The packaging industry has transformed significantly over time, its plays an important role in product marketing and have noteworthy impact on overall product sales. The need for attractive, highly resistive, customer engaging, and durable packaging has led to the introduction of laminated labels in the industry. Many brand owners and manufacturers of consumer goods have adopted laminated labels due to their high receptivity among customers.
These factors are expected to translate into a healthy incremental opportunity for the global laminated labels in the next few years. Transparency Market Research estimates that the market, which valued at US$20,022.4 mn in 2015, will exhibit a 5.1% CAGR over the period between 2016 and 2024. The market, as a result, is expected to surpass US$ 30,979 mn by 2024.
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Food and Beverages Industry to Account for Bulk of Sales
On the basis of end use industry, the global laminated labels market is segmented into food & beverage, pharmaceuticals, home and personal care, consumer durables, retail labels, apparel and textile, industrial lubricants, paints, and gifts. As per TMR analysts, the food and beverages industry is expected to emerge as the most attractive application in the global laminated labels market, accounting for over 35% of the global market. The sector is likely to maintain its dominance by the end of the forecast period.
The segment of home and personal care is also estimated to account for a significant share in the global market’s revenue in 2016. The demand for laminated labels in the industry will expand at a CAGR of 4.9% from 2016 to 2024. The pharmaceuticals segment is expected to gain 50 basis points by 2024 as compared to 2016, and account for over 13% of the market by 2024. The segment of retail labels is expected to lose its share in the global market by 2024.
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Asia Pacific Laminated Labels Market to Continue to Hold Prominent Position in Global Market
Asia Pacific is expected to be the most favorable region in terms of incremental opportunities for high revenue generation in the near future and is estimated to dominate the global laminated labels market with over 36.5% of the market in 2016, followed by Europe and North America. Consumption of laminated labels in Asia Pacific is expected to increase 1.5 times during the period between 2016 and 2024. This translates a healthy CAGR of 5.3% over the said period. The market for laminated labels in Middle East and Africa is expected to emerge as one of the high-growth markets and exhibit a healthy CAGR of 4.7% over the period between 2016 and 2024.
Europe and North America, being mature markets for laminated labels, are highly regulated and are likely to create a demand of laminated labels worth more than US$9,672.2 mn in 2016, approximately 4% higher than the previous year. In North America, the U.S. is likely to continue to dominate the market for laminated labels. The country is not only a consumer of laminated labels in large volumes, but also features presence of several large manufacturers. Apart from domestic consumption, the North America market also accounts for a substantial share in global laminated labels market and is expected to remain a key regional market over the forecast period.
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The global laminated labels market features a highly fragmented competitive landscape and is dominated by local and regional players. Some of the key vendors in the market CCL industries Inc, Avery Dennison Corporation, Coveris Holdings, Langley Labels, Hub Labels, and Cenveo.
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