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Packaging Printing Market Size, Growth, Trends, Segmentation, And Forecast 2024 To 2033
Packaging Printing Market Size
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According to The Business Research Company's, The packaging printing market size has grown strongly in recent years. It will grow from $444.96 billion in 2023 to $477.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to consumer goods growth, branding and marketing, e-commerce boom, regulatory compliance, food and beverage industry.
The packaging printing market size is expected to see strong growth in the next few years. It will grow to $656.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to pharmaceutical packaging, sustainable packaging, health and safety concerns, global supply chain, customization and personalization. Major trends in the forecast period include technological advancements, sustainable packaging, digital printing technology, 3d printing, smart packaging, security printing.
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Market Drivers and Trends:
The increase in demand for packaged food is expected to propel the growth of the packaging printing market going forward. Packaged food refers to food that is covered to prevent direct contact and can be preserved for a long period. Packaging printing provides product information and displays brand information on food packaging packs. For Instance, in February 2021, according to a food company, Nestle India, the Indian packaged food market is expected to double up to $70 billion in the next 5-10 years. Therefore, the increase in demand for packaged food is driving the growth of the packaging printing market.
Technological advancement is a key trend gaining popularity in the packaging printing market. Major companies operating in the market are introducing new technologies to sustain their position in the market. For instance, in April 2022, Xeikon B.V., a Netherlands-based digital printing technology company launched Titon technology. This technology had a unique toner formulation offering all the benefits of UV inks. This is the most food-safe technology that is completely odor and tasteless, and will not affect the customer experience when the product is consumed. This TITON toner is suitable for a broad range of applications with direct and indirect food contact. This technology is resistant to scuffing and scratching, water, sunlight, high temperatures, and a large set of liquid chemicals.
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Major Key Players of the Market:
Belmont Packaging Ltd., Constantia Flexibles Group GmbH, Coveris Management GmbH, Duncan Printing Group, Eastman Kodak Company, HP Inc., Mondi PLC., Quad Inc., Quantum Print and Packaging Ltd., Shree Arun Packaging Co, Toppan Printing Co Ltd, WS Packaging Group Inc, Xerox Corporation, Canon Inc., Du Pont De Nemours and Company, Paramount packaging Ltd., Rotostampa S.R.L., The Saint Petersburg Exemplary Printing House., Smurfit Kappa Group plc, DS Smith plc, Georgia-Pacific LLC, International Paper Company, Sealed Air Corporation, WestRock Company, Stora Enso Oyj, Sonoco Products Company, Mayr-Melnhof Karton AG, Trustpack UAB, Canpac Trends Pvt. Ltd., Scodix
Packaging Printing Market 2024 Key Insights:
• The packaging printing market size is expected to see strong growth in the next few years. It will grow to $656.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Surging Demand For Packaged Food Boosts The Packaging Printing Market
• Innovative Technological Advancements Reshape The Packaging Printing Market
• North America was the largest region in the packaging printing market in 2023
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