Laminated Labels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 03/28/2018 -- The packaging industry has transformed significantly over time, its plays an important role in product marketing and have noteworthy impact on overall product sales. The need for attractive, highly resistive, customer engaging, and durable packaging has led to the introduction of laminated labels in the industry. Many brand owners and manufacturers of consumer goods have adopted laminated labels due to their high receptivity among customers.
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On the basis of end use industry, the global laminated labels market is segmented into food & beverage, pharmaceuticals, home and personal care, consumer durables, retail labels, apparel and textile, industrial lubricants, paints, and gifts. As per TMR analysts, the food and beverages industry is expected to emerge as the most attractive application in the global laminated labels market, accounting for over 35% of the global market. The sector is likely to maintain its dominance by the end of the forecast period.
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Asia Pacific is expected to be the most favorable region in terms of incremental opportunities for high revenue generation in the near future and is estimated to dominate the global laminated labels market with over 36.5% of the market in 2016, followed by Europe and North America. Consumption of laminated labels in Asia Pacific is expected to increase 1.5 times during the period between 2016 and 2024.
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This translates a healthy CAGR of 5.3% over the said period. The market for laminated labels in Middle East and Africa is expected to emerge as one of the high-growth markets and exhibit a healthy CAGR of 4.7% over the period between 2016 and 2024.