New York, June 29, 2021 (GLOBE NEWSWIRE) -- Packaging Printing Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Packaging Printing Market Research Report, Printing Technology, Application and Region - Forecast till 2027”, The market is projected to be worth USD 473.81 billion by 2027, registering a CAGR of 4.70% during the forecast period (2021 - 2027), The market was valued at USD 357.3 billion in 2020.
The packaging printing market outlook appears extremely positive. The market witnesses a rising preference for environment-friendly packaging and printing solutions. Demand for eco-friendly packaging printing solutions allows the market to witness an upward trajectory. As a result, the demand for packaging printing is expected to remain concentrated during the upcoming period. Other packaging printing market trends boosting the market growth include changing consumer lifestyles, rapid urbanization, and economic growth worldwide.
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Key Companies Profiled in the Packaging Printing Market Research Report are:
The packaging printing market witnesses several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product/technology launches. Key industry players make strategic investments to drive research & development activities and expansion plans. With the rising consumer demand for packaging printing, manufacturers look for new ways to bring innovative solutions to customers, improving their practices.
Browse In-depth Market Research Report (111 pages) on Packaging Printing
COVID-19 pandemic has positively impacted the global packaging printing market, driving the ecommerce sector. The impact of the pandemic on the packaging printing industry was swift & positive, which is projected to remain with changes to both supply and demand. On one side, industry players faced various problems, ranging from obtaining raw materials to attracting workers and delivering end products during the lockdown.
On the other hand, social distancing mandates promoted online shopping. Resultantly, packaging printing market revenues remained robust throughout the year 2020. Industry players supported the business growth of the ecommerce sector by offering cost-effective solutions that make their operations more sustainable, productive, and convenient. In 2021 and beyond, the steadily increasing demand for packaging of pharmaceutical products & medical supplies would favor the packaging printing market share.
The augmenting demand for glass vials to produce, store, and distribute COVID-19 vaccines would substantiate the packaging printing market size. Additionally, Initiatives from public and private sectors worldwide to scale up the production, packaging, distribution, and administration of the vaccine are expected to foster the packaging printing market.
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Environmentally Safe, Durable, and Sustainable Packaging Printing Solutions are Trending
Emerging markets from developing countries are projected to offer significant opportunities. Rising investments in innovation & expansion and stronger support from governments worldwide are anticipated to accelerate the packaging printing market revenues. Furthermore, increased governmental efforts to foster the adoption of environmentally sustainable products would present substantial opportunities for the market players.
Volatility in Raw Material Prices and Supply Restrict the Market Growth
Despite the significant growth prospects, the packaging printing industry still witnesses major challenges, such as fluctuating prices and shortages of raw materials required for production. It has traditionally been difficult for providers to support short-run packaging printing. Nevertheless, advances in technology would support the market growth throughout the assessment period, enabling businesses to offer short-run print production affordably and profitably.
Advancements in digital printing technology and rising demand from the media and entertainment sector are expected to positively impact the market growth. Besides, the high image quality and lasting impression that screen-printing technology offers, increase its usages across end-use industries. Mass production of 3D printed applications has the potential to truly disrupt industries such as consumer goods, automotive, and healthcare.
The market is segmented into printing technology, applications, and regions. The printing technology segment is sub-segmented into flexography, gravure, and digital. The application segment is sub-segmented into food & beverage, personal care, pharmaceutical, and others. Finally, the regional segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
The Asia Pacific region leads the global packaging printing market, witnessing increased investments in research, development, and innovations. Besides, packaging printing market trends such as rising consumption and growth rates in the pharmaceutical sector drive the market growth. Also, rising disposable incomes, changing lifestyles, and fluctuating consumer preferences encourage the region’s packaging printing market share.
Rising demand from the booming pharmaceutical industry and the strong presence of major market players in this region positively impact the market size, leading to faster developments of various packaging printing technologies. China and India are major revenue generators in the regional market, becoming the most attractive market space for the manufacturers.
Segmentation of Market covered in the research:
Information by Printing Technology (Flexography, Gravure, and Digital), by Application (Food & Beverage, Personal Care, Pharmaceutical, and others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
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