According to the new market research report “Packaging Printing Market by Printing Ink (Aqueous & UV-based), Printing Technology (Flexography, Gravure, Digital), Packaging Type (Labels & Tags, Flexible), Application (Food & Beverages, Cosmetics, Pharmaceuticals), & Region – Global Forecast to 2024″, 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 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 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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171 – Pages
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The global packaging printing market size is projected to grow from USD 350.6 billion in 2019 to USD 440.6 billion by 2024, at a compound annual growth rate (CAGR) of 4.7% during the forecast period. The growth of this market is attributed to the cost-effectiveness of packaging printing technique and growing demand for food & beverage product packaging with high aesthetic appeal & correct branding.
The packaging printing market has been dominated by large players such as Mondi plc (Austria), Sonoco Products Company (US), Graphic Packaging Holding Company (US), Quad/Graphics (US), and Amcor Limited (Australia). These players have adopted various growth strategies such as expansions, new product developments, acquisitions, and partnerships to increase their market shares and enhance their product portfolios. The strategies of acquisition accounted for the largest share of all the strategic developments that took place in the packaging printing market between March 2016 and December 2019. Key players adopted these strategies to strengthen their business portfolios and market presence in the packaging printing market.
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Mondi plc (Austria) is financially and strategically well placed and has a strong customer base. It caters to a huge customer base in various markets such as food & beverages, pharmaceuticals, consumer products, industrial, building materials, and transportation. It gives high importance to research & development activities. It aims to expand its existing distribution network to serve the customers better. Further, it also aims to innovate and expand its existing product portfolio for packaging printing. The introduction of new products enabled the company to expand the local talent pool and widened the product portfolio.
Graphics Packaging Holdings (US) is a global provider of innovative and sustainable packaging solutions for a better, safer, and healthier lifestyle. The company innovates and offers packaging printing solutions for various applications. It has adopted acquisitions as its key strategy to gain a competitive advantage in the market. In July 2019, Graphics Packaging Holdings acquires Artistic Carton Mill, converting facilities, which has divisions in Auburn, Indiana and Elgin, Illinois, and is a diversified producer of folding cartons and coated recycled paperboard. This acquisition has enhanced the company’s product portfolio and production capacity along with strengthening geographical footprint to cater the growing demand. This helped the company to gain new customers, better serve its existing ones, and expand its footprint in various emerging countries by offering extensive range of new products.
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