Asia Pacific to account for largest share of market
Research company Markets and Markets released a report titled "Digital Printing Packaging Market by Packaging Technology (Thermal Transfer, Electrophotography & Electrostatic, Inkjet), Packaging Type (Labels, Flexible Packaging), Ink Type, Printing Format, Application, and Region - Global Forecast to 2026".
According to the report, the digital printing packaging market size is projected to grow from USD 11.42 Billion in 2016 to reach USD 42.11 Billion by 2026, at a CAGR of 13.9%. The Asia Pacific is predicted to account for the largest share in the digital printing packaging market in 2021.
Asia Pacific, with emerging economies such as China and India, is expected to drive the digital printing packaging market.
China is projected to account for the largest market share and dominate the Asia Pacific digital printing packaging market in 2021. The growing healthcare and food & beverage industries are likely to drive the demand for digital printing packaging in China. In addition to this, the country’s large consumer base, overall positive economic environment, and increase in manufacturing activities will drive demand in the packaging industry.
The global digital printing packaging market is witnessing demand owing to the rise in manufacturing activities. The market is driven by factors such as strong growth in the demand from the food and homecare sectors. The growing healthcare industry and the popularity of using convenient packaging are major drivers of the digital printing packaging market.
The major players include HP Inc. (U.S.), E.I. du Pont de Nemours and Company (U.S.), Xerox Corporation (U.S.), Mondi Plc (South Africa), Quad/Graphics, Inc. (U.S.), and WS Packaging Group (U.S.). Companies have adopted strategies such as mergers & acquisitions to cope with the increasing demand in the emerging markets.
Labels is projected to be the largest segment during the forecast period in packaging type segment
The digital printing packaging market, on the basis of packaging type, is classified into labels, flexible packaging, corrugated, folding cartons, and others, which includes rigid plastic packaging and metal packaging. The labels segment accounted for the largest share in 2015 due to its numerous application such as displaying sequential barcodes and numbering, variable text, titles, or graphics, and add substantial value to the product.