The global market for label printing and private labels has been growing steady from 2014 to 2019.
The Future of label printing in 2024 will be valued at $41.02 billion, says a recent report by Smithers Pira’s.
In 2018 the label printing market was valued at $39.46 billion. They also predict the industry will grow at a rate of 4.0% to $49.90 billion in 2024.
The research predicts that:
- Pressure sensitive labels will further increase their market share due to government agencies and regulations on tracking and barcode requirements for medical labels and pharmaceutical labels.
- Barcode printing for custom labels will be another top area of growth, due to many more companies implementing the technology for tracking and inventory on many of their private label products.
- Multi part tracking labels and piggyback labels are being slowly eroded and replaced with less complicated custom labels like RFID technology.
- In mold labels will have small growth n the label printer industry because of their eco friendliness.
- Sleeve labels will also see growth within the beverage labeling sector.
The report also takes a comprehensive look at the label printers’ trends.
The research also points out that flexographic label printing is not keeping pace with digital labels growth, because digital label printing is growing at a much faster rate.