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Eco-Friendly Labels Market To Surpass Valuation Of 2.4 Bn By 2029
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Labels are primarily used for the effective representation of must-know information. Therefore, the shelf life of labels is an important concern for manufacturers and consumers as well. Besides, landfill, and pollution are creating sustainability challenges for the people. In order to reduce the impact of this, consumers are gradually moving toward environment-friendly packaging and labelling solutions. Eco-friendly labels are a type of labels that are manufactured to restrict the damage to the environment by reducing carbon footprint. They are sustainable with different properties such as biodegradability and recyclability, which help resolve environmental concerns, thereby increasing consumption of these labels across the globe. Furthermore, to increase the shelf life of the labels, key players are laying emphasis on manufacturing high strength labels that can sustain in any environmental condition. Eco-friendly labels have significant water and tear resistance and printed with high-end technology. This helps the user to obtain complete information provided on the labels. TMR team predicts lucrative market growth opportunities during the forecast period attributing to the above-mentioned benefits.
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Premiumization: Key to Increase Sales of Eco-friendly Labels
As per consumer sentiment analysis, eco-friendly packaging solutions grab more attention of consumers, thus increasing sales of the product. Eco-friendly labels increase the aesthetics and shelf appearance of a product. As these labels add a premium look and value to the product, some of the end users are considering eco-friendly labels as an effective tool for branding and promotions of their products. End users, including food and beverages, cosmetics and personal care, and apparels are opting for flexographic printed or digitally printed eco-friendly labels for increasing product sales.
The eco-friendly labels help the product to describe its nature, characteristics, and features, depicting whether it is 100% biodegradable or not, recyclable or reusable. In addition, this aids in the consumption of eco-friendly or sustainable product, which, in turn, creates demand for eco-friendly labels in the market.
Therefore, as per the TMR analysis, the demand for eco-friendly labels is forecast to rise during 2021-2029, owing to high demand for standardized products due to their quality and features in terms of sustainability.
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Key Players Focus on Product Innovations
Owing to the growth of key end-use industries such as food & beverages, pharmaceuticals, personal care & cosmetics, etc., mounting demand for eco-friendly labels is projected during the forecast period. Therefore, key players are planning to increase investment in developing new technology-based eco-friendly labels and new product launches in the market. For instance:
In May 2021, FLEXcon launched a new product range, which features novel V-52RE adhesive designed to eliminate cleaning during PET recycling process that enhances the use of primary eco-friendly labeling options
In October 2019, Absolut partnered with Carlsberg for the development of recyclable paper bottle and bio-based paper, which uses FSC 100% sustainable label
COVID-19 Hindering Growth of Eco-friendly Labels Market
COVID-19 pandemic is expected to add economic and financial challenges for the manufacturers of eco-friendly labels across various regions. Other than the massive demand for various types of labelling materials and labelling inks to label products before dispatch, manufacturers are facing tremendous challenges in terms of limited work capitals, disturbed product supply chain, difficulties in product management, and emerging second wave of the pandemic in 2021.
However, pressure sensitive labels continue to be a vital business, predominantly for food and beverages. The detailed inspection of the market found that even before COVID-19, pressure sensitive labels demand had grown at a consistent rate, when compared to other alternatives available. The lockdown in North American and European countries caused a rush in demand for food and beverages packaging, in terms of boxes, cans, and pouches, as customers stock up on the well-packaged and labelled products, which indicates the product is standardized in nature. The demand for beverage cans has also increased as drinkers move away from bars and pubs and into socially isolated home drinking. In addition, beverage manufacturing companies are launching new, sustainable packaging materials to pack products enhancing the use of eco-friendly labels.
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Eco-friendly Labels Market: Competition Landscape
The global eco-friendly labels market is anticipated to witness tough rivalry. This market includes many well-established market participants. Moreover, many other local players and start-ups are entering into this market attributing to significant revenue creation with rising demand for recyclable and biodegradable labels.
Some of the key players operating in the global eco-friendly labels market are SATO Holdings Corporation, Elevate Packaging Inc., CCL Industries, HERMA Labels, Hally Labels, inkREADible Labels, Paramount Labels, VR Labels & Stickers, JK Labels, Signal Ltd., Labels Plus, Weber Packaging Solutions, Crown Labels Mfg. Co. Ltd., Interfas, Berkshire Labels, WEAVEBEL Ltd., Zebra Technologies Corp., The Label Makers Limited, Blair Labeling Inc., Genesis Patterns(Labels), etc.
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The Tier structure is designed on the basis of segmental revenue and market share of the company. As per Tier structure, Sato Holdings Corporation, CCL Industries Inc., Zebra Technologies Corp. are Tier 1 players in the eco-friendly labels market. Furthermore, Tier 2 players include HERMA Labels, Labels Plus, Weber Packaging Solutions, Signal Ltd., and some other major players. These companies hold around 10-15% of the global eco-friendly labels market share.
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