Sustainable Labels (Cont’d from Page 1)
Similarly, rising demand for packaged perishable products such as meat, poultry, and seafood is an- ticipated to increase the sales of sustainable labels during the forecast period. Manufacturers are also offering advanced label- ling solutions to brand owners, which ultimately contributes to the growth of the sustainable labels market. Based on material type, the paper segment is es- timated to account for market value of $9.2 billion in 2022. Based on end use, the food & beverage segment is projected to expand 1.6 times during the forecast period. With rapid growth of the food service industry, de- mand for sustainable packaging across South Asia is projected to grow at a healthy pace through 2032. North America is likely to hold a substantial share of the global sustainable labels market by the end of the forecast period. The sustainable labels market in India is poised to grow at a steady pace over the next ten years. “The increased environmental concerns is the ma- jor reason for the expansion of sustainable labels market,” said an FMI analyst. “Besides this, advance- ments in printing technologies will also positively impact the global sustainable labels market during the assessment period.”
With sustainability becoming a more import- ant factor in purchasing decisions, consumers are showing a keen inclination towards purchasing products with sustainable labels. As a result, indus- tries like food & beverages, pharmaceutical, chem- ical, cosmetics, and others are extensively using these ecofriendly labels. This will continue to boost the global sustainable labels market during the forecast period, according to the report. In recent years, paper labels have observed an in- crease in demand, and are predicted to hold the majority of the value share over the forecast period. The technology and devices used in production are upgraded with the rising demand for labels. Flexography is projected to remain lucrative at a steady rate during the forecast period. The organized retail sector is experiencing a healthy evolution in developing economies and it is expected to advance rapidly during the up- coming years. Consumers are interested in buy- ing products from supermarkets and retail stores. Changing lifestyles coupled with rising per capita disposable income is estimated to fuel the growth of the retail market, which in turn will bolster sus- tainable label sales.
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Flexo Market News June 19, 2023 3
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