan, and Western Europe. Consumers view premium packaging as the basic indication of a high-quality product. Thus, vendors use expensive technologies, colors, and packaging techniques to develop premium packages.
Premium packaging has high unit cost and is targeted toward specific customers. The premium packaging market was worth approximately USD 15 billion in 2016. Premium packaging is mainly used for cosmetics, alcoholic drinks, and household items. Cosmetic segments had the highest market share by revenue of around 40%, followed by alcoholic drinks in 2016.
Growth in global packaging industry
The significance of packaging is increasing worldwide. Apart from providing information about the price and name of the product, packaging in terms of design, color, and ingredients plays a big role in attracting customers. In addition, the convenience of carrying, using, and disposing of the package is essential.
“In the highly-cluttered markets, creating shelf appeal and visibility is the most important strategy for manufacturers. Hence, manufacturers focus on good packaging to create brand awareness and attract consumers. This also contributes to the growth of the packaging and labeling industry, thereby bringing growth to the digital printing market for packaging and labeling,” says Sharan.
Demand for sleeve labels and colored labels
As governments are strict about adherence to the regulations regarding food and beverage (F&B) and pharmaceutical products, sleeve labels allow vendors to mention the details of these regulations as well. This creates a positive impact in the consumer's mind and improves the vendor's position in the market. These factors act as a major advantage for sleeve labels over conventional label types and help vendors to make their products stand out.
The digital printing market by labels is expected to have the highest market share throughout the forecast period. Among packaging labels market, sleeve labels and colored labels will be the most prominent drivers for the digital printing market.
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- Global Packaging Tape Printing Market 2016-2020
- Global Printing Market for Packaging 2016-2020
- Global Printing Inks Market 2016-2020
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