From 2022 to 2032, when it is projected to reach a value of US$ 63.7 billion, the worldwide labels market is forecast to expand at an average CAGR of 4.8%. By the end of 2022, the labels market is projected to increase from its current estimated value of US$ 37.9 billion to US$ 39.8 billion.
The demand for authenticity and safety across a variety of end-use industry verticals is likely to be the primary driver of the need for smart labels, which will in turn create many growth chances for the labels market over the course of the forecasted year.
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As a result of evolving technology and its integration into the sector, the packaging business is changing, and this transformation is opening up new market opportunities for the labels market. For instance, the market is profiting from RFID technology’s increasing use in the label production industry.
Wide-ranging information may be scanned using RFID technology, which also eliminates human error, lowers employment costs, and makes RFID labels less susceptible to harsh environments. The target market is expanded because to the direct package-to-smartphone connection that is made possible by these technologically enhanced labels.
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The labels market is changing along with technology’s advancement and the packaging industry’s overall use of it, and these changes are presenting new market prospects to the labels market. For instance, the market is benefiting from RFID technology’s growing use in the label business.
RFID technology scans a wide range of information, works without human interference, reduces employment expenses, eliminates human errors, and is less sensitive to adverse conditions than traditional labels. Also, direct package-to-smartphone communication is made possible by these technologically advanced labels, which contributes to the expansion of the target market.
“Growing availability of smart, sustainable, and self-adhesive labels is expected to boost the market growth of labels over the forecast period,” says an FMI analyst.
Key Takeaways:
- Expanding e-commerce and growing digitization to strengthen market prospects.
- The U.S. is expected to account for about 83% of the overall sales in North America.
- The label market in India is predicted to register a robust 8.8% CAGR.
- In 2022, the sensitive labels segment will account for 73% of the market share.
- By end use, food segment will grow at a 3.2% CAGR during the forecast period.
Competitive Landscape
CCL Industries Inc., Avery Dennison Corporation, Fuji Seal International, Inc., Huhtamäki Oyj, Amcor plc, Coveris Holding S.A., Multi-Color Corporation, Honeywell International Inc., 3M Company, Klöckner Pentaplast Europe GmbH & Co KG, Anchor Printing, Derksen Company, Traco Manufacturing, Inc., and Resource Label Group, LLC among others are some of the major players in the labels market that are profiled in the full version of the report.
Major market players are focusing on product innovation and releases. These businesses are also employing expansion and acquisition strategies to gain a competitive advantage.
Labels Market Outlook by Category
By Product Type:
- Pressure Sensitive Labels
- Shrink Labels
- Stretch Labels
- Wet Glue Labels
- Others (In-mold, Pre-gummed, etc.)
By Material Type:
- Plastic
- Polyethylene (PE)
- LDPE
- HDPE
- LLDPE
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Others
- Paper
- Foil
By Printing Technique:
- Flexographic Printing
- Digital Printing
- Gravure Printing
