A snowballing retail industry has necessitated the need for enhancing product tagging and labelling across various consumer goods segments. Variable data printing is generating strong tremors in pharmaceutical industry pushed by increased demand for item level sterilization and barcoding of products.
DUBAI, UAE / ACCESSWIRE / June 22, 2020 / The global variable data printing market is poised to expand at a staggering CAGR of 12% during the forecast period 2020-2030. Over the years, stringent regulations across critical end-use industries, particularly in food & beverages and healthcare have rendered it mandatory for market players to certify their products suitable for consumption. For this purpose, proper labelling of the product detailing its formulation, expiry date and ingredient proportion has increased, spurring the need for variable data printing. Additionally, variable printing has helped streamline supply chain management by enabling efficient product tracking and inventory control.
The need for smart inventory tracking remains the principal driving force behind the uptake of variable printed labels. Incorporation of nanotechnology such as wafer-thin printed circuitry to labels is equally stimulating the variable data printing market. Unfortunately, market prospects have been dented with the outbreak of the coronavirus pandemic. Imposition of nationwide lockdowns have actuated sluggishness in the global printing industry, attributed to restrictions on transportation of finished goods and raw materials to manufacturing facilities. The stalemate is anticipated to prevail until the abatement of the pandemic crisis.
"Radio frequency identification (RFID) labels will provide a major boost to the variable data printing market. Affordability, ability to survive hostile environments and capacity to make supply chains more robust are anticipated to surge its adoption in the labelling and packaging industry in the near future. Market players are therefore incorporating this technology to streamline their production processes," concludes a prominent FMI analyst.
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Variable Data Printing Market- Key Takeaways
Product labels printing is gaining significant leverage due to flexibility in labelling, provision of dynamic data and creative packaging.
Variable data printing software shall expand nearly fourfold during the forecast period.
Retail & CPG shall account for 1/3rd of the global variable data printing market due to the integration of RFID labels in consumer goods.
More than half of the variable data printing market shall be dominated by North America and Europe collectively. Presence of market players willing to invest in improving labelling technologies has kept the market afloat in these regions.
Growth in the Asian regions and the Pacific shall experience a sharp ascent. Proliferation of the e-commerce industry, logistics and transportation and food & beverage industry is driving demand across emerging markets.
Variable Data Printing Market- Prominent Drivers
Growing adoption of barcodes for invoice generation and inventory tracking of immense volumes and generation of serialized numbers and product information in less time shall drive the market forward.
Emphasis on innovative printing to enhance the appeal of the products, particularly in the food & beverage sector, is increasing the need for variable data printing.
A mushrooming e-commerce industry has generated an increase in online shopping, which requires products to be labelled clearly and unambiguously. This is anticipated to propel the variable data printing market forward.
Variable Data Printing Market- Key Constraints
High input costs of essential raw materials such as printing ink and other equipment is anticipated to restrain market expansion of variable data printing.
Anticipated Impact of the COVID-19 Outbreak
The COVID-19 pandemic has significantly impacted the variable data printing market across several industries. As countries have imposed lockdowns and mandated social distancing, industrial production has slid into a trough, registering major shortfalls in the demand-supply mechanism. Furthermore, the demand for non-essential goods such as clothing, apparel, luxury goods, toys, recreational products, etc. have fallen. This decline in sales has reduced the need for packaging and labelling, ushering in a significant downturn in printing operations. With manufacturing capacity reduced to half, companies are running at only two-fifths of their actual operations.
Simultaneously, demand for variable data printing is poised to remain stable in the pharmaceutical, healthcare and food & beverage domains throughout the remaining three quarters of 2020. Since these industries come under the category of essential services, manufacturers have been permitted to continue their operations running at full capacity, albeit with strict social distancing measures on-site. Due to this status, logistics and supply chains have remained strong, reducing chances of lacunae in the demand-supply equation. The incorporation of RFID labelling is poised to offset any losses the market is bound to suffer.
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The variable data packaging market is characterized by the presence of a plethora of market players, which include, but are not limited to: Canon, Inc., 3M, HP Inc., Xerox Corporation, Mondi PLC, Avery Dennison Corporation, Cenveo, Inc., FusionPro Creator, RR Donnelley & Sons Company, Ws Packaging Group Inc., Esko-Graphics BV and DesignMerge. Most new entrants in the market are aiming at establishing partnerships and collaborations with technology integrators to cling onto the global market and generate a deep revenue pool. Furthermore, these players are concentrating on acquiring certifications for offering dynamic VDP software in order to acquire a competitive advantage.
More Valuable Insights on Variable Data Printing Market
Future Market Insights offers an unbiased analysis of the global variable data printing market, providing historical data for 2015-2019 and forecast statistics from 2020-2030. To understand opportunities in the variable data printing market, the market is segmented on the basis of component, application, and industry across major regions.
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