Digital Printing Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Ink Type (Solvent-based, UV-based, Aqueous, and Others), Packaging Type (Corrugated, Folding Cartons, Flexible Packaging, Labels, and Others), and End-Use Industry (Food and Beverages, Pharmaceuticals, Personal Care and Cosmetics, and Others)
The digital printing packaging market is projected to reach US$ 32,255.60 million by 2028 from US$ 19,131.13 million in 2022. It is expected to register a CAGR of 9.1% from 2022 to 2028.
Digital printing is superior to traditional printing methods.Flexo and litho processes are examples of traditional printing methods.
Digital printing, unlike traditional printing, does not require the replacement of printing plates.Digital printing is done with the help of a computer equipped with software and a printing machine.
As a result, printing efficiency is high while equipment costs are low.
In comparison to traditional printing, digital printing generates high prints.With just one pass, prints of all shades can be generated.
Digital printing technology allows users to make changes until the moment of printing.As there is no need for water, photo chemicals, or pre-press processes, digital printing packaging is considered an environmentally sustainable printing procedure.
Cosmetics, pharmaceuticals, food and beverage, electrical & electronics and other industries strongly need digital printing for packaging.
Based on ink-type, the digital printing packaging market is segmented into solvent-based, UV-based, aqueous, and others.The solvent-based segment accounted for the largest share of the digital printing packaging market in 2020 and the aqueous segment is expected to register the highest CAGR during the forecast period.
The pharmaceuticals industry is one of the prominent end users of digital printing packaging.
Before the COVID-19 pandemic, the market for digital printing packaging in the Middle East and Africa was mainly driven by the increasing use of smart labeling in food & beverage, personal care, and pharmaceutical applications.However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries.
The pandemic disturbed manufacturing processes due to restrictions imposed by government authorities in various countries.The digital printing packaging market suffered a temporary hit because of the pandemic.
The outbreak of COVID-19 left an unprecedented impact on supply chains, as well as sectors, including food & beverage and personal care.Implementation of a complete lockdown in most of the countries in the Middle East & Africa has shaken the economic position of countries, which also affected the packaging sector.
Within the packaging industry, the pandemic led to delays, rising costs, disruption in supply chains, and a shortage of skilled labor. All these factors have negatively impacted the demand for different packaging materials, including digital printing packaging.
Based on region, the digital printing packaging market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).In 2020, Asia Pacific held the largest share of the digital printing packaging market, and Europe is estimated to register the fastest CAGR over the forecast period.
The emergence of smart labeling driving the market growth in Asia Pacific.The use of digitally printed smart labels has increased in recent years due to rising demands for customized packaging, superior sustainability, and the need to help products stand out.
Labels have always been important sources of information.Companies print smart labels on packaging to provide instructions for consumers to ensure proper recycling and reduce wastage in the post-purchase phase, thereby improving the end-life recycling of the packaging.
Furthermore, smart labels are essential in the fight against counterfeit goods. Advancements in printing and coding have made these goods attainable. Nowadays, the application of variable data, such as barcodes and QR codes in packaging, is surging. Through the random QR code technology, each product is attached with a unique ’ID card’ to realize anti-counterfeiting traceability and achieve the brand’s online and offline two-way connection with consumers. Additionally, with increasing technological advancements, smart labels complementing current labels are expected to provide great benefits in terms of recyclability and giving consumers correct information on the product and its packaging. Therefore, the increasing usage of smart labeling is expected to propel the global digital printing packaging market growth during the forecast period.
The key players operating in the digital printing packaging market include HP, Inc.; Xerox Holdings Corp.; Reel Appeal Ltd.; Mondi Plc; DuPont De Nemours, Inc.; Xeicon BV; Quantum Print and Packaging Ltd.; Weber Packaging Solutions, Inc.; and DS Smith Plc. These companies are focusing on new product launches and geographical expansions to meet the growing consumer demand worldwide.
The overall digital printing packaging market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the digital printing packaging market.