Packaging printing market worth $192.75 billion by 2026
According to a recent report by Marketsandmarkets (marketsandmarkets.com), the global packaging printing market size is projected to grow from U.S. $120.02 billion in 2016 to $192.75 billion by 2026, at a CAGR 4.9%.
The global packaging printing market is witnessing demand owing to the rise in manufacturing activities. The market is driven by factors such as strong growth in the demand from the food and pharmaceuticals sectors. The growing pharmaceutical industry and the popularity of using convenient packaging are the major drivers of the Packaging Printing Market.
Food & beverages segment is estimated to be the fastest-growing segment during forecasted period (2016-2026)
The food & beverages segment is estimated to be the fastest-growing segment during forecast period (2016-2026). The demand for packaging printing is experiencing high demand from the food & beverage industry, mainly because of the growing demand for packaged and branded products. Increase in demand for product differentiation and labeling for their authentication drives the market growth for printing in the food & beverage packaging segment.
Label market segment is estimated to have the largest share in 2015
The packaging printing market, on the basis of packaging type, is classified into labels, flexible packaging, corrugated, folding cartons, and others, which includes rigid plastic packaging and metal packaging. The labels segment accounted for the largest share in 2015 due to its numerous application such as displaying sequential barcodes and numbering, variable text, titles, or graphics, and add substantial value to the product.