Market Overview:
The global digital printing packaging market size was valued at USD 28.50in 2022. The industry is expected to expand from USD 30.78billionin 2023 to USD 54.35billionby 2030, exhibiting a CAGR of 8.46% over the study period.
Digital printing packaging is a technique in which the digital file is directly transferred to a printer for applications on different packaging materials. The market expansion can be ascribed to the substantial demand for sustainable printing. The printing industry is being encouraged to adopt digital printing methods for packaging owing to the growing demand from government bodies and consumers to have a more sustainable economy.
Fortune Business Insights™ provides this information in its research report, titled “Digital Printing Packaging Market, 2023-2030”.
Segmentation:
Performance Benefits Provided by Inkjet Printing to Augment Segment Growth
By technology, the market is classified into electrophotography printing, thermal transfer printing, inkjet printing, and others. The inkjet printing segment registers the largest share. Numerous cost and performance benefits, such as short turnaround times, automated color management, and on-demand printing as compared to electrophotography or flexography processes are offered by inkjet technology.
Importance of Digital Printed Labels in Enhancing Brand Recognition to Boost Segment Expansion
In terms of product type, the market is divided into films & wraps, labels, boxes & cartons, bags & pouches, and others. The labels segment accounts for the largest digital printing packaging market share. Digital printed labels are crucial in enhancing brand recognition and solidifying brand image with their unique designs.
Wide Deployment of the Product in Product Packaging to Drive the Food & Beverages Segment Growth
By end-use industry, the market is classified into consumer goods, personal care & cosmetics, food & beverages, consumer goods, and others. The food & beverages segment holds the largest share. The product is extensively used in the packaging of products as it allows food & beverage manufacturers to run numerous package versions in the same printing process with almost no product time or extra cost.
Regionally, the market is segregated into the Middle East & Africa, Latin America, Europe, North America, and Asia Pacific.
Source: https://www.fortunebusinessinsights.com/digital-printing-packaging-market-105240
Report Coverage:
The significant strategic initiatives deployed by leading players to outshine the competition have been mentioned in the report. In addition, it provides a comprehensive coverage of the major driving and restraining factors affecting the market growth. Additional aspects of the report include the latest trends, key industry developments, and the impact of the COVID-19 pandemic on the market growth.
Drivers and Restraints:
Consistent Developments in Digital Printing Technologies to Impel Market Growth
The digital printing packaging market growth is driven by consistent advancement in digital printing technologies. Digital printing is being preferred by packaging converters and brand owners owing to many improvements in equipment and technological innovations.
Despite such growth opportunities, the tightening guidelines on product usage in food, along with dynamic raw material prices, may hinder market expansion.
Regional Insights:
North America Secures the Largest Share Due to Consistent Increase in Innovations
North America digital printing packaging market captures the largest share owing to the consistent growth in innovations by manufacturers.
Europe market for digital printing packaging is the second-largest region and is anticipated to grow rapidly in the forthcoming years due to the expanding personal care & cosmetics sector.
Competitive Landscape:
Top Players Adopt Product Development Strategies to Reinforce Their Position
The market has high competition and fragmentation. Collaborations, mergers & acquisitions, and capacity expansions are some of the strategies opted for by prominent companies. Product development strategies are also being prioritized by top companies to enhance their position.
Key Industry Development:
April 2023 – SIG unveiled SIG Digital Printing specifically for aseptic carton packs made in Europe. Moreover, full-color digital printing is offered by this solution without the requirement for printing forms or cylinders.
List of Key Players Mentioned in the Report:
- Huhtamaki (Finland)
- Graphic Packaging International (U.S.)
- Packman Packaging (India)
- ePac Holdings, LLC (U.S.)
- Mondi (U.K.)
- DS Smith (U.K.)