Packaging Printing Is Estimated To Witness High Growth Owing To Opportunity In Flexible Packaging1/2/2024 Packaging printing is widely used for flexible packaging solutions including bags, pouches, wraps, and films. Flexible packaging provides advantages such as portability, lightweight, and easy dispensing in comparison to rigid packaging. Growing demand for flexible packaging from food and beverage industry due to increase in consumption of packed and ready-to-eat food is driving the packaging printing market.
The global packaging printing Market is estimated to be valued at US$ 375.05 million in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Growing demand for flexible packaging represents a key market opportunity for packaging printing. Flexible packaging solutions are gaining popularity due to advantages such as lightweight, low resource consumption and minimal wastage during transportation and storage. In addition, flexible packaging allows innovative printing techniques which help brands to showcase visual appeal and enhance customer experience. Growing emphasis on branding and visual appearance of products is expected to boost demand for printing on flexible packaging packaging. Packaging printing presses and ink manufacturers can capitalize on this opportunity by providing solutions and partnership opportunities for flexible packaging converters and brand owners. This will help in increasing use of printing on flexible packaging formats. Porter's Analysis Threat of new entrants: Low level of threat as the market requires huge capital investment and established distribution channels. Existing players enjoy economies of scale. Bargaining power of buyers: Moderate bargaining power due to availability of substitutes, however buyers prefer established big brands for quality concerns. Bargaining power of suppliers: Low bargaining power as there are many raw material suppliers and packaging printers have options to switch suppliers. Threat of new substitutes: Low threat as digital printing requires high investment and cannot replace conventional printing for all packaging applications. Competitive rivalry: High as major players compete on pricing, innovation, quality and service. SWOT Analysis Strengths: Established distribution network, economy of scale, vertically integrated operations, branding and goodwill. Weaknesses: High capital requirement, dependency on few customers, compliance to regulations. Opportunities: Growth in e-commerce, pharmaceutical sector, demand for sustainable and personalized packaging. Threats: Fluctuation in raw material prices, strict environmental regulations. Key Takeaways The Global Packaging Printing Market Growth is expected to witness high during the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 375.05 Mn. Regional analysis- Asia Pacific dominates the market currently with China, India and Japan being the major contributors. Asia Pacific is expected to witness the fastest growth during the forecast period due to strong economic growth, favorable regulations and increasing consumerism. North America and Europe are also sizable markets and are expected have steady growth. Growth in Latin America and Middle East & Africa is projected to be moderate during the forecast period. Key players operating in the Packaging Printing Market are Mondi PLC, Ahlstrom-Munksjö Oyj, Autajon CS, Huhtamaki Flexible Packaging (Huhtamaki Oyj) and Avery Dennison Corporation. Key players are focused on new product launches, mergers & acquisitions and capacity expansions to strengthen their market position. Sustainability initiatives and digitization will be key trends in coming years. Explore more information on this topic, Please visit- https://www.dailyprbulletin.com/packaging-printing-market-share-size-and-growth-share-trends-analysis-demand-forecast/
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