The print label industry is shaped by the changing needs of consumers and industry trends. Greener packaging options, increased acceptance of colour digital printing, and a growing desire for personalized offerings are driving this industry. Changing buyer needs also have a direct impact on the industry. Print labels help manufacturers customize their products and packaging. They are also used for identification and eliminating counterfeit products. They come in various formats and designs to suit the needs of beverage manufacturers.
The global print label market was valued at US$ 45.1 Bn in 2021 and is forecast to reach a value of US$ 62.22 Bn by 2030 at a CAGR of 4.26% between 2022 and 2030.
Asia Pacific held dominant position in the global print label market in 2021, accounting for 47.0% share in terms of volume, followed by Europe and North America, respectively.
Figure 1. Global Print Label Market Value Share (%), By Region, 2021
|Base Year:||2021||Market Size in 2021:||US$ 45.1 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||4.26%||2030 Value Projection:||US$ 62.22 Bn|
Fort Dearborn, Multi Color Corporation, Mondi Group, Ahlstrom-munksjö Oyj, Autajon Group, Avery Dennison Corporation, CCL Industries Inc., Multi Packaging Solutions (Westrock Company), Clondalkin Group Holdings BV, Cenveo Corporation, Brady Corporation, Fuji Seal International Inc., Constantia Flexibles Group GmbH, R.R. Donnelley & Sons Company, 3M Company, Taylor Corporation, Huhtamaki OYJ, Taghleef Industries Inc., Ravenwood Packaging, Sato America, Coveris, Fedrigoni Self-Adhesives (Fedrigoni Group), Epac Holdings LLC, and Neenah Inc
|Restraints & Challenges:||
Growing innovation in digital print technology is driving growth of the print label market. For instance, in November 2020, West Michigan Rum Company’s Burl & Sprig opted for digital printing being done on Distillery’s glass bottles. With art and artistry as key components of the Burl & Sprig brand story, having beautiful bottles for their premium spirits was a top priority. For this, the brand worked with Berlin Packaging's design division, Studio One Eleven.
Increasing penetration of organized retail formats such as hypermarkets and supermarkets and e-commerce, the processed and packaged food market is driving growth of the print label market. According to the US Census Bureau, in the last quarter of 2020, adjusted US retail e-commerce sales amounted to over USD 206.6 billion. Moreover, according to Barrons and US Census Bureau, the penetration of e-commerce into the food and beverage industry in the United States grew over 1,500% between 2000 and 2019.
Figure 2. Global Print Label Market Value Share (%), By Print Process, 2021
Lack of product with ability to withstand harsh climatic conditions is expected to hinder the growth of print label market. Most of the label is made of paper and film face stocks. Paper film stocks are susceptible to the elements than specialty films. For example, the paper isn’t waterproof. Certain labels are made with wet strength paper that slows the penetration of water, but even those will eventually become saturated.
Labelling pertaining to environmental regulations is another key factor expected to restrict the market growth. For instance, if a label remains on an item during recycling, it will hinder the recyclability of the item.
Rapid growth of food &beverage industry coupled with the increasing usage of print labels in the food &beverage industry is expected to offer potential growth opportunities over the forecast period. Moreover, growing health conscious consumers is increasing widespread adoption of print labels in food &beverage industry.
Growing funding in research &development activities for innovating digital printing label are again positively contributing to the market growth. For instance, in May 2021, Print-Leeds has recently launched a self-adhesive label division after investing £1m in a new printing press, finishing equipment and MIS system.
Market Trends/Key Takeaways:
Growing trend of go-green is raising adoption of environment-friendly labels by various companies. Rising awareness regarding sustainability of packaging and label is propelling growth of the environmentally friendly label, thus augmenting market growth.
Rising popularity of smart labels as they offer real-time information about the products is expected to uplift the market growth over the forecast period. The ability of smart labels to provide additional real-time information about the product is finding new applications in the various end-user verticals. The networked devices, IoT, and IIoT, are expected to create huge opportunities in the future, as these innovations make communication between non-electronic commodities and equipment a possibility.
Print labels are commonly used for promotional and identification purposes and are usually made of paper or plastic. The main difference between labels and sticker sheets is their thickness. Label sheets made of paper are generally thinner than stickers. As they are directly printed, print labels offer precision, quality, and detailed visuals. Food &Beverage, Healthcare, Cosmetics, and Logistics are some of the end-user industries of print label.
Rapid growth in manufacturing sector coupled with the evolution of digital print technology are key factors driving growth of the print label market. With the evolution of new digital technologies, such as UV inkjet and water-based inkjet, digital print technology is becoming advanced. As technology continues to improve, printers find new ways to utilize the technology to enhance productive print labels, due to which, the market is expected to grow lucratively during the forecast period.
However, labelling pertaining to environment regulation and lack of print label with ability to withstand harsh climatic condition are expected to restrict the market growth.
Key features of the study: