According to Graphical Research's new report "North America Flexographic Printing Inks Market analysis based on Product, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024,” the North American flexographic ink market is estimated to exceed $3 billion by 2024.
Increasing demand for flexographic printing inks in cosmetic packaging has been driving the market. Rising usage of cosmetic products among the self-conscious population is propelling the packaging industry. For instance, U.S. cosmetic export in 2015 was more than $2 billion in Asia Pacific countries such as Hong Kong, Japan, Korea, China, Malaysia, Vietnam, Thailand and the Philippines.
U.S. cosmetic export to China in 2015 was more than $500 million further export had increased as much as 62% in recent years among high potential markets such as Indonesia, China and Vietnam.
Growing U.S. cosmetic export increases the usage of packaging materials accelerating the flexographic printing inks application in the cosmetic industry.
The market growth is hindered by stringent government regulation on plastic packaging materials. Few of the government agency such as EPA and FDA have implemented regulation limiting the applications of plastic packaging which may hinder market growth over the forecast timeframe.
The U.S. has been one of the leading markets of the industry, increasing usage of packaged food products in the region will substantially grow the market. Flexible packaging market has significant CAGR, the segment is likely to grow due to the rise in consumption of beverage products. For instance, in 2017 acscan.org report, the American Cancer Society stated that about 50% of the population consumes sugary drinks. Such trends exhibit that North America flexographic printing inks market has a brighter scope in the beverage packaging industry.