New York City, NY, 12 February, 2020/ 24 Market Reports: It is estimated for the global packaging printing market to grow from USD 350.9 billion in 2019 and reach that of USD 442.3 billion by the year 2024 witnessing the growth at a CAGR of 4.9% during the forecast period of 2019 to 2024. The growing demand for suitable printing & increasing demand for packaging printing is the factor that is driving the growth of the packaging printing market during the forecast period. Also, the rapid industrialization and the growth in the manufacturing industries across the globe are the factors that are influencing the growth of the market during the forecast period.
During the forecast period, the flexography printing segment, by printing technology, is estimated to witness the growth at a moderate CAGR. Its ability to print superior quality images that can even withstand extreme weather is the factor that is driving the growth of the segment. However, the digital printing segment is estimated to grow at a higher rate throughout the forecast period as it is highly preferred for packaging printing in personal care & cosmetic products, because of aesthetic appeal facility to attract consumers at point-of-sale (POS) and thus constituting a moderate share in the packaging printing market.
The labels & tags segment is estimated to grow at a higher CAGR in the market during the forecast period. The application of tags in most of the packaging variables is the factor that is driving the growth of the market during the forecast period. Displaying of product information, brand identification symbol, and transportation details during shipping are the details that are displayed on the packaging labels.
The food & beverages segment accounted for the largest share in the market based on application. The high demand for food packaging and the growing trend of digital data printing on food packages to communicate the shelf-life, composition, and nutritional value of the product are the factors that are driving the growth of the market during the forecast period.
In the year 2018, the Asia Pacific region accounted for the higher share in the market for packaging printing and it is estimated for the trend to continue throughout the forecast period followed by North America and Europe. The manufacturers’ focus on developing low-cost packaging printing options is driving the growth of the market. During the forecast period, it is estimated for the market to grow at a higher rate in developing countries such as China and India as the printing market in developed countries is getting matured. The growth of the market in the Asia Pacific region is attributed to the growing e-commerce retail sales along with growing convenience packaging in the food industry.