Packaging Ink Market Size Forecast to Reach $12.91 Billion by 2025

Packaging Ink Market size is forecast to reach $12.91 billion by 2025 after growing at a CAGR of 6% during 2020-2025. Packaging ink is one of the largest application segments for the global printing inks. Packaging inks are applied on different substrates via different printing processes depending on the requirement. The growth of the market of Packaging Ink is expected to be driven by the high demand from the Cosmetics industry.

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Packaging Ink Market Segment Analysis - By Ink Type

Water-based held the largest share in the packaging ink market in 2019. The demand for water-based packaging ink are rising sharply. Replacing solvents with water-based inks means reducing VOCs, enhancing manufacturing health and safety and contributing to sustainable growth. Switching to water-based inks can also be more cost-effective. These developments are the result of the evolution of the water-based resin chemistry used in the formulation of high-performance ink systems and the advancement of printing equipment.

Packaging Ink Market Segment Analysis - By Printing Type

Flexographic printing type held the largest share in the packaging ink market in 2019. The flexographic process can be used to print on paper, plastics, cellophane, metal and other materials. This growth can be attributed to its ability to print images that are superior in quality and to withstand extreme weather. Flexographic printing market size will be majorly driven by the positive growth in the packaging industry. Mounting commercialization of flexible packaging owing to its widespread application across various consumer items will directly propel the flexographic printing size over the projected period. Food packaging industry in Asia Pacific has shown a surge of 30% in recent years. Packaging is extensively used in cosmetics, food & beverages, pharmaceuticals and personal care products. It is a key marketing tool that fuels the purchasing decision of the customer. It increases the aesthetic appearance, offers product differentiation and also enhances the company’s brand image. Moreover, strong growth in these aforementioned industries, particularly due to improved consumer spending will eventually drive the growth of the market in the forecast period.

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Packaging Ink Market Segment Analysis - By Application

Plastics are the largest segment and flexible plastics is the fastest-growing segment in packaging ink market in 2019. Flexible plastics is easy and soft and can be easily moulded and customized to meet the diverse demand specifications of a wide range of products. Furthermore, its lighter weight and lower cost are expected to stimulate the packaging inks. This is on account of large number of consumer commodities and advanced packaging in pharmaceuticals sector is done using flexible plastics. The growth of the segment depends upon pharmaceuticals sector. Most pharmaceutical industry growth now is coming instead from the increased size of the global ageing population, which boosts demand for long-term treatments for chronic diseases, and better access to healthcare in emerging economies. This factor will drive the growth of the market in the forecast period.

Packaging Ink Market Segment Analysis - By End Use

Food and Beverages sector has been the primary market for packaging ink market in 2019 growing at CAGR of 6.7%. 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. Economic growth in emerging economies has emerged as a boon to the food and beverage industry. Processed foods, packaged foods, and ready-to-go meals are becoming common to serve the changing lifestyle in emerging economies. Demand for special foods such as gluten-free foods and lactose-free foods are revving up growth of the food and beverage industry. One major way that consumers are doing so is by purchasing more packed foods and making their own meals, not going out to eat. This is causing food processing companies to become more innovative to decrease the cost of goods sold, attract more customers, and increase profit margins. This factor directly propels the packaging sector, thus it will drive the growth of the packaging ink market in the forecast period. The ongoing global pandemic has left no sector untouched by its wave of impacts. The food and beverage industry is responding to the ongoing crisis by bracing itself for Coronavirus impacts. In light of the global outbreak, food and beverages companies have been forced to make challenging decisions like transitory cessations to abide by the travel bans and social distancing norms and the impact just does not end there. Companies are forestalling supply chain interruptions. A minor proportion of food ingredients are exported globally from China, but processors are still bracing for impact by scouting for substitute sources to avert supply chain interludes.

Packaging Ink Market Segment Analysis - Geography

APAC dominates the packaging ink market with a share of 40% followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the pharmaceutical sector, due to the large prospective population in the region coupled with the factors which are inducing the growth of the market such as rising personal disposable income and increasing internet penetration in the region. Further, distribution of personal care product market has a huge role in the success of a company as it directly impacts the demand and supply in the market and hence the revenue. With the rising penetration of internet and e-commerce across the globe, the reach of personal care products companies has increased. The perks of e-commerce have not only benefitted the companies but also the consumers in terms of pricing and a vast range of options available to them. Moreover, new customers have also been attracted by the online distribution route. This will derive the market growth of packaging ink in the forecast period.

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Packaging Ink Market Drivers

Rapid Growth in Flexible Packaging will drive the market in the forecast period

Packaging Inks are popular due to its colour, flow behaviour, good surface appearance, performance, and gloss. All these features are fueling growth in the global Packaging inks market. Along with this, packaging inks products have lower inflammability ratings and easier to clean, thanks to the rapid advancements in technology. Furthermore, soaring demand for unique packaging inks and rapid growth in flexible packaging are also the major factors contributing demand in the global packaging inks market. Rapid use of Packaging inks helps in reducing the amount of hazardous waste. Therefore, growing environment and safety issues are also providing major driver to the growth of the global packaging inks market in the forecast period.

The rise in online shopping and growth of the packaged food and beverage industry will drive the market in the forecast period

Packaging Inks are used in the packaging of e-commerce products and growth in the e-commerce industry will subsequently lead to a growth in demand for packaging Inks. In the global scenario, e-commerce is a largely preferred retail format especially among the young shoppers who are inclined towards online shopping through their smartphones. E-commerce and m-commerce have witnessed a rapid proliferation across the globe and this has augmented the need for e-commerce packaging. Vendors operating in the regional market are aligning their businesses with the current market expectations and are bringing in greater innovation and enhanced quality in the packaging of their products to meet customer expectations. A growth in the e-commerce packaging industry, it is expected to significantly drive the market in the forecast period.

Packaging Ink Market Challenges

Strict government regulations against VOC emissions will hamper the market

Packaging Inks used in industrial printing effect the environment in various ways. Vent fumes are fumes released by the inks into the atmosphere during printing. These fumes can be harmful when inhaled. Packaging inks create problems after they are discarded. The U.S. Occupational Safety and Health Administration provides guidelines for worker safety in the print industry, such as wearing protective gloves and masks when handling potentially harmful chemicals. Environmental regulation falls to the U.S. Environmental Protection Agency, which sets pollution level standards for the chemicals used to print. Packaging inks are used in the commercial industry contain VOC's in varying amounts depending on the drying and printing process, substrate and end-use requirements. The regulations of using printing ink will hamper the growth of the market in the forecast period.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the packaging Inks market. In 2019, the market of packaging Inks has been consolidated by the top five players accounting for XX% of the share. Major players in the packaging Inks market are PPG Industries, Inc., AkzoNobel NV, Flint Group, Valspar Corporation, Sun Chemical Corporation, and Others.

Acquisitions/Technology Launches/Product Launches

In September 2017, Domino Digital Printing Solutions is set to launch a new 7-colour ink set for the N-Series for label Printing takes over from older generation technologies. The white opacity of the Domino N610i label press has always been the highest in the industry but with the UV90 ink set, this has been further improved, achieving over 72% opacity at 50m/min.

Key Takeaways

Asia-Pacific dominates the Packaging Ink market owing to increasing demand from Pharmaceutical industry.

Rise in the demand of cosmetics product will drive the growth of market in the forecast period.

Stringent regulations imposed regarding product use in food & beverage industry is likely to hamper the growth of the market in the forecast period.

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