The global printing market for packaging is expected to reach over $575 billion by 2020, according to a new research study.
According to Technavio the growth is being driven by the overall growth in both the packaging and labeling industries.
The flexographic printing packaging segment has experienced the most growth, followed by rotogravure and then digital, according to the study.
“The significance of packaging is increasing worldwide," said Sharan Raj, one of Technavio’s lead research analysts for packaging. "Apart from providing information about the price and name of the product, packaging in terms of design, color, and ingredients is playing a key role in augmenting the adoption of new printing technologies. To increase their market shares, product manufacturers are focusing on good packaging to create brand awareness for attracting consumers."
He continued, "This also contributes to the growth of the packaging and labeling industry, thereby bringing growth to the printing market for packaging and labeling.”