Packaging printing involves printing processes for product packaging like food and beverage packaging, pharmaceutical packaging and other consumer goods packaging. Packaging printing provides product information, company branding, logos, illustrations and barcodes for product identification. The global packaging printing market growth is driven by increasing demand for packaged food and pharmaceutical products requiring labels and packaging. Packaging printing serves to protect products during transportation and storage while promoting brands. The global packaging printing market is estimated to be valued at US$ 432.06 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Innovation in printing technologies like digital printing and inkjet printing has accelerated the growth of the packaging printing market. Digital printing allows variable printing and on-demand customization of packaging which has increased its popularity compared to traditional printing methods. Inkjet printing provides high-resolution printing and is suited for short-run custom jobs and versioning. Ongoing research and development of advanced inks, digital technologies and automated packaging solutions is also driving market growth. New product innovations with improved barrier properties, longer shelf-life and interactive features like RFID and QR codes are augmenting demand from end use industries.
Segment Analysis
The Global Packaging Printing Market Demand is dominated by the flexographic printing segment. Flexographic printing accounts for over 40% of the total market share as it provides high-quality printing on a variety of substrates like plastic films, aluminum foil, corrugated boards at a relatively lower cost compared to other techniques like gravure printing and digital printing. Due to the ability to print on uneven/irregular surfaces like cartons and pouches, demand for flexographic printing for packaging applications continues to remain high.
Key Takeaways
The global packaging printing market is expected to witness high growth.
Regional analysis: Asia Pacific currently dominates the global market with over 35% share led by China, India, Japan and other developing nations. Rapid economic development, rising disposable incomes, and growing demand for packaged goods has contributed to the lead position of Asia Pacific in packaging printing. North America and Europe follow APAC in terms of market share.
Key players: Key players operating in the packaging printing market include 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. Leading players dominate through continuous investments in R&D and expanding their printing capabilities. Partnerships and acquisitions have helped them strengthen geographical presence and production capacities.
Get more insights on this topic: https://www.ukwebwire.com/packaging-printing-market-size-and-share-analysis-growth-trends-and-forecasts/
Explore more information on this topic, Please visit: https://masstamilan.tv/esim-the-future-of-connectivity/
