Report Estimates Package Printing Market will Reach $587.19B by 2020
MarketsandMarkets released a package printing trends and forecast report, which estimates that the global package printing market will grow at a compound annual growth rate (CAGR) of 6.26 percent from 2015 to 2020, reaching $587.19 billion. The report gives an in-depth look into the trends, opportunities and challenges that the package printing industry is facing, as well as a forecast of the global revenues and a market analysis of four major areas in the industry: North America, Europe, Asia-Pacific and the Rest of the World (RoW).
After rapid growth in 2013, it is expected that the package printing industry will continue to see growth directly correlated to the substantial growth in the packaging industries. “New innovative packaging printing” is cited as one of the reasons many countries are shifting spending to match consumer preferences. The high disposable income present in developing economies, including Europe and North America, accounts for the mature nature of the industry in these areas. Asia-Pacific is expected to see the fastest rate of growth by 2020, accounting for 37 percent of the market in 2014 due to a rising middle-class population, high disposable incomes and a demand for sustainable printing methods. Overall, developing economies will play the biggest role in market growth. According to PR Newswire, “consumption and the demand for convenient packaging” are seen as the driving forces behind growth in developing economies. The growing GDP in China, India and Brazil are also estimated to drive the demand for package printing.
In the report, the market is segmented by product type, material, application and region, while market drivers, restraints, challenges, raw materials and product price are investigated. The study categorizes the global packaging printing market based on printing ink, packaging material, printing technology, application and region.