Label Demand To Reach $21.9 Billion In U.S. BY GREG KISHBAUGH
Bobst To Open Competence Center In Atlanta In April The new Bobst Competence Center, an in- novation hub for the U.S. market, is scheduled to open its doors on April 15–16, 2024, in At- lanta, Georgia. At this event, visitors will gain insights into the future of label and flexible packaging production through live demos,
Sales of labels in the United States are set to be valued at $15.7 billion in 2023 and are projected to reach $21.9 billion by 2033, according to a new report from Future Market Insights (FMI), a market research firm. Sales are anticipated to expand at a Compound Annual Growth Rate of 3.4 percent over the forecast period. The business was valued at $15 billion at the end of 2022 and is anticipated to exhibit year-over-year growth of 4.3 percent in 2023.
presentations from industry experts, and ex- clusive networking opportunities. The new Competence Center will provide converters and brand owners with the chance to experience Bobst’s solutions for packag- ing production firsthand. The new facility will be around five times larger than the previous demo center in Alpharetta, Georgia. Notably, it will feature Bobst’s flexo, digital, and all-in- one printing – as well as laminating – technol- ogies for both flexible packaging and labels, helping to unlock new potential for printers. Among the machinery in focus will be the VI- SION CI flexo press which combined with the NOVA SX 550 solventless laminator offers a fully optimized flexible packaging workflow, known as ‘One complete solution.’ In terms of digital printing capabilities, the DIGITAL MAS- TER 340 All-in-One modular and upgradable platform for high-throughput and large-sized label production, along with the recently intro- duced DIGITAL EXPERT 340 label press, will CONTINUED ON PAGE 44
The labels used in food packaging acquired more than quarter of the space considering end use in 2022, FMI said, noting the label eco- system has recorded a CAGR of 2.7 percent during the historical peri- od, with a value of $15.0 billion in 2022 from $13.5 billion in 2018. The pharmaceutical sector is a key consumer of labels in the United States and has experienced growth post-pandemic due to the adop- tion of vaccines and the innovation of several protective measures. As per the Food and Drug Administration (FDA), new drugs should include labels with information on usage, age restrictions, tempera- ture restrictions, brand name, ingredient information, and regulatory information. The global label market is poised to achieve a valuation of $41.75 billion by 2023, FMI concluded, experiencing a steady growth at a CAGR of 4.9 percent from 2023 to 2033. Furthermore, it is anticipated to attain a market size of $67.36 billion by the conclusion of 2033.
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February 5, 2024
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