Shrink Sleeve Labels Market Size Challenges, Growth Drivers
Market Analysis
As per the latest MRFR analysis, the shrink sleeve labels market size will grow at a 6.5% CAGR between the forecast period 2017-2023. Shrink sleeves, simply put, are polyester/plastic labels that are wrapped on an object/product’s complete perimeter. Stretch & shrink are the two different types of shrink sleeves that are made of different materials such as PE, PVC, Polylactic acid films, expanded polystyrene, PET-G, and others. Owing to its alluring features and benefits it has wide applications in personal care, food and beverage, pharmaceuticals, and others.
Numerous factors are fuelling the market share and revenue. As per the current MRFR report, these factors entail the booming pharmaceutical sector, growing digital printing trend, growing urbanization, rising purchasing power, increasing disposable income, rising global population, and the need for packaged food due to the ongoing COVID-19 pandemic. Besides, the booming retail and manufacturing sector, surging need for pharmaceutical products, increased investments in the packaging industry by organizations to introduce better technology, and alluring features such as on-shelf appeal, cost efficiency, and brand competitiveness.
On the flip side, increasing awareness regarding low-density, eco-friendly, and bio-degradable packaging items, and the availability of affordable alternatives like self-adhesive & pressure-sensitive labels are factors that may deter the global shrink sleeve labels market growth during the forecast period.
Market Segmentation
The shrink sleeve labels market is bifurcated on the basis of material, application, and type.
The shrink sleeve labels market by type has been segmented into stretch & shrink. Among these, the shrink type segment will dominate the market during the forecast period.
The shrink sleeve labels market by material has been segmented into PE, PVC, Polylactic acid films, expanded polystyrene, PET-G, and others. Among these, the PET-G material segment will have the lions share in the market during the forecast period.
The shrink sleeve labels market by application has been segmented into personal care, food and beverage, pharmaceuticals, and others. Among these, the food and beverage application segment will lead the market during the forecast period.
Regional Analysis
Geographically, the shrink sleeve labels market trends has been segmented into these four regions- the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Among these, the Asia Pacific region will spearhead the market over the forecast period for the growing food & beverage industry, the surge in demand for consumer goods, high population, low labor cost, and easy availability of raw materials.
In North America, the shrink sleeve labels market is predicted to hold the second-largest share over the forecast period for the growing need for consumer goods & packaged goods coupled with rising consumption of beverages.
In Europe, the shrink sleeve labels market is predicted to have sound growth over the forecast period for the booming e-commerce sector and the burgeoning need for consumer care products & personal care products.
In the Rest of the World, the shrink sleeve labels market is predicted to have steady growth by 2023 for the burgeoning use of cosmetic products and the developing pharmaceutical industry.
Key Players
Prominent players profiled in the shrink sleeve labels market report comprise Huhtamäki Oyj (Finland), The Dow Chemical Co. (U.S.), Clondalkin Group (the Netherlands), Macfarlane Group PLC (U.K.), Constantia Flexibles (Austria), Berry Global, Inc. (U.S.), Hammer Packaging, Inc. (U.S.), Polysack Flexible Packaging Ltd. (Israel), CCL Industries Inc. (Canada), Cenveo, Inc. (U.S.), Avery Dennison Corporation (U.S.), Bonset America Corporation (U.S.), Paris Art Label Company Inc. (U.S.), Klöckner Pentaplast (Germany), and Fuji Seal International, Inc. (Japan). Key players have incorporated several strategies such as acquisition, mergers, new product launches among others.
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