New Delhi, June 17, 2024 (GLOBE NEWSWIRE) -- The Saudi Arabia digital printing market is projected to generate a revenue of US$ 766.58 million by 2032, up from US$ 351.33 million in 2023, at a CAGR of 9.24% during the forecast period 2024-2032.
As per recent report by Astute Analytica, the analyst have observed a significant surge in demand for digital printing solutions in Saudi Arabia. This growth is largely driven by the Kingdom's ambitious Vision 2030 initiative, which aims to diversify the economy and foster innovation. According to recent market reports, the digital printing market in Saudi Arabia is expected to grow at a CAGR of 9.24% over the next five years. The adoption of digital printing technology is becoming more prevalent across various sectors, including retail, education, and advertising. For instance, the retail sector alone has seen a 15% increase in demand for customized packaging and promotional materials.
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Moreover, the education sector's adoption of digital printing technology is noteworthy. With the rise of e-learning platforms and the need for high-quality, printed educational materials, there has been a 12% annual increase in digital printing requirements. The advertising industry, too, has embraced digital printing, with a 20% growth in demand for large-format prints and outdoor advertising solutions. Additionally, government initiatives to support small and medium enterprises (SMEs) have resulted in a 25% increase in the number of businesses utilizing digital printing services for branding and marketing purposes.
The technological advancements in digital printing have also contributed to this upward trend. Innovations such as UV printing, inkjet technology, and 3D printing have enhanced the quality and efficiency of print production. The report on the digital printing market indicate that 40% of printing businesses in Saudi Arabia have invested in these advanced technologies to meet the growing demand. Furthermore, the environmental benefits of digital printing, such as reduced waste and lower energy consumption, have made it an attractive option for businesses aiming to adopt sustainable practices. As a result, the market for eco-friendly digital printing solutions has grown by 30% in the past two years. In summary, the digital printing industry in Saudi Arabia is poised for substantial growth, driven by technological advancements, diverse sectoral applications, and supportive government policies.
Key Findings in Saudi Arabia Digital Printing Market
| Market Forecast (2032) | US$ 766.58 Million |
| CAGR | 9.24% |
| By Solution | Consumables (43.4%) |
| By Application | Labelling (22.4%) |
| By End User | Packaging (21.4%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Digital Printing Market in Saudi Arabia is Thriving Amidst Transformation and Technological Advancements
The digital printing industry in Saudi Arabia is on the brink of substantial growth, propelled by the Saudi Vision 2030 initiative, which aims to diversify the economy and reduce its dependence on oil. With an anticipated GDP of $1.747 trillion by the end of 2023 and a GDP per capita of $32,586, the economic stability and increasing consumer spending power foster a conducive environment for business expansion. The Kingdom's commitment to technological adoption is reflected in its investment of $6.4 billion in the digital economy and the establishment of over 300 tech startups. Moreover, the Global AI Summit hosted in Riyadh underscores the country's dedication to integrating artificial intelligence across industries, offering digital printing companies an opportunity to enhance their services with AI-driven solutions. The rising number of internet users, now exceeding 33 million, further emphasizes the potential for digital marketing and print media convergence.
Government policies supporting print advertising, coupled with an annual growth rate of 5.2% in the print industry, highlight the digital printing market’s promising future. Digital printing services cater to diverse applications, from corporate exhibitions to industry conferences, generating annual revenues of over $1 billion. The Kingdom's strategic initiatives, such as the $500 billion NEOM project, are expected to create demand for high-quality printed materials in various sectors. Additionally, Saudi Arabia's conservative society, with a median age of 30.8 years, presents unique market opportunities for culturally sensitive and visually appealing print materials. By leveraging these trends and opportunities, digital printing companies in Saudi Arabia can position themselves for significant growth and success in the evolving market landscape.
Inked Gold: The Unseen Wealth of Digital Printing Consumables, Rake in More than 43.4% revenue of Digital Printing Market
Digital printing consumables, such as inks, toners, and substrates, are the lifeblood of the industry, capturing the highest market share due to their indispensable role in the printing process. The Saudi Arabia’s consumables market in digital printing was valued at US$152.48 million in 2023, illustrating a CAGR of 9.54%. Wherein, inks alone account for 60% of this consumables segment, with UV-curable inks projected to grow at a CAGR of 9.6% in the years to come. The demand for high-quality, specialty inks has surged, with a 12% increase in demand for eco-friendly inks. This shift is driven by regulations and consumer preferences, evidenced by a 15% rise in brands seeking sustainable printing solutions. Moreover, the average lifespan of digital printers has increased to 7 years, leading to a steady purchase cycle of consumables.
Consumables dominate the digital printing market because they are recurrent expenses, unlike the one-time investment in hardware. In 2023, print service providers spent approximately 55% of their operational budget on consumables. The average print job requires 2.5 liters of ink, with an annual usage of 1.2 million liters globally. The rise of short-run printing, growing at 8.5% annually, necessitates frequent replenishment of consumables. Furthermore, the customization trend has led to a 10% increase in the use of specialty substrates, driving up consumable sales. The advent of high-speed digital presses has increased toner usage by 15%, underscoring the consumables' critical role.
