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

Northrook, IL -- (SBWire) -- 03/04/2020 --The Global Packaging Printing Market size is projected to grow from USD 350.6 billion in 2019 to USD 440.6 billion by 2024, at a CAGR of 4.7%. The market is expected to witness high growth as a result of the growing demand for suitable printing & increasing demand for packaging printing. Factors such as rapid industrialization and growing manufacturing industries across the globe drive the demand for packaging printing.

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In terms of value and volume, the flexography printing segment is projected to lead the packaging printing market from 2019 to 2024.
In terms of value, the flexography printing segment of printing technology is accounted for the largest market share and is projected to grow at a moderate CAGR during the forecast period. This growth can be attributed to its ability to print images that are superior in quality and to withstand extreme weather. However, the digital printing sector of the printing technology segment constituted a moderate share in the packaging printing market; however, is projected to grow at a higher rate during the forecast period, as it is highly preferred for packaging printing in personal care & cosmetics products, because of aesthetic appeal facility to attract consumers at point-of-sale (POS).

In terms of value and volume, the labels & tags packaging type segment of the packaging printing market is projected to grow at the highest CAGR during the forecast period.
The labels & tags segment of the packaging type is accounted for the moderate market share but is projected to grow at a higher CAGR during the forecast period. This growth is due to its application in almost all types of packaging variables. Labels are the mostly used packaging type as they display product information, brand identification symbols, and transportation details during shipping.

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In terms of value and volume, the food & beverage segment of the packaging printing market is projected to be the largest market.
Under application, the food & beverage sector accounted for the larger share in the packaging printing market, due to the high demand for food packaging and the growing trend of digital data printing on food packages to communicate the shelf-life, composition, and nutritional value of the product.

In terms of both value as well as volume, the Asia Pacific region is estimated to account for the highest share in the global packaging printing market during the forecast period
In 2018, the Asia Pacific region accounted for a higher share in the total market of packaging printing, in terms of value, followed by North America and Europe, owing to manufacturers' focus on developing low-cost packaging printing options. However, as the packaging printing market in developed countries is getting matured, the markets in China and India are projected to grow at higher rates from 2019 to 2024. The Asia Pacific region is projected to register the highest growth during the forecast period due to the region experiencing growing e-retail sales, coupled with a growing convenience packaging in the food industry.

Key Market Players
Key players such as 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) adopted various strategies such as partnerships, new product launch, expansions, acquisitions, and investments to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the packaging printing market.

Mondi plc is a key global manufacturer and supplier of packaging printing. It caters to a huge customer base in various markets such as food & beverage, packaging, electronics, pharmaceuticals, building materials, and chemicals. The company is financially and strategically well placed and has a strong customer base. It gives high importance to research & development activities. It aims to expand its existing distribution network to serve the customers better. Further, it also aims to innovate and expand its existing product portfolio for packaging printing.

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On the basis of packaging type:
- Corrugated
- Flexible
- Folding cartons
- Labels & tags
- Others (wood and textile & fabric)

On the basis of printing technology:
- Flexography
- Rotogravure
- Offset
- Screen printing
- Digital

On the basis of printing ink:
- Solvent-based
- UV-based
- Aqueous
- Others (latex and dye-sublimation inks)

On the basis of application:
- Food & beverages
- Household & cosmetics
- Pharmaceuticals
- Others (automotive and electronics)

On the basis of region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South 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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