Emergence of smart packaging options leveraging artificial intelligence (AI), augmented reality and others are anticipated to boost the Packaging Printing market during the forecast period 2021-2026. Packaging Printing Market is analyzed to grow at a CAGR of 5.09% during the forecast period 2021-2026 to reach $80,551.8 million.
With the growth of market competition of various products, advanced packaging solutions have emerged as an ideal alternative to gain larger customers, as well as maintain brand advertising goals. Incorporating printed QR codes, websites, 3D printed holograms, virtual experience via augmented reality and many more have been also contributing towards creating a significant impact on the packaging printing market.
Due to rise of major end-use verticals, including healthcare, food & beverage, cosmetics, e-commerce, the need for advancing packaging options through leveraging smart technologies like augmented reality, artificial intelligence and others have become essential, making it one of the major market drivers. Sustaining brand reputation from threats such as counterfeiting, re-importation and diversion, vendors have been highly focusing towards adopting scannable QR codes, templates, RFID or NFC and other related technologies to foster smart packaging options while ensuring product authenticity. Leveraging smart packaging helps the companies to share detailed product information with the customers, increase brand endorsement, gaining higher customer attention. In 2020, BACARDI rum had launched a limited edition glass bottle which leverages O-I: Expression direct digital printing to create an augmented reality experience for the consumers. With a tactile effect packaging, this bottle combines AR experience and snapchat lens through a snap code, which can be unlocked to help consumers to have an experience of shores of the Caribbean. Such advancements are further set to propel the demand towards smart printable packaging solutions in the long run.
North America holds a major share of packaging printing market owing to presence of some of the prominent market vendors, namely Sonoco, Graphic Packaging International, Quad/Graphics Inc. and many others. Rising growth of end-use industries like food & beverages, consumer goods, beauty products along with shifting towards sustainable or recyclable packaging materials to spread environmental awareness as well as create lesser waste disposals, can be considered as some of the major factors attributed towards this market growth. In 2021, a leading North American packaging company, Supremex Inc. had revealed about the bolt-on acquisition of a provider of print and folding carton packaging, Graphic Communications LLC, to expand its much needed print and converting capacity for meeting the requirements of existing customers and growing demands toward customized patent protected e-commerce packaging. Owing to rising e-commerce businesses within the region, such advancements are bound to create new opportunities in the packaging printing market during the forecast period.
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Packaging Printing Market Growth Drivers:
Rising demand for innovative packaging within cosmetics or personal care products
Packaging is considered as one of the prominent marketing strategies adopted by cosmetic as well as toiletry product vendors, in order to create a long-lasting influence on the consumers, the demand for innovative packaging acts as a crucial driving factor for the market growth. Growing demand for personal care or cosmetic products including lipsticks, perfumes, shampoos, soaps and many others have been eventually creating the need for innovating packaging styles overtime including vibrant coloured packaging, luxurious print effects, high-quality graphical designs and many more, prior to increasing market competition. In addition, customized or premium packaging options are being adopted by various cosmetic brands in a move towards improving brand positioning within the market. Incorporating printed brand logo, authenticity certification through QR codes, use of sustainable packaging to reduce environmental impacts and others have been witnessing a high spur for improving cosmetic printed packaging standards. In 2019, Albea had revealed about entering into a partnership with Erpro 3D Factory in order to drive the development towards industrial series of fully personalized cosmetic packaging solutions for skincare jars, fragrance caps, color cosmetics packaging and so on, leveraging 3D printing capabilities.
Increasing adoption of digital printing technique drives the growth of packaging printing market
Digital printing has been getting increasingly adopted across various end-use verticals, making it one of the major driving factors for the growth of packaging printing market. With benefits like production flexibility, packaging personalization and faster printing speeds, packaging vendors have been shifting towards digital printed packaging solutions to retain customers as well as increase business growth under low costs. Compared to other technologies, usage of digital printing eliminates the need for repeated or continuous change of printing plates, thus resulting in faster turnaround time under less expense. Additionally, digital printing ensures large amount of high quality packaging within shorter time period, which contributes towards its adoption across retail or e-commerce sector where market competition tends to grow significantly. In 2021, Fres-co System USA, Inc. announced about expanding its packaging printing services, through addition of digital printing capabilities. With this, the company will be extending its custom printing options for a range of packaging applications meant for customers across food, coffee, pet food and other industries.
In February 2021, Constantia Flexibles had launched a recyclable packaging solution, named PERPETUA for pharmaceuticals. This move was a part of developing company’s first recyclable mono-material which offers a broad range of uses in pharma packaging applications.
In November 2020, Sonoco Protective Solutions had launched two paper based packaging options, namely EnviroSense FiberMax Bulk Box and EnviroSense FiberMax Master Roll package, as a part of expanding its EnviroSense line of sustainable packaging solutions.
Major Players of Market Include
The major companies in the Packaging Printing market include Antalis UK Ltd., Graphic Packaging International, Ares Printing & Packaging, Mondi PLC, BLP Printing & Packaging Ltd, Sonoco, Quad/Graphics Inc., Constantia Flexibles, Coveris, Duncan Print Group and Elite Printing & Packaging among others.
In January 2021, Mondi had started up a new speciality kraft paper machine, through investing an amount of Euro 67 million within its Steti mill, located at Czech Republic.
In August 2020, Sonoco had acquired a privately owned designer and manufacturer of sustainable paper packaging and related manufacturing equipment, named Can Packaging, based in Habsheim for a total consideration of $49 million.
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