The durability and quality of consumables directly impact print output, making them integral to customer satisfaction and repeat business in the digital printing market. A staggering 92% of print service providers reported that consumable quality is their top priority. The global market for digital printing substrates is expected to reach $15 billion by 2025, growing at a rate of 6.8% annually. Additionally, 85% of print jobs require color accuracy, which depends heavily on high-quality consumables. The continuous innovation in ink formulations and substrates, with R&D investments increasing by 10% annually, ensures that consumables remain at the forefront of technological advancements, solidifying their market dominance.
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Labeling Craze: The Unstoppable Surge in Saudi Arabia's Digital Printing Industry Captures over 22.4% Market Share and is Poised to Keep Growing At Robust CAGR of 9.81%
The digital printing industry in Saudi Arabia is experiencing a significant shift, with consumers increasingly favoring printed labels. This trend is driven by several factors, including the growing demand for personalized and visually appealing packaging, especially in the food and beverage sector. The food industry, in particular, is a major contributor to this surge, as consumers are becoming more conscious of the content and quality of the products they consume. This has led manufacturers to invest heavily in high-quality, informative, and attractive labels to meet consumer expectations. Additionally, the rise of e-commerce has further fueled the demand for printed labels, as online retailers seek to differentiate their products through unique and eye-catching packaging.
Supporting this trend are several compelling statistics. For instance, the digital printing market in the Middle East and Africa, which includes Saudi Arabia, is projected to grow significantly, with the value of color digital print across labels and packaging sectors expected to more than double by 2024. The Saudi printing industry, with an annual turnover of $800 million, is the largest in the Gulf region, highlighting its dominance and potential for growth. Furthermore, the emphasis on sustainability and environmentally friendly printing processes is also driving the adoption of digital printing technologies, as they use less water and produce less waste compared to traditional methods.
Prominent examples of this trend include the adoption of neuromarketing methodologies by brands to create labels that attract consumer attention within the first five seconds of observation. Additionally, regulatory requirements, such as the need for halal certification and compliance with the Saudi Food and Drug Authority (SFDA) standards, have made it imperative for manufacturers to invest in high-quality labeling.
Digital Printing in Saudi Arabia is Competitive with top 6 Players Hold 58% Market Share: Canon Leads the Charge in a Thriving Market
The digital printing market in Saudi Arabia is highly competitive, with Canon, Inc., Epson Co., and Fujifilm Holdings Corporation among the top six players, collectively holding over 58% of the market share. Canon, in particular, dominates the market with its advanced technologies and a comprehensive product range, including innovative solutions like the Océ PlotWave 365 and imagePROGRAF TM-305 MFP T36. Their focus on modernizing the traditional print industry through cutting-edge technologies like UVgel and next-generation automation has solidified their leadership position. Epson and Fujifilm also play significant roles in the market, offering reliable and high-quality printing solutions that cater to a broad customer base and leveraging strategic collaborations with local businesses to enhance market reach.
The Saudi digital printing market is experiencing a shift towards digitization, driven by the adoption of IoT and AI-based technologies, which are expected to provide lucrative growth opportunities. The demand for short-run and variable printing is on the rise, aligning well with the capabilities of digital printing technologies. Furthermore, the Saudi government's diversification initiatives, aimed at reducing dependence on the oil industry, have led to increased investment in the printing sector, accelerating the adoption of modern printing technologies. This has created a favorable environment for major manufacturers like Canon, Agfa, Fujifilm, Kodak, HP, and Mimaki to introduce the latest digital printing innovations to the market.
Saudi Arabia Digital Printing Market Key Players
- Agfa-Gevaert N.V.
- Canon, Inc.
- Epson co.
- Fujifilm Holdings Corporation
- Gulf Business Solution (GBS)
- HP Inc.
- Kodak
- Konica Minolta
- MARK21EM-IMAJE
- Mimaki Engineering Co., Ltd.
- Prolines Group
- Rabt Digital
- Ricoh Company Ltd.
- Toshiba Corporation
- Xerox Corporation
- Other Prominent Players
Key Segmentation:
By Solution
- Printer
- Small Format digital Laser Printers
- Wide-Format Inkjet Printers
- Roll-Feed Printers
- Flatbed Printers
- Hybrid Printers
- Others
- Consumables
- Ink
- Aqueous
- Solvent
- UV-curable
- Latex
- Dye Sublimation
- Ink
- Media/Substrate
- Fabric
- Paper & Paperboard
- Plastic Films/Foils
- Metal
- Glass
- Leather
- Ceramics
- Others
- Cartridge
- Other Consumables
- Services
- Design & Installation
- Training
- Repair & Maintenance
By Application
- Barcoding
- Numbering
- Labeling
- QR Coding
- Variable Data
- Marking
- On-Demand Printing
- Web-to-print
- Others
By End Users
- Textile
- Packaging
- Advertising
- Cosmetics & Personal Care
- Food & Beverage
- Electronics
- Automotives
- Healthcare
- Others
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