global packaging printing market Size accounted for USD 352.1 Billion in 2020 and is expected to reach USD 481.4 Billion by 2028, growing at a CAGR of 4.2% from 2021 to 2028.
Packaging Printing Market
The global Packaging Printing Market accounted for USD 352.1 Billion in 2020 and is expected to reach USD 481.4 Billion by 2028, growing at a CAGR of 4.2% from 2021 to 2028.
The packaging industry printing provides the quality, efficiency, and innovation that the packaging industry demands. Various types of inks and different types of technologies are used in printing packaging. The global packaging printing industry has witnessed rapid growth and is expected to inflate at a moderate growth rate over the forecast period. The packaging printing market is projected to grow in parallel with the packaging industry. Owing to the lockdown across the global packaging printing market is expected to see a slight decrease in some of the applications like luxury products and chemicals because of the decline in demand for these.
Due to the Covid-19 situation, there has been an increase in demand for packaging printing owing in the applications like food and beverage and pharmaceuticals owing to the rising demand for such products and the rising concern of consumers with respect to proper hygiene and packaging. People are moving towards increased online purchases of daily staples and food items which require proper packaging to maintain security and authenticity. Also, the rise in the pharmaceutical market is constant as the hospitals, drugs, and PPE manufacturers are responding to the crisis resulting in robust demand for packaging printing in this sector.
The rising growth of the packaging printing industry is attributable to increasing population, urbanization, development of economies, rising demand for packed and ready-to-eat food, and consumer awareness for forging hygienic, and safely packed food. The packaging printing industry is increasingly becoming technology oriented with rising innovations driving the market. This leads to rising in flexible packaging which in turn increases the shelf life of products, is light in weight, and reduces cost. Also, the wide application of packaging in the food and beverage, cosmetic and pharmaceutical industries is giving packaging printing a constant surge. An increase in online consumption and preference in a large number of countries requires a whole new level of packaging for safety and sustainability giving a boost to the packaging printing industry. Although facing an issue of delivering high-quality printing solutions at reasonable prices packaging printing is expected to grow moderately in the forecasted period.
On the basis of application, the packaging printing market is segmented into food & beverage cosmetics, pharmaceuticals, and other industries such as healthcare, adhesives & sealants. The food & beverages segment accounts for the largest share of the printing packaging market, by application, owing to due to the high demand for food packaging and the growing trend of digital data printing on food packages to link it with the shelf-life, composition, and nutritional value of the product.
The flexography printing sub-segment of printing technology reported the largest market share and is projected to grow at a moderate CAGR during the forecast period. This is because of its ability to print images that are superior in quality and endure extreme conditions and weather. However, the digital printing sector is also expected to grow at a higher rate during the forecasted period as it is highly preferred for packaging printing in personal care & cosmetics products, because of its aesthetic appeal facility to attract consumers at point-of-sale.
The European region held a share of 30% in 2020. This is attributable to the presence of top companies such as Quantum Print and Packaging Limited (UK) and Duncan Printing Group (UK), among others.
The Asia Pacific region is projected to grow at a CAGR of 4.4% over the forecast period. This surge is due to the increasing adoption of online shopping in the region. Also, in this region, the industry will witness huge advances in the coming years due to an increase in the middle-class population and their consumption of ready food, and an increase in per capita income. Countries such as India, China, and South Korea are emerging markets for packaging and are expected to witness the same in the coming years.
Some of the key players in the Packaging Printing Market are Mondi plc, Sonoco Products Company, Graphics Packaging Holding Company, Quad/Graphics, Amcor Limited, Constantia flexibles, Quantum Print and Packaging Limited, WS Packaging Group, Toppan Printing Company, and Duncan Printing group, among others.
The industry is highly competitive and fragmented. Companies are returning by demanding more packaging printing solutions to maintain their brand image. For instance, Britannia Industries has insisted the Indian government ensure interstate movements of suppliers of raw materials and packaging solutions.
The global packaging printing market is segmented as follows:
The global Packaging Printing market was valued at USD 352.1 Billion in 2020.
The global Packaging Printing Market is expected to reach USD 481.4 Billion by 2028, growing at a CAGR of 4.2% between 2021 to 2028.
Some of the key factors driving the global Packaging Printing market growth are increasing population, urbanization and nuclear families resulting in increasing demand of packaged food and other ready to use other items.
North America region held a substantial share of the Packaging Printing market in 2020. This is attributable to the presence of major players such as Sonoco Products Company, Graphics Packaging Holding Company, Quad/Graphics, among others. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for Packaging Printing because of growing demand in food and beverage and cosmetic market in developing economies such as China and India.
Some of the major companies operating in the Packaging Printing are Mondi plc, Sonoco Products Company, Graphics Packaging Holding Company, Quad/Graphics, Amcor Limited, Constantia flexibles, Quantum Print and Packaging Limited, WS Packaging Group, Toppan Printing Company, and Duncan Printing group, among others.