NEW YORK, July 5, 2021 /PRNewswire/ -- The global sleeve labels market is projected to expand 2X over the next ten years and reach a valuation of around US$ 28 Bn by 2031.
FMCG products are generally manufactured and supplied at large volumes due to their exponential demand. The packaging labels on these products are highly crucial for manufacturers as they are often used as a tool for brand differentiation and marketing.
The FMCG market is highly competitive, as many players offer similar kinds of products, making it very important for manufacturers to maintain individual brand identity and attract consumers to their specific brand.
Sleeve labels provide 360-degree or full-body print coverage that opens a wide range of possibilities for brand owners to print their marketing content and product information on these labels. Furthermore, sleeve labels offer a variety of customization in terms of texture, printing effects, and tamper-evidence, among others, which appeals to many manufacturers in the FMCG industry.
By product type, shrink sleeves currently cover major market share of 85.5%. But with several benefits such as ease of application, and cost efficiency, among others, stretch sleeve labels are projected to expand at a CAGR of 7.7% over the forecast period.
In case of material, polythene terephthalate glycol (PETG) material is the ruling category in the industry due to its extensive application in shrink sleeve labels. This segment is expected to offer an incremental opportunity of US$ 4.4 Bn during the period 2021-2031.
Currently, flexographic printing is the most used printing technology globally, and the segment is estimated to be valued at US$ 4.8 Bn in 2021.
By region, East Asia and Europe currently hold around 55% of the total market share, owing to their well-established food, beverage, and pharmaceutical packaging industries.
Due to the COVID-19 outbreak, market growth for sleeve labels in 2020 was only 1%. However, in 2021, it is anticipated to increase to over 6.5%.
"Manufacturers in the labelling industry are consistently trying to attract new customers by offering a wide array of customization in terms of print technology, material used, design, etc.," says an analyst at Persistence Market Research.
The report underlines groundbreaking insights into the competitive scenario of the sleeve labels market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain include Fuji Seal International, Inc., Avery Dennison Corporation, CCL Industries Inc., Multi-Color Corporation, Fort Dearborn Company, Huhtamaki Oyj, Klöckner Pentaplast Europe GmbH & Co. KG, Amcor Plc, and Berry Global Inc.
Persistence Market Research released a new market research on the sleeve labels market, covering global industry analysis of 2014-2020 and forecasts for 2021-2031.
The market study reveals compelling insights on the basis of product type (stretch sleeves and shrink sleeves), material (polythene terephthalate glycol (PETG), polyvinyl chloride (PVC),oriented polystyrene (OPS), polypropylene (PP), polyethylene (PE), and others (polylactic acid)), printing technology (rotogravure printing, flexographic printing, offset printing, digital printing, and letterpress printing), and end use (food, beverages, pharmaceuticals, personal care & home care, chemicals, and other industrial), across seven major regions of the world.
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