New York, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The market for sleeve labels generated US$15.29 billion in 2022. As the demand for sleeve labels rises, the dominant market players will control a sizeable share of the market in 2022. The market for sleeve labels is anticipated to reach US$ 24.66 Billion in value by 2033, growing at a 4.4% CAGR.
The global sleeve labels market has witnessed substantial growth in recent years due to the increasing demand for attractive packaging solutions across various industries. Sleeve labels offer a versatile and visually appealing method for branding and product differentiation. Sleeve labels, also known as shrink labels or shrink sleeves, are a type of packaging solution that is designed to fit snugly around containers, providing a 360-degree coverage.
These labels are typically made from materials such as PVC, PETG, OPS, or PLA, and they are widely used for packaging a variety of products, including beverages, food items, cosmetics, and pharmaceuticals. Sleeve labels offer several advantages, such as vibrant graphics, tamper-evident sealing, and the ability to conform to complex container shapes.
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Several factors are contributing to the growth of the sleeve labels market:
Increasing Demand for Branding and Aesthetics: Brand owners are increasingly recognizing the importance of packaging as a marketing tool. Sleeve labels provide an excellent canvas for vibrant and eye-catching graphics, which help in brand promotion and attracting consumers' attention.
Rising Demand for Convenience Packaging: Consumers are seeking convenience in product usage and storage. Sleeve labels offer tamper-evident features and easy-to-use packaging solutions, making them popular for a wide range of products.
Growth in the Beverage Industry: The beverage industry, including soft drinks, bottled water, and alcoholic beverages, is a significant consumer of sleeve labels. The increasing consumption of beverages globally is driving the demand for sleeve-labeled containers.
Technological Advancements: Advancements in printing and labeling technologies have made it easier and more cost-effective to produce high-quality sleeve labels. Digital printing, in particular, has revolutionized label design and customization.
Market Trends
Sustainability: With increasing environmental concerns, there is a growing trend towards sustainable packaging solutions. Manufacturers are developing eco-friendly sleeve labels using materials like PLA, which is biodegradable.
Personalization: Consumers are looking for unique and personalized products. Sleeve labels allow for customization, enabling brands to offer limited edition or personalized packaging to their customers.
Smart Packaging: The integration of smart packaging technologies, such as QR codes and NFC tags, on sleeve labels is gaining traction. These technologies provide consumers with additional product information and interactive experiences.
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Challenges
Environmental Concerns: The use of certain materials in sleeve labels, such as PVC, has raised environmental concerns due to their non-biodegradable nature. Manufacturers need to invest in sustainable alternatives.
Cost: Sleeve labeling can be costlier than traditional labeling methods. Brands need to carefully assess the cost-benefit ratio when choosing sleeve labels for their products.
Market Segmentations
- Product Type - Stretch Sleeve Labels, Shrink Sleeve Labels
- Material - Polythene Terephthalate Glycol (PETG) Sleeve Labels, Polyvinyl Chloride (PVC) Sleeve Labels, Oriented Polystyrene (OPS) Sleeve Labels, Polypropylene (PP) Sleeve Labels, Polyethylene (PE) Sleeve Labels, HDPE, LDPE, LLDPE, Others (Polylactic Acid, etc.)
- Printing Technology - Rotogravure Printing, Flexographic Printing, Offset Printing, Digital, Letterpress Printing
- End Use - Food, Bakery & Confectionaries, Dairy Products, Baby Food, Frozen Foods, Others (Sweet & Savory Snacks), Beverages, Alcoholic Products, Non-alcoholic Products, Pharmaceuticals, Personal Care & Home Care, Toiletries, Hair & Skin Care, Baby Care, Others (Surface Care, Air Freshener, etc.), Chemicals, Other Industrial
- Region - North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa (MEA)
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Competitive Analysis
The majority of the businesses covered in the survey have prioritised new product launches and growing their manufacturing footprint in underdeveloped areas. Innovation, partnerships, strategic alliances, working with key actors, and bolstering local and international distribution networks are all examples of strategies.
Some of the key players in the market include: Fuji Seal International, Inc., Avery Dennison Corporation, CCL Industries Inc., Multi-Color Corporation, Fort Dearborn Company, Huhtamaki Oyj, Klöckner Pentaplast Europe GmbH & Co. KG, Amcor Plc, Berry Global Inc, Consolidated Label Co. Inc., Resource Label Group, LLC.
Recent Developments
- In 2021, CCL Industries Inc. acquired Lux Global Label Asia Pte. Ltd. ("LUX"), a privately held business with its headquarters in Singapore.
- The company announced its entry into Asia in 2020 with the purchase of Super Enterprises Printing (Malaysia) by CCL Industries Inc.
- In 2021, the Avery Dennison Corporation unveiled re-closure labels for alcohol-resistant cleaning wipes.
- A digital verification solution label for COVID-19 testing kits and PPE kits will be released in 2020, according to announcements from Avery Dennison businesses Smartrac and startup SUKU.
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