Factors Driving the Market
According to the research, the Packaging Printing Market is being driven by the simultaneous growth in packaging industry. The major parameters responsible for triggering the growth of this market are:
• Increasing demand for aesthetic appeal but convenient Printing techniques
• Rising consumer awareness
• Higher disposable incomes
• Rising middle-class population
The main reason behind the increasing demand for packaging printing on a global level is development of economies. Because of the increasing disposable incomes, the end users are now able to spend more on appealing and innovative printing and packaging. Most important of all, changing consumer preferences have also triggered this market towards growth
What the Market Looks Like
Over the years, packaging printing market has constantly been challenged to be aesthetic and modern in accordance with the growing trends. The Asia-Pacific region, which is home to more than 60% of the world population, has seen an exponential growth as far as the market for packaging printing is concerned and will continue to do so in the coming years as well. Upcoming economies like India, China, Brazil, and South Africa are now slowly replacing traditional packaging with new and innovative packaging printing, thus accelerating the demand in these regions. North America, Europe, and Rest of the World (RoW) are the regions other than APAC that take up this market share. The market for packaging printing is said to have been fully developed in Europe and North America, with increasing disposable incomes being the reason behind it.
APAC emerged as the leader among all in 2014, accounting for the largest market share of 37%, followed by North America with 29% of the share. Further expected to flourish with the highest CAGR of 6.26% from 2015-2020, the market value of packaging printing market is estimated to hit USD 587.19 Billion by 2020
The prominent market players participating in this market comprise both small and big firms such as
Quad/Graphics (U.S.), Hewlett-Packard Development Company, L.P. (U.S.), Xerox Corporation (U.S.), E.I. du Pont de Nemours and Company (U.S.), and WS Packaging Group (U.S.). These companies usually acquire strategies like mergers and acquisitions, investments, and expansions to maintain their place as well as growth in the market.
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