Global Digital Printing Packaging Market is Segmented By Type(Water-Based, Solvent-Based, UV Based), By Application(Folding cartons, Metal cans, Flexible packaging, Others (includes self-adhesive labels)), By End User(Pharmaceuticals, Food & Beverages, Cosmetics, Electrical & Electronics, Others (includes Automotive)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Digital Printing Packaging Market Overview
The Global "Digital Printing Packaging Market" is expected to grow at a high CAGR of 5.8% during the forecasting period (2023-2030).
- Digital printing is the process of printing a digital-based image directly to a variety of packaging. It is usually referred to as printing of digital sources using large-format and inkjet printers or high-volume lasers.
Digital Printing Packaging Market Dynamics and Trends
- Digital printing helps to reduce extra costs and enhance productivity with its high speed. The ability to print just-in-time quantities is one of the significant advantages of digital printing technology which is boosting the global digital printing packaging market.
- Additionally, digitally printed packages improve workflow, enables innovative marketing, and help in quicker marketing by enhancing the appearance of the products.
- The rising demand from various industrial applications such as food & beverages, cosmetics, pharmaceuticals, and automotive industries are the major contributors to the global digital printing packaging market.
- These statistics illustrate information about the market value of cosmetic packaging worldwide between 2017 and 2023. In 2017, it was approximately USD 24.86 billion and was predicted to reach around USD 31.75 billion by 2023.
Digital Printing Packaging Market Segmentation Analysis
- Based on end-user sectors the global digital printing packaging market is segmented into automotive, food & beverages, medical, cosmetics, and others.
- Among all these food & beverages is the largest market shareholder and is projected to grow at a higher CAGR over the forecast period. As it is required for packaging for storage, handling, and transportation of products as there is an enormous increase in prepared foods.
- On the other hand, a massive increase in the number of international imports and exports are factors that have a positive influence on the growth of this segment. According to a recent study by statists in 2016 global packaged food sales accounted for USD 2.47 trillion and are predicted to reach approximately USD 2.64 trillion by 2019.
- Based on the product type the global digital printing packaging market is broadly classified as water-based, UV curable, solvent-based, and others.
- Among all these water-based digital printing accounted for a significant market share owing to less flammability, low VOC emissions, and stable viscosity during printing. Increasing non-volatile organic compounds based inks demand is considered to be the significant factor propelling the industry size for the product in the coming years. Furthermore, favoring government norms, low cost, and abundant availability of water will further boost the water-based digital printing market.
- These are most commonly used in paper, foils, food packing, newspaper, and cardboard printing.
- By packaging application, the global digital printing packaging market is segmented into corrugated, folding cartons, flexible packaging, labels, and others.
- Among all these packaging types, the labels segment accounted for a significant part of the market and is expected to grow at a higher CAGR in the forecast period owing to its numerous applications such as displaying sequential barcode and numbering, transportation details during shipping, titles, variable text, graphics, and others to change the appearance of products.
Digital Printing Packaging Market Geographical Share
- The global digital printing packaging market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and Middle East & Africa.
- The Asia Pacific occupies the dominant share in the digital printing packaging market and is expected to grow at a high CAGR in the forecast period owing to drastic growth in the pharmaceutical and cosmetic industry, food & beverage, primarily due to improved consumer lifestyles.
- Furthermore, the shift of pharmaceutical manufacturers focuses towards establishing their manufacturing facilities in India and China, due to high medicine demand along with low initial investment is boosting the market.
Digital Printing Packaging Companies and Competitive Landscape
- Significant players in the global digital printing packaging market are HP Inc., Quantum Print and Packaging Ltd., E.I. Du Pont Nemours and Company, WS Packaging Group, Inc., Xerox Corporation, Mondi PLC, Xeikon N.V., Quad/Graphics, Inc., Eastman Kodak Co., Traco Manufacturing, Inc., and others.
- Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share.
- For instance, in June 2017, Quantum Print & Packaging has invested in Foliant laminating equipment to satisfy the growing demand for embellished digitally printed packaging.
- In February 2018, WS Packaging Group provider of labels and packaging solutions was acquired by Platinum Equity a company that has experience in the packaging sector.
