These aforementioned factors are expected to translate into a healthy incremental opportunity for the global laminated labels market in the next few years. Transparency Market Research (TMR) estimates that the market, which was valued at $US20,022.4 mn in 2015, will exhibit a 5.1% CAGR over the period between 2016 and 2024. The market, as a result, is expected to surpass US$30,979 mn by 2024.
Food & beverages sector leads the way
With regard to end use, the global laminated labels market is segmented into food & beverage, pharmaceuticals, home and personal care, consumer durables, retail labels, apparel and textile, industrial lubricants, paints, and gifts. As per TMR analysts, the food and beverages industry is expected to emerge as the most attractive application in the global laminated labels market, accounting for over 35% of the global market. The sector is likely to maintain its dominance by the end of the forecast period.
The segment of home and personal care is also estimated to account for a significant share in the global market’s revenue in 2016. The demand for laminated labels in the industry will expand at a CAGR of 4.9% from 2016 to 2024. The pharmaceuticals segment is expected to gain 50 basis points by 2024 as compared to 2016, and account for over 13% of the market by 2024. The segment of retail labels is expected to lose its share in the global market by 2024.
Asia Pacific is expected to be the most favorable region in terms of incremental opportunities for high revenue generation in the near future and is estimated to dominate the global laminated labels market with over 36.5% of the market in 2016, followed by Europe and North America. Consumption of laminated labels in Asia Pacific is expected to increase 1.5 times during the period between 2016 and 2024. This translates a healthy CAGR of 5.3% over the said period. The market for laminated labels in Middle East and Africa is expected to emerge as one of the high-growth markets and exhibit a healthy CAGR of 4.7% over the period between 2016 and 2024.
Europe and North America, being mature markets for laminated labels, are highly regulated and are likely to create a demand of laminated labels worth more than US$9,672.2 mn in 2016, approximately 4% higher than the previous year. In North America, the US is likely to continue to dominate the market for laminated labels. The country is not only a consumer of laminated labels in large volumes, but also features presence of several large manufacturers. Apart from domestic consumption, the North America market also accounts for a substantial share in global laminated labels market and is expected to remain a key regional market over the forecast period.
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