According to a recently released market concentrate by ESOMAR-guaranteed Future Market Insights, the global label printing software market is expected to be worth US$ 585 million by 2022. The company is also expected to grow at a CAGR of 4.6% from 2022 to 2032, reaching US$ 918.5 million.
The company is also expected to generate a dollar opportunity worth US$ 333.5 million over the next ten years. This rapid development of the label printing software market is likely to increase interest in cutting-edge printing innovation.
Expanding interest in reducing the heaviness of item bundling is expected to benefit the market during the forecast time frame. Nestle Waters North America, for example, reduced the size of their container labels by 35%. It contributed to a yearly savings of approximately 30,000 metric tonnes of plastic and 4,500 tonnes of paper.
Growing concerns about the environment have generated a considerable need for eco-friendly methods. Avery Dennison’s CleanFlake, a water-based fully recyclable adhesive, provides a unique solution that allows eradicating label and adhesive during the sink-float process completely from the granules, leaving pure PET flakes.
Acquisitions among players have also boosted the market growth. In April 2022, Fortis Solutions, a high-impact printed packaging solutions provider, announced the acquisition of the Canadian company Profecta Labels. Profecta Labels provides flexographic and digital solutions for labels and flexible packaging printing.
Regionally, the U.S is anticipated to lead the market. Growing deployment of NFC tags in the food and beverage market is another salient cause augmenting the market size in the forecast period.
Heinz, an American food processing company, uses an AR-based application to allow users to access secret recipe books by obtaining the smart label printed on the product through smartphones. APAC, on the other hand, is projected to be the most lucrative market. Growth can be attributed to the presence of developing countries, rapid urbanization, and the increasing popularity of e-commerce.
Key Takeaways from the Market Study
- Global label printing software market to surge 1.6x from 2022 to 2032
- S market for label printing software to secure US$ 316.7 Million by 2032
- By deployment, cloud-based label printing software is expected to lead the market, recording a CAGR of 4.2%
- By application, large enterprises projected to exhibit a CAGR of 4.5% during the forecast period
- Market in China is expected to display a CAGR of 3.8% in the forecast period
- K is anticipated to secure a market value worth US$ 39.8 Million by 2032
“Increasing popularity of eco-friendly methods and emergence of IoT, machine learning in the printing sector is projected to support the market growth in the forecast period,” remarks an FMI analyst.
Competition Analysis
Key players in the market include Zebra Technologies Corporation, Endicia , Online Labels, Seagull Scientific, and Loftware, Inc. Key developments in the industry are:
- In March 2021, Fort Dearborn, a US-based supplier of high-impact decorative labels for food, beverage, and others, announced the acquisition of Hammer Packaging Corporation. It will help Fort Dearborn in enhancing its position in the decorative label and packaging marketplace by augmenting the company’s geographic footprint, capabilities, and capacity.
- In February 2021, Mondi Group, a UK-based multinational packaging, and paper group, rolled out two new paper-based sustainable EverLiner products called, EverLiner M R and EverLiner Labelite. They have been created using recycles and lightweight materials.
- In April 2021, Neenah Inc., a US-based manufacturer of specialty materials, achieved nine verified U.S Department of Agriculture (USDA) Certified Biobased Products in its durable label solutions lineup, which affirms its commitment to sustainability efforts.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global label printing software market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Application (Large Enterprises, SMEs), Deployment (On-Premises, Cloud-Based) Region (North America, Europe, Asia Pacific, Middle East Africa, and Latin America)
What Are The Restraining Factors In The Global Label Printing Software Market?
The high cost of devices in label printing is expected to hamper the market growth during the forecast period. Also, lack of investments in the industry is projected to be another cause hampering the market in the assessment tenure.
However, the emergence of innovative eco-friendly ideas and rapid digitalization are expected to act as a significant counter to the hampering cause which can boost the market growth during the forecast period.
Get More Information on this Report - https://www.futuremarketinsights.com/reports/label-printing-software-market
