Smithers, a market reporting and forecasting organization, has released The Future of Printed Labels to 2029 report.
The organization forecasts that the global label printing market will be worth $44.8 billion in 2024 and is expected to grow at a CAGR of 3.8% through 2029.
As the market returns to stability, Smithers forecasts that a 3.8% CAGR will take the sector to a value of $54.1 billion by 2029. Over the same period, label printing will increase from 1.34 trillion A4 printing equivalents to 1.66 trillion A4 printing equivalents, or a CAGR of 4.4%.
Flexographic technology continues to print the majority of long sheet label products, with the potential for higher quality sheetfed lithographic offset and gravure to enter the market, the company said. Digital printing technology is well established in the narrow web sector, but still only accounts for a small proportion of current output.
In terms of growth region, North America holds the largest market share in the global label printing market in 2024. In terms of market growth, the Asia-Pacific label printing market has huge potential from 2024 to 2029, with China and India dominating the market. Asia Pacific is the most populous region in the world with growing demand for packaging and need for fast and high quality labeling solutions in the food and beverage industry. Meanwhile, growth in industrial and manufacturing industries is expected to drive the growth of the label printing market in China and India.
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