Digital Printing Packaging Market Revenue to Surpass $32+ Billion by 2028- Growing at 9+% CAGR | Exclusive Report by The Insight Partners

The Insight Partners published latest research study on "Digital Printing Packaging Market Size, Share, Demand, Industry Trends and 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 market is projected to reach US$ 32.26 Billion by 2028 from US$ 19.13 Billion in 2022. It is expected to register a CAGR of 9.1% from 2022 to 2028.

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Rising Demand for Sustainable Packaging to Provide Lucrative Growth Opportunities

Sustainable printing is important for reducing the adverse impact of offset printing on the environment. Compared to analogue, or conventional printing, digital printing is a far more sustainable option since it uses less energy, produces less waste, and has a smaller carbon footprint overall. The materials involved in digital print-from the inks to the films-are also sustainable.

Consumers across the world are shifting toward convenience and sustainable packaging material. In addition, the European Commission proposed the European Green Deal. The new rules aim to reduce the constantly growing sources of waste. Consumers ensure reusable packaging options, limit overpackaging, eliminate unnecessary packaging, and provide clear labels to encourage correct recycling. This rule is expected to decrease the need for virgin materials and boost Europe's recycling capacity. Such stringent rules are anticipated to provide massive opportunities for the global digital printing packaging market growth in the coming years..

Digital Printing Packaging Market: Competition Landscape

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. are among the players operating in the market. These players are emphasizing on new product launches and geographical expansions to meet the growing consumer demand worldwide. These companies have a widespread global presence, which provides them to serve a large set of customers and subsequently increases their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios.

Impact of COVID-19 Pandemic on Digital Printing Packaging Market

The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The digital printing packaging industry suffered serious disruptions in supply chains and shutdowns of production plants in the initial phases of the pandemic. The pandemic disturbed supply chains, manufacturing, delivery schedules, and goods sales. Further, various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various countries on international travel compelled enterprises to temporarily suspend their collaboration and partnership plans. All these factors hampered the digital printing packaging industry growth.

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Digital Printing Packaging Market: Segmental Overview

Based on ink type, the digital printing packaging market is segmented into solvent-based, UV-based, aqueous, and others. The solvent-based segment held the largest share of the market in 2020. Solvent-based inks are composed of pigment and resin (binder), which forms a solid component of the ink, and solvent as a carrier agent. The solvent-based ink is sprayed on a substrate during the digital printing process, which leads to the evaporation of the solvent, leaving behind a dry layer of ink. Solvent-based inks are relatively inexpensive. It has a wide range of digital print applications on varied substrates such as foils, films, and hard plastics, including biaxially oriented polypropylene (BOPP), polyvinyl chloride (PVC), polyethylene terephthalate (PET), glossy boxes or cardboard, metals, and other high-density polyethylene materials. Solvent-based ink provides durability on BOPP, and other substrates, including PE, PET, aluminum foil, and PVC. Moreover, many digital print providers worldwide adhere to international and domestic regulations for packaging printing. It has encouraged ink manufacturers to formulate compliant products to meet customer demand. For instance, in October 2022, Kao Collins Inc. launched Swiss Ordinance compliant solvent-based ink in five colors-red, yellow, blue, green, and violet. These inks are formulated and manufactured according to the EUPIA (European Printing Ink Association) Guidelines on Printing Inks.

Based on packaging type, the digital printing packaging market is segmented into corrugated, folding cartons, flexible packaging, labels, and others. The flexible packaging segment is expected to register the highest CAGR during the forecast period. Digital printing on flexible packaging negates the need for labels and cardboard inserts. Therefore, this results in a significant reduction of waste and lower inventory requirements. Further, the demand for flexible packaging for convenience products and consumer goods has increased due to a shift in consumer buying behavior and lifestyle.

Based on end-use industry, the digital printing packaging market is segmented into food and beverage, pharmaceuticals, personal care and cosmetics, and others. The personal care and cosmetics segment is expected to register the highest CAGR during the forecast period. The packaging of beauty and personal care products is key to brand perception. Fine fragrances, cosmetics, and personal care products are often in a demand, where packaging is judged against the highest international benchmarks and plays a prominent role in protecting the product's value. Digital printing packaging solutions such as labels, cartons, rigid boxes, and tubes are widely used in the personal care & cosmetics industry as these solutions portray the product's natural, contemporary look, and finishes. The beauty sector witnessed growth at fast pace owing to the rising skin consciousness. Therefore, personal care and cosmetics companies are innovating new solutions that do not just focus on the evolving lifestyle and high-volume sales but also take the responsibility abiding by the environmental standards by adopting more sustainable packaging formats, which promote easy recyclability and reduce greenhouse emissions. Sustainable packaging solutions such as paper-based packaging, post-consumer recycled plastics, and minimalistic designs give visual appeal to the products, encourage consumers, and promote the buying behavior of consumers.

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