Global Shrink Sleeve Label Applicator Market Set to Reach US$ 1,949.6 Million by 2033, Fueled by a Solid 5.3% CAGR

The global market for shrink sleeve label applicators is poised for substantial growth, with an estimated value of US$ 1,163.2 million in 2023 and a projected expansion at a CAGR of 5.3% to reach a valuation of US$ 1,949.6 million by 2033. Notably, the food and beverages segments collectively contributed to the market's growth, generating a revenue of US$ 614 million in 2022, as indicated by Future Market Insights' annual analysis.

India emerges as a pivotal player in this landscape, anticipated to exhibit a robust CAGR of 6.7% during the projected period. Simultaneously, Europe is poised to retain a significant share within the broader shrink sleeve label applicator industry.

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Several factors contribute to the market's favorable outlook. Shrink sleeve label applicators find extensive utilization in the food and beverages industry for labeling cans, boxes, glass, tubs, and PET containers, especially those exposed to moisture and friction. The thriving packaging machinery sector has led to the emergence of advanced labeling technologies, while manufacturers are introducing innovative equipment to meet high-volume labeling requirements.

Moreover, the growing emphasis on branding through effective packaging and labeling drives the adoption of shrink sleeve label applicators, further fueling the introduction of cutting-edge machinery. The demand for low-maintenance, cost-efficient applicators offering versatile labeling solutions is also on the rise. Lastly, the popularity of semi-automatic label applicators gains traction in industries embracing automated workflows.

Technological advances in the market are projected to be a vital factor fueling market development. In addition to this, labeling has become a crucial part of product branding and promotion. Due to this, manufacturers are increasingly deploying packaging machinery to achieve these purposes. Shrink sleeve label applicators are one such piece of equipment that makes this goal possible for manufacturers.

Soaring demand for fully automated and mechanized equipment that offers versatility in handling plastic and glass containers, and eliminates wastage is expected to augment the growth trajectory of the market.

With the significantly growing global population, packaging manufacturers need automated equipment that helps in doing the task efficiently, while ensuring quality. Shrink sleeve applicators come to the rescue by offering appealing and quality packaging solutions. The equipment helps meet the substantial quantity and quality of food packaging demands.

Top Highlights from the FMI's Analysis of the Shrink Sleeve Label Applicator Market: 

Europe's shrink sleeve label applicator industry acquired a maximum share of 28.2% of the market in 2022.

Germany's market contributed 4.5% market share in the year 2022.

The United Kingdom's shrink sleeve label applicator industry is projected to expand at 3.1% CAGR in the years to come.

North America region is projected to gain more than 19.6% market value in 2023. The United States holds the majority of the regional share and stands out internationally, by acquiring more than 16.4% value share in 2023.

Japan's shrink sleeve label applicator industry is projected to acquire above 6.6% value share in 2023.
India is projected to register a CAGR of 6.7% in the shrink sleeve label applicator industry.
China is expected to account for a 6% CAGR over the forecast period.

Based on the automation category, the automatic segment gained a maximum share of 85.3% in 2022.
Based on end-use, the beverages segment is expected to account for more than 37.3% in 2023.

Shrink Sleeve Label Market - Important Highlights

-Amongst end-use industries, the beverage industry is estimated to invest the most in the shrink sleeve label applicator packaging, owing to its rising popularity
-According to product type, Labelling speeds over 600 BPM is estimated to gain importance in the future, showing a CAGR of more than 5.5%, because manufacturers are depending upon quick packaging strategies.
-China is estimated to hold the major market valuation with a CAGR of 5.9% during the estimated period, owing to its huge growth in the beverage industry.
-Germany remains the most lucrative market in Europe during the projected years because market growth is supported by rising sustainability concerns amongst manufacturers and consumers alike.

Shrink sleeve label market - Drivers

Rising environmental awareness will spur the growth of the eco-friendly shrink sleeve level market during the projected years.
An increase in demand for the beverage industry will continue to drive market growth.
The latest technological advancements in the shrink sleeve label applicators landscape are estimated to help widen expansion prospects for the forthcoming decade due to an increase in demand for minimal downtime and maximum output.

Shrink sleeve label market - Restraints

Due to its presence of polymers, a major cause of concern among manufacturers is the limited degree of recyclability of shrink sleeve labels.
It is difficult for the shrink sleeve label applicator market to cope up with the latest technologies that directly label the container instead of depending upon a film, which promises to remove the environmental concerns too.
Their functionality is decreasing as businesses are focusing on marketing their products online.

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COVID-19 Impact on Shrink Sleeve Label Market

The shrink sleeve label applicators market has witnessed huge demand during the Covid-19 pandemic. As customers are worried about health and hygiene, there is a decline in popularity of dine-outs, and an increase in demand for instant foods and beverages has propelled the need for accurate labelling of packaged food items.

Competitive Landscape

With the increasing preference of manufacturers towards the promotion and branding of the packaged product with the rise in urbanization, there is an expectation of a massive increase in demand for shrink sleeve label applicators.

In June 2017, Axon, LLC introduced the customers in Latin America to a new iteration of shrink sleeve applicator specifically targeted for manufacturers who wanted to increase its operating efficiency and production capability through dependable automation.

Prominent manufacturers in the shrink sleeve label applicator market areas include Fuji Seal International, Inc., Krones, KARALILLE, FINPAC, and so on.

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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

This release was published on openPR.