Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Digital Printing Packaging Market By Packaging Type (Corrugated Packaging, Folding Cartons, Flexible Packaging, Labels), By Printing Technology (Inkjet Printing, Electrophotography Printing), By End-User Industry (Food & Beverages, Pharmaceuticals, Electronics, Personal Care & Cosmetics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global digital printing packaging industry generated $20.6 billion in 2021, and is anticipated to generate $49.9 billion by 2031, witnessing a CAGR of 9.1% from 2022 to 2031.
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Prime determinants of growth
The digital printing packaging market is driven by the fact that digital printing technology allows users to make last-minute changes before printing and offers superior print quality as compared to traditional printing techniques. However, high maintenance costs, variation in the prices of raw materials, and lack of skilled operators hamper the market growth.
The labels segment to maintain its leadership status throughout the forecast period
On the basis of packaging type, the labels segment held the highest market share in 2021, contributing to more than two-thirds of the global digital printing packaging market, and is projected to maintain its leadership status throughout the forecast period, owing to extensive use of digital printing for label printing in the packaging industry. However, the flexible packaging segment is anticipated to witness the highest CAGR of 13.9% from 2022 to 2031, due to increase its adaptability in all types of industries for packaging purposes.
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The Food & Beverages segment to maintain its lead position during the forecast period
On the basis of end user industry, the food & beverages segment accounted for the largest share in 2021, accounting for nearly three-fifths of the global digital printing packaging market, and is estimated to maintain its lead position during the forecast period. This is attributed to extensive use of digital printing on the packets of products in the packaging industry.
Asia-Pacific to maintain its dominance by 2031
On the basis of region, Asia-Pacific held the highest market share in terms of revenue 2021, contributing to more than one-third of the global digital printing packaging market. This is due to large scale packaging of consumables, electronics, and other manufactured products. However, the LAMEA region is expected to manifest the fastest CAGR of 10.8% from 2022 to 2031. This is attributed to surge in industrialization and urbanization in the region.
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Leading Market Players: -
- WS Packaging Group Inc.
- Mondi PLC
- Eastman Kodak Co.
- Traco Manufacturing, Inc.
- Xerox Corporation
- Quad/Graphics Inc.
- Quantum Print and Packaging Ltd.
- HP Inc.
- WS Packaging Group, Inc.
- Xeikon N.V.
- Dupont
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