Commercial Printing Industry Is Estimated To Witness Steady Growth Owing To Rising Demand For Packaging Printing
The commercial printing market is expected to witness steady growth over the forecast period on account of rising demand for packaging printing applications. The demand for packaging printing is driven by the growth of the food and beverage industry where packaging plays a vital role in branding, marketing, and safeguarding products. Customers pay greater attention to aesthetically pleasing and informative packaging, which boosts the growth of commercial printing market.
Market Overview
The commercial printing market provides printing services to different end use industries such as packaging, advertising, publishing, transactional and other promotional applications. Printers offer various printing technologies including flexography, lithography, rotogravure and digital printing according to customer needs and applications. Digital printing is gaining popularity due to its cost effectiveness, quick turnaround time and ability to produce short run customized prints.
Market Dynamics
The growth in the commercial printing market is driven by factors such as rising demand for packaging printing and expansion of the e-commerce industry. Firstly, the demand for packaging printing is increasing rapidly from the food and beverage industry primarily due to growth in the organized retail sector. Customers prefer attractive and informative printed packaging which helps brands to showcase their uniqueness and build brand awareness. Secondly, the exponential growth of the e-commerce industry has augmented the demand for transactional and promotional printing. E-commerce platforms require printing of invoices, labels, catalogues, brochures for online marketing and transactions. This drives the commercial printers towards technologies enabling variable data, digital and short run printing. However, factors such as growing preference for digital advertisements and promotion over prints slightly hinders the market growth.
The global Commercial Printing Market Demand is estimated to be valued at US$ 451.98 Bn in 2023 and is expected to exhibit a CAGR of 1.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The commercial printing market has extensive experience and technical expertise to deliver a wide range of printing solutions. It offers competitive pricing and high-quality printing services to businesses. Many commercial printers have advanced digital printing capabilities to cater to changing customer demands.
Weakness: The market is facing challenges from shift toward digital media and online marketing. Rising raw material costs negatively impact the margins of commercial printers. Dependency on limited number of customers makes printers vulnerable to demand fluctuations.
Opportunity: Growth of packaging industry driven by e-commerce boom creates lucrative opportunities for commercial printers. Advancing technologies such as Inkjet and digital printing expand addressable market by enabling variable and short-run print jobs.
Threats: Intense competition from in-house printing departments and digital document service providers. shift toward mobile and social media advertising threatens conventional print advertising spending.
Key Takeaways
The global commercial printing market is expected to witness high growth, exhibiting CAGR of 1.7% over the forecast period, due to increasing demand from packaging industry. Growing e-commerce sector relies heavily on efficient printing of product labels, catalogs, and other promotional materials fueling market expansion.
Regionally, North America dominates the commercial printing market, accounting for around 35% share in 2023. U.S. is at forefront due to large corporate sector and adoption of latest printing technologies. Asia Pacific exhibits fastest growth rate, led by China and India. Surging middle-class population and industrialization programs in the region augur well for commercial printers.
Key players operating in the commercial printing market are ACME Printing, Cenveo Corporation, R.R. Donnelley & Sons, Vistaprint (CIM PRESS PLC), Toppan Co Limited, Transcontinental Inc., and LSC Communications US LLC. Major players are focusing on digital transformation and service convergence to counter shifting consumer behavior toward online media.
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