Global Shrink Sleeve Labels Market Growth, Trends, Analysis, Future Scope Type (Stretch, and Shrink), Material (PVC, PET-G, Expanded Polystyrene Films, PE, Polylactic Acid Films, and others), Application (Food & Beverage, Pharmaceuticals, Personal Care, and others) and By Region – Global Forecast to 2023
Shrink sleeve labels are one of the most durable and ideal labels for products. These labels are widely used in food and beverages, pharmaceuticals and personal care packaging industries. Labeling can have a strong impact on the buying decisions of customers. A colorful cover with quality labeling can attract customers. The Global Shrink Sleeve Labels Market is growing with the rapid pace; mainly due to the increasing demand from food & beverage industry. The high demand for packaged foods induces demand for shrink sleeve labels.
According to a recent study report published by the Market Research Future, The global market of Shrink Sleeve Labels is booming and expected to gain prominence over the forecast period.
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The global Shrink Sleeve Labels market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 6.0% during the estimated period (2017 – 2023).
With the rapid growth of retail and manufacturing sector, the demand for shrink sleeve labels has gone up. In addition to this, the surge in demand for pharmaceutical products has also contributed to the growth of shrink sleeve labels market. This is further backed by the increased investment in the packaging industries by company to bring in better technology. Factors such as brand competitiveness, cost efficiency, and on-shelf appeal have contributed to the growth of sleeve labels.
Some of the key players in the global shrink sleeve labels market are Berry Global, Inc. (U.S.), Bonset America Corporation (U.S.), CCL Industries Inc. (Canada), Fuji Seal International, Inc. (Japan), Huhtamäki Oyj (Finland), Hammer Packaging, Inc. (U.S.), Klöckner Pentaplast (Germany), Macfarlane Group PLC (U.K.), Polysack Flexible Packaging Ltd. (Israel), Paris Art Label Company Inc. (U.S.), Cenveo, Inc. (U.S.), The Dow Chemical Co. (U.S.), Avery Dennison Corporation (U.S.), Clondalkin Group (the Netherlands), and Constantia Flexibles (Austria)
Global Shrink Sleeve Labels Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Shrink Sleeve Labels manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability.
In March 2016, Coveris S.A., announces the acquisition of leading label manufacturer Supraplast. Supraplast is an industry-recognized leader in printing technology with a broad product offering that includes shrink sleeves, self-adhesive labels, safety seals, PVC and PET shrink films.
In May 2017, Multi Packaging Solutions International complete the acquisition of Paris Art Label Company, Inc., a manufacturer of labels and shrink sleeve products to the branded consumer marketplace in the US.
Global Shrink Sleeve Labels Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.
On the basis of type, the market has been segmented as Stretch, and Shrink. Shrink dominates the type segment of the market. Shrink sleeve labels have extreme shrinkage properties and are suitable for all shapes of products. They are cheap and provide high-quality graphics, which has increased their demand. Moreover, they have premium print quality and innovative and aesthetic appeal which improves the appearance of consumer goods.
Based on material, the market has been segmented into PVC, PET-G, Expanded Polystyrene Films, PE, Polylactic Acid Films, and others.
On the basis of application, the market has been segmented into Food & Beverage, Pharmaceuticals, Personal Care, and others. Food & Beverages dominates the application segment of the market. Growing demand of processed and packaged food across the globe driving the demand of the market. The Pharmaceuticals sector is anticipated to register highest growth rate during the forecast period.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Asia-Pacific dominates the global shrink packaging market. It is expected to be the fastest growing region for the market. Rapid growth in food and beverage industry in this region driving the growth of the market. Increasing demand for consumer goods in the region mainly due to high population is also fuelling the growth of the market. Additionally, availability of raw materials and low labor cost are the factors have the positive influence on the growth of the market. North America is also expected to contribute significantly during the forecast period. Increased consumption of beverages fuelling the growth of the market.
North America is the second largest market for the shrink sleeve labels. Growing demand for consumer goods and packaged foods is expected to spur market growth. The U.K., Germany and France dominate the shrink sleeve labels market in Europe. Rising demand for consumer and personal care products and growing e-commerce is expected to spur market growth.
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