“Growth in demand from the food & beverage industry to drive the market for packaging printing”
The global market for packaging printing is projected to grow from USD 350.6 billion in 2019 to reach USD 440.6 billion by 2024, at an estimated CAGR of 4.7%. The packaging printing market is driven by factors such as growth in demand for sustainable printing, increasing demand for flexible packaging, cost-effectiveness, and reduced packaging waste. The growing healthcare industry and the popularity of using convenient packaging are major drivers of the packaging printing market. Emerging markets, such as the Asia Pacific region, have contributed to an increase in the application of packaging printing in packaging products. Packaging printing not being suitable for heavy items is the strongest restraint for the industry.
“Digital printing of the printing technology segment projected to grow at the highest CAGR during the forecast period”
The digital printing technology of the printing technology segment is projected to grow at the highest between 2019 and 2024. The excellent print-ability and aesthetic appeal will drive the market of digital printing technology in the packaging printing market. Digital printing is highly preferred for packaging printing in personal care & cosmetics products, because of its aesthetic appeal facility to attract consumers at point-of-sale (POS).
“Asia Pacific to gain maximum traction during the forecast period”
The Asia Pacific region is projected to be the fastest-growing market during the forecast period, followed by Europe. In Asia Pacific, China is estimated to be the largest consumer for packaging printing, followed by Japan. China, with its growing food & beverage and healthcare industries, is expected to drive the packaging printing market. However, the market in India is projected to grow at the highest rate in the packaging printing market in the Asia Pacific region due to the tremendous growth of the packaging sector in the country, due to the low-cost labor, and cheap availability of lands.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the packaging printing market.
- By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
- By Designation: C-Level: 40%, D-Level: 35%, and Others: 25%
- By Region: North America: 20%, Europe: 30%, Asia Pacific: 35%, the Middle East & Africa: 10%, and South America: 5%
The market study covers the packaging printing market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on the packaging type, printing technology, printing ink, application, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the packaging printing market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall packaging printing market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, restraints, and opportunities.