Global Sleeve Labels Market To Reach $18.6 Billion The global sleeve labels market is estimated to value more than $18.6 billion in terms of value by the end of 2027 and it predicted to grow at a Compound An- nual Growth Rate of 5.4 percent during the forecast period of 2019 to 2027, according to Coherent Market Insights market study. Expanding personal care and cosmetic industry is projected to show lucrative growth opportunity to the market of sleeve labels. According to the LoudCloud- Health.com, the cosmetic industry is growing faster today than ever before with an estimated market value of almost $805 billion by 2023. It is expected to grow at a compound annual growth rate of 7.14 percent from 2018 to 2023. Therefore, the growing personal care industry will favor market growth over the fore- cast period. Growing competition from China-based sleeve la- bels manufacturers as sleeve label manufacturers presence is increasing China due to which interna- tional players are experiencing stiff competition from these players.This factor is expected to restrict the market growth. According to the Coherent Mar- ket Insights, China-based sleeve label manufacturers quote 15 percent to 20 percent lower prices than
those quoted by established players in the market. This factor is negatively affecting the market growth of the sleeve label. On the basis of End-use, the food & beverages domi- nated the global Sleeve labels market in 2018 with a 65 percent of market share in terms of value, followed by health care and personal Care, respectively. Paper-Based Packaging Promotion Program Renewed The U.S. Department of Agriculture (USDA) has pub- lished the results of the continuance referendum vote for the Paper and Packaging Board (P+PB). In the referendum, 64 percent of manufacturers and importers voting, who represented 76 percent of the volume of paper and paper-based packaging voting in the referendum, were in favor of continuing the program. “In its first six years the program established a united brand presence for the paper and packaging industry, drove engagement with our industry’s products, and even launched our lovable character ambassadors,” stated MaryAnne Hansan, President of P+PB.“In the fu- ture, the campaign will help educate consumers about the industry’s strong story of sustainable practices.”
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Flexo Market News November 9, 2020 3
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