The global packaging printing market size is projected to grow from USD 350.6 billion in 2019 to USD 440.6 billion by 2024, at a compound annual growth rate (CAGR) of 4.7% during the forecast period. The growth of this market is attributed to the cost-effectiveness of packaging printing technique and growing demand for food & beverage product packaging with high aesthetic appeal & correct branding.
Asia Pacific, with emerging economies such as China and India, is expected to drive the packaging printing market. China is projected to account for the largest market share and dominate the Asia Pacific packaging printing market by 2024. The growing healthcare and food & beverage industries are likely to drive the demand for packaging printing in China. In addition to this, the country’s large consumer base, overall positive economic environment, and an increase in manufacturing activities will drive demand in the packaging industry.
The packaging printing market has been dominated by large players such as Mondi plc (Austria), Sonoco Products Company (US), Graphic Packaging Holding Company (US), Quad/Graphics (US), and Amcor Limited (Australia). These players have adopted various growth strategies such as expansions, new product developments, acquisitions, and partnerships to increase their market shares and enhance their product portfolios. The strategies of acquisition accounted for the largest share of all the strategic developments that took place in the packaging printing market between March 2016 and December 2019. Key players adopted these strategies to strengthen their business portfolios and market presence in the packaging printing market.
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Mondi plc (Austria) is financially and strategically well placed and has a strong customer base. It caters to a huge customer base in various markets such as food & beverages, pharmaceuticals, consumer products, industrial, building materials, and transportation. It gives high importance to research & development activities. It aims to expand its existing distribution network to serve the customers better. Further, it also aims to innovate and expand its existing product portfolio for packaging printing. The introduction of new products enabled the company to expand the local talent pool and widened the product portfolio
Graphics Packaging Holdings (US) is a global provider of innovative and sustainable packaging solutions for a better, safer, and healthier lifestyle. The company innovates and offers packaging printing solutions for various applications. It has adopted acquisitions as its key strategy to gain a competitive advantage in the market. In July 2019, Graphics Packaging Holdings acquires Artistic Carton Mill, converting facilities, which has divisions in Auburn, Indiana and Elgin, Illinois, and is a diversified producer of folding cartons and coated recycled paperboard. This acquisition has enhanced the company’s product portfolio and production capacity along with strengthening geographical footprint to cater the growing demand. This helped the company to gain new customers, better serve its existing ones, and expand its footprint in various emerging countries by offering extensive range of new products.
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