Label printing to reach $49.90 billion in 2024
image credit: Xeikon
According to Smithers Pira’s latest report, ‘The Future of Label Printing to 2024’, the label market will continue to increase up to 2024, at an annual average rate of 4.0% in value to $49.90 billion, and by 5.5% in volume to 1.59 trillion A4 prints or equivalent.
The report stipulated that the global market for label printing will be worth $41.02 billion on volumes of 1.21 trillion A4 prints or equivalent in 2019. The global market for label printing has been growing steadily from 2014 to 2019, at rates of 4.8% in value and of 5.2% in volume (A4 prints). This is a 4% increase on the 2018 value of $39.46 billion, and up 5.5% on 2018 volumes of 1.15 trillion A4 prints or equivalent.
The market will continue at this trajectory up to 2024.
The report highlighted key trends that will affect the market to 2024. Some of the key trends include:
Pressure-sensitive labels will further increase their market share as government regulations on tracking and barcoding requirements for medical and pharmaceutical products are implemented.
Wet-glue labels despite losing market share will see high-growth in certain product niches in segments, such as the beer industry in Asia.
Multi-part tracking labels market position is being eroded by newer electronic tracking solutions increasingly favoured by the logistics industry, such as RFID technology.
In-mould labels have a small share of the label printing market, but demand is holding steady owing to a growing perception of their eco-friendliness.
Shrink labels make up the largest share of the global sleeve market at 90% of global volume and are expanding into new areas, including the labelling of beverage cans.
The market report also analyses print process trends in label printing.
The most commonly used print process for labels in 2019 is flexography, used to print 403 billion A4 prints or equivalent with a value of $13.3 billion. However, with annual growth of 3.1% in value and 4.4% in volume over 2014–19, flexo is not keeping pace with overall market growth, primarily as a result of the rise of digital printing processes.
Inkjet has been growing at a much faster rate since 2014, and will continue high growth overtaking electrophotography in volume before 2024.