Packaging Printing Market is Estimated to Witness High Growth Owing to Opportunity in Sustainable and Customized Packaging
Packaging printing is a process of applying text, graphics or images to packaging products such as boxes, labels, cans, bags and other forms of packaging. It involves processes like flexography, offset lithography, gravure, digital printing and screen printing. Packaging printing market benefits from increasing demand for sustainable and customized packaging from food and beverages, healthcare and personal care industries. Packaging printing provides opportunity for product differentiation with visually appealing designs and delivers crucial product information to attract consumers. The global Packaging Printing Market is estimated to be valued at US$ 375.05 Mn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Sustainable packaging provides major market opportunity for packaging printing. Growing awareness about reducing plastic waste and focus on eco-friendly options has increased demand for sustainable packaging solutions. Packaging printing allows customizable designs and messages on substrates like paper, glass and metal rather than single-use plastics. This supports brand messaging around sustainability initiatives and appeals to environmentally conscious consumers. Changing consumer preferences for sustainable options offers growth prospects for packaging printing companies developing solutions incorporating recycled content, reduced material usage and recyclability/reusability.
Porter’s Analysis
Threat of new entrants: The Global Packaging Printing Market requires high capital investments for establishing plants and machinery. Stringent regulations also act as a barrier for new players.
Bargaining power of buyers: The presence of many packaging printing companies provides buyers with bargaining power in terms of price and quality.
Bargaining power of suppliers: Suppliers of raw materials like paper, plastic have significant influence over packaging printers due to consolidated nature.
Threat of new substitutes: Packaging printing market faces threat from alternative packaging methods like pouches, stand up pouches.
Competitive rivalry: Intense competition exists among the key players to gain higher market share.
SWOT Analysis
Strength: Ability to provide customizable printing solutions as per customer demands. Rising demand for sustainable and eco-friendly packaging bolsters growth.
Weakness: Volatility in raw material prices impacts margins. Significant upfront costs associated with new printing technologies.
Opportunity: Growth in e-commerce sector stimulates demand. Rising focus on anti-counterfeiting features opens up opportunities.
Threats: Stringent environmental regulations pertaining to packaging waste management poses challenges. Threat from substitutes like flexible packaging.
Key Takeaways
The global Packaging Printing market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 375.05 Mn growing at a CAGR of 9.6% through 2030.
Regional analysis:
Asia Pacific dominates the global packaging printing market and is expected to maintain its lead over the forecast period. This is attributed to robust growth of the packaging industry in emerging economies like India and China. North America is another major regional market driven by high consumer goods demand in the US and Canada.
Key players: Key players operating in the packaging printing market are Sanofi S.A, Pfizer, Inc., Merck & Co., Inc., GlaxoSmithKline plc., Bharat Biotech, Serum institute of India Pvt. Ltd., Biological E. Limited, Bio-Med, Bavarian Nordic, CSL Limited, Novartis AG, Vaxcyte, GSBPL, Taj Pharmaceuticals Limited, and Bavarian Nordic. These companies are focusing on expanding their production facilities and product portfolios to strengthen market presence.
Get More Insights On This Topic: https://www.newswirestats.com/packaging-printing-market-forecast-outlook-trend-2023-2030/
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