Northbrook, IL -- (SBWIRE) -- 12/03/2020 -- The report "Packaging Printing Market by Printing Ink (Aqueous & UV-based), Printing Technology (Flexography, Gravure, Digital), Packaging Type (Labels & Tags, Flexible), Application (Food & Beverages, Cosmetics, Pharmaceuticals), & Region - Global Forecast to 2024" The global packaging printing market size is projected to grow from USD 350.6 billion in 2019 to reach USD 440.6 billion by 2024, at a CAGR of 4.7% The global packaging printing market is witnessing demand, owing to the rise in manufacturing activities. The market is driven by factors such as strong growth in the packaging industry, along with the growing demand for aesthetic appeal and innovative printing techniques, are the major drivers of the packaging printing market.

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The food & beverages segment is estimated to be the fastest-growing segment during the forecast period
The food & beverages segment is estimated to be the fastest-growing segment during forecast period (2019–2024). The demand for packaging printing is experiencing high demand from the food & beverage industry, mainly because of the growing demand for packaged and branded products. An increase in demand for product differentiation and labeling for their authentication drives the market growth for printing in the food & beverage packaging segment.

The labels & tags segment is estimated to have the largest share in 2019
The packaging printing market, on the basis of packaging type, is classified into labels & tags, flexible packaging, corrugated, folding cartons, and others, which includes wood and textile packaging. The labels segment accounted for the largest share in 2018, due to its numerous applications such as displaying sequential barcodes and numbering, variable text, titles, or graphics and add substantial value to the product.

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Asia Pacific projected to account for the largest share in the packaging printing market by 2024
Asia Pacific, with emerging economies such as China and India, is expected to drive the packaging printing market. China is projected to account for the largest market share and dominate the Asia Pacific packaging printing market by 2024. The growing healthcare and food & beverage industries are likely to drive the demand for packaging printing in China. In addition to this, the country's large consumer base, overall positive economic environment, and an increase in manufacturing activities will drive demand in the packaging industry.

The major players include Mondi plc (Austria), Sonoco Products Company (US), Graphics Packaging Holding Company (US), Quad/Graphics (US), Amcor Limited (Australia), Constantia Flexibles (Austria), Quantum Print and Packaging Limited (UK), WS Packaging Group (US), Toppan Printing Company (Japan), and Duncan Printing Group (UK). Companies have adopted strategies such as new product launches and acquisitions to cope with the increasing demand in the emerging markets.

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Recent Developments :
- In August 2019, Mondi plc launches web platform namely myMondi.net for outstanding print and design to mark their uncoated fine paper (UFP) brands. It assists professionals from the printing and design industries to know about high-quality paper brands, as well as paper recommendations, local distributors details, and multimedia contents that educate on printing packaging.
- In July 2019, Graphics Packaging acquires Artistic Carton Mill, converting facilities, which has divisions in Auburn, Indiana, Elgin, and Illinois and is a diversified producer of folding cartons and coated recycled paperboard. This acquisition has enhanced the company's product portfolio and production capacity, along with strengthening geographical footprint to cater to the growing demand.
- In June 2019, Amcor acquired Bemis Corporation with the aim of becoming the leading provider of packaging materials and solutions.
- In August 2018, Graphic Packaging International, LLC, a subsidiary of Graphics Packaging Holding, acquired Letica Foodservice Assets for around USD 95 million. This has expanded companies growing paperboard-based foodservice platform in North America.

Key Questions Addressed by the Report:
- What are the global trends in the packaging printing market? Would the market witness an increase or decline in the demand in the coming years?
- What is the estimated demand for different resin types of packaging printing?
- Where will the strategic developments take the industry in the mid to long-term?
- What are the upcoming industry applications and trends for packaging printing?
- Who are the major players in the packaging printing market globally?

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