by Packaging printing includes various printing techniques applied on packaging materials such as corrugated boxes, cartons, bags, flexible films, labels and others. Packaging printing provides product information, logos, graphics and other details essential for branding and marketing. Technological advancements have enabled customized, high resolution and digital printing replacing traditional techniques. Growth in e-commerce has accelerated the demand for various packaging formats including corrugated boxes, cartons, mailers, pouches, labels and others.
The global Packaging Printing Market is estimated to be valued at US$ 375.05 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the packaging printing market is sustainable packaging printing. There is an increasing focus on sustainable and eco-friendly packaging solutions to reduce environmental footprint. Printing technologies are evolving to support sustainable packaging such as using plant-based inks, recycled papers and renewable substrates. Additionally, digital printing enables on-demand printing reducing wastage. Brand owners and packaging converters are opting for sustainable solutions to meet sustainability goals as well as cater to conscious customers.
Porter’s Analysis
Threat of new entrants: The Global Packaging Printing Market Size has high capital requirements for investing in the latest printing technology. This results in high entry barriers.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and undifferentiated products. They can negotiate on price and demand high quality at low costs.
Bargaining power of suppliers: Suppliers have moderate to low bargaining power due to the availability of substitutes and less differentiation in raw materials.
Threat of new substitutes: The threat is moderate as new innovations in flexible packaging and digital printing can substitute conventional printing technologies.
Competitive rivalry: The industry has high competition due to the presence of many global and regional players. Players compete based on innovation, quality, and price.
Key Takeaways
The global packaging printing market is expected to witness high growth.
Regional analysis: Asia Pacific is projected to grow at the fastest pace during the forecast period supported by increasing consumption in China, India, and other developing nations. Growth in e-commerce and rising urban population propels demand for packaged goods and printed labels in the region.
Key players operating in the packaging printing market include Sanofi S.A, Pfizer, Inc., Merck & Co., Inc., GlaxoSmithKline plc., Bharat Biotech, Serum institute of India Pvt. Ltd., Biological E. Limited, Bio-Med, Bavarian Nordic, CSL Limited, Novartis AG, Vaxcyte, GSBPL, Taj Pharmaceuticals Limited, and Bavarian Nordic. Innovation and digitalization are important strategies adopted by these companies to gain a competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
