According to a new market research report "Packaging Printing Market by Printing Ink (Aqueous & UV-based), Printing Technology (Flexography, Gravure, Digital), Packaging Type (Labels & Tags, Flexible), Application (Food & Beverages, Cosmetics, Pharmaceuticals), & Region - Global Forecast to 2024," the global packaging printing market size is projected to grow from $350.6 billion in 2019 to reach $440.6 billion by 2024, at a CAGR of 4.7%
The global packaging printing market is witnessing demand, owing to the rise in manufacturing activities.
The market is driven by factors such as strong growth in the packaging industry, along with the growing demand for aesthetic appeal and innovative printing techniques, which are the major drivers of the packaging printing market.
The food & beverage segment is estimated to be the fastest-growing segment during the forecast period (2019–2024).
The demand for packaging printing is experiencing high demand from the food & beverage industry, mainly because of the growing demand for packaged and branded products. An increase in demand for product differentiation and labeling for their authentication drives the market growth for printing in the food & beverage packaging segment.
Asia Pacific, with emerging economies such as China and India, is expected to drive the packaging printing market.
China is projected to account for the largest market share and dominate the Asia Pacific packaging printing market by 2024.
The growing healthcare and food & beverage industries are likely to drive the demand for packaging printing in China.
In addition to this, the country’s large consumer base, overall positive economic environment, and an increase in manufacturing activities will drive demand in the packaging industry.