by The print label industry plays a key role in product branding and provides product information to consumers. It aims to convey the message of the product. There has been rise in demand for print labels in industries such as food & beverages, consumer durables, pharmaceuticals, personal care, and chemicals. Print labels offer important information regarding ingredients, usage instructions, expiry dates, manufacturer details, among others. The increasing demand for packaged goods is driving growth of the print labels market.
The global print label market is estimated to be valued at US$ 45 Billion in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Proper labeling ensures protection of packaged items and provides details of products.
Another major driver for the print label market is rising focus of manufacturers on product branding and marketing. Print labels help manufacturers attract customers through product designs, information, logos and color schemes. Innovations in print label technology such as digital printing, shrink sleeves and RFID enable customized and high resolution labels as per branding needs. These factors are expected to support growth of the global print label market during the forecast period.
Segment Analysis
The global print label market is primarily segmented into material type, technology type, end use industry and geography. Based on material type, the market is segmented into paper, plastics, adhesive back and others. Among these, plastics segment dominates the market with over 37% share and is expected to witness high growth during the forecast period. This is owing to the increasing demand for high quality durable plastic labels from food, beverage and cosmetic industries.
PEST Analysis
Political: There are no major political risks impacting the print label market globally. However, stringent regulations regarding use of plastic labels in some regions may act as a restraint.
Economic: Strong economic growth across developing nations coupled with increasing disposable income is fueling the demand for packaged goods driving adoption of print labels. However, economic slowdowns can negatively impact the market.
Social: Growing working population along with changing lifestyles driving demand for packaged food and beverages. Increasing consumer awareness regarding brand and product information is also positively impacting the print label market.
Technological: Advancements in printing technologies like digital printing and sustainability initiatives like usage of bio-based materials providing opportunities for market growth. Key players focusing on R&D to develop innovative labeling solutions.
Key Takeaways
The global print label market size was valued at US$ 50 Bn in 2020 and is projected to reach US$ 80 Bn by 2030, expanding at a CAGR of 5% during the forecast period.
Regional analysis: Asia Pacific dominates with around 35% share of the global market led by China and India. This is attributed to high demand from food & beverage industry and presence of numerous key players in the region. North America stands as second largest market followed by Europe.
Key players: Key players operating in the print label market are Avery Dennison, CCL Industries, Constantia Flexibles Group, RR Donnelley and Rollprint. These top players account for around 45% share of the global market. Avery Dennison is the dominant player with around 15% market share owing to its diversified product portfolio and global presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
