The latest Future Market Insights (FMI) report has shown that the eco-friendly aspect of digitally printed packaging will drive this market for the next ten years. Australia is expected to be the next go-to market as players shift their base from matured markets like the United States and Europe.
The latest FMI report released in August 2023, entitled ‘Unveiling the Future: Digital Printing Packaging Market’, forecasts a growth rate of CAGR 5.1 per cent in the next ten years. The industry’s size is predicted to reach a market value of US$ 18,666.50 million in 2023 and is expected to be worth US$ 30,696.4 million by 2033.
Countries in the Asia Pacific are expected to observe significant CAGR over the forecast period.
Australia’s digital printing packaging industry is expected to be the next go-to market in the assessment period as players shift their base from matured markets like the United States and Europe.
The driving force behind the demand for digital printing is its eco-friendly aspect and the robust growth of commercial packaging. The use of digital printing lowers the environmental impact as it reduces the installation waste and requires no grids.
The increasing need for digital printing in packaging is also driven by its cost-effective ability to generate short print runs.
According to FMI, on-demand printing plays a crucial role in waste reduction, guaranteeing that shifts in packaging and graphic designs do not lead to unused inventory.
The market analysis also points out the surging demand for personalised packaging solutions as one of the most critical trends in the market. Digital printing facilitates easy and cost-saving packaging of products with distinct designs, materials, and products. Customization also helps companies improve their brand image, interact with their clients, and cater to shifting customer interests toward personalized products.
The digitally printed packaging also helps with a brief time-to-market as the processes are frequently associated with fast setup, production processes, easy data exchange, and productivity.