Gone are the days of hand-written product labels as digitally powered color printing and labeling take over in the 2020s. Old-fashioned hand-written labels are not only labor intensive but also a waste of precious time and are subject to human error. This is especially important when it comes to food date labels which can spell the difference between a fresh meal and one that’s contaminated and can potentially make a person severely ill.
With that in mind, what’s in store for the printing and labeling market going forward?
According to a new report by The Brainy Insights, there is a rising demand for label printing to attract new customers and fuel the growth of the global color label printing market. New product innovations have improved the performance of digitally printed labels, and in turn, global demand has spiked.
The Asia Pacific market has been targeted as the largest market for color-printed labels, scarfing up nearly 50 percent of the market share in 2021 alone.
Global Label Color Printing Growth
Says The Brainy Insights, on a global scale, the digitally printed label market is expecting a growth spurt from its present $3.41 billion to $5.34 billion by 2030. That’s a 5.12 percent increase in only eight years.
The Fast-moving Consumer Goods (FMCG) business sector utilizes digitized color labeling to give consumers vital information on any offered items’ caloric value, nutritional value, expiration date, brand name, and price.
This type of labeling is also said to be used in the pharmaceutical industry to provide crucial information regarding a drug’s ingredients and other data, such as expiration dates.
You’ll find label color printing growing rapidly in personal care, cosmetics, retail, packaging, and other similar markets. Labels provide more than information, and they can offer marketing strategies to help a product stand out from a similar effect, increasing sales in the short and long run.
Most market contributors who operate across vast industries are said to be required by their governments to ensure their products are provided with color labels containing the necessary information to ensure a consumer’s safety.
The Brainy Insights states that to beef up their industry status in the world color label printing market, companies and organizations are inventing new strategies like mergers and acquisitions, product innovations, collaborations, joint ventures, plus partnerships.
For instance, in March 2021, Harrods, the leading supplier of in-mold label (IML) solutions, was added to Multi-Color Corporation’s operation for its in-mold molding products. The acquisition enables Multi-Color to grow its Asia-Pacific operation while diversifying its product offerings.
Label Trends and Market Growth
An essential part of personal physical attention and appearance is said to be skincare. Over recent years, consumer spending on skincare products has been increasing due to a new appreciation and pride in physical appearance.
In particular, the millennial population is said to be focused on chemical-free, natural ingredients and even plant-based skincare products. They also don’t believe in using products that have been tested on animals since they construe such a practice as animal cruelty.
This rising awareness and interest in a given product’s ingredients have encouraged the skincare industry to create and manufacture all-natural skincare products. At the same time, they have greatly reduced chemical-based items. In a word, they are giving the people what they want.
In turn, the skincare companies are said to be investing heavily in color labeling their physical appearance products with the hope that it will attract more potential customer attention while retaining the ones they already have. This means that the demand for digital color label printing in the personal care market is expected to be a boon to the color label printing industry as a whole.
Some Key Color Printing and Labeling Findings
–Just one year ago, in 2021, the laser printer portion of the color printing and labeling industry was said to have ruled the market with the biggest market share of close to 70 percent, along with a total market revenue of around $2.3 billion. This segment is divided into inkjet printers, laser printers, and more.
–Also, in 2021, the food label market spiked heavily to around 45 percent. Its total revenue surpassed $1.5 billion. The market segment is divided into food labels, beverage labels, pharmaceuticals, retail products, cosmetics, and more.