The global packaging printing market size is projected to grow from USD 350.6 billion in 2019 to reach USD 440.6 billion by 2024, at a CAGR of 4.7% The global packaging printing market is witnessing demand, owing to the rise in manufacturing activities. The market is driven by factors such as strong growth in the packaging industry, along with the growing demand for aesthetic appeal and innovative printing techniques, are the major drivers of the packaging printing market.
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The food & beverages segment is estimated to be the fastest-growing segment during the forecast period
The food & beverages segment is estimated to be the fastest-growing segment during forecast period (2019–2024). The demand for packaging printing is experiencing high demand from the food & beverage industry, mainly because of the growing demand for packaged and branded products. An increase in demand for product differentiation and labeling for their authentication drives the market growth for printing in the food & beverage packaging segment.
The labels & tags segment is estimated to have the largest share in 2019
The packaging printing market, on the basis of packaging type, is classified into labels & tags, flexible packaging, corrugated, folding cartons, and others, which includes wood and textile packaging. The labels segment accounted for the largest share in 2018, due to its numerous applications such as displaying sequential barcodes and numbering, variable text, titles, or graphics and add substantial value to the product.
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Asia Pacific projected to account for the largest share in the packaging printing market by 2024
Asia Pacific, with emerging economies such as China and India, is expected to drive the packaging printing market. China is projected to account for the largest market share and dominate the Asia Pacific packaging printing market by 2024. The growing healthcare and food & beverage industries are likely to drive the demand for packaging printing in China. In addition to this, the country’s large consumer base, overall positive economic environment, and an increase in manufacturing activities will drive demand in the packaging industry.
The major players include Mondi plc (Austria), Sonoco Products Company (US), Graphics Packaging Holding Company (US), Quad/Graphics (US), Amcor Limited (Australia), Constantia Flexibles (Austria), Quantum Print and Packaging Limited (UK), WS Packaging Group (US), Toppan Printing Company (Japan), and Duncan Printing Group (UK). Companies have adopted strategies such as new product launches and acquisitions to cope with the increasing demand in the emerging markets.
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