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Asia-Pacific On-Demand Color Labels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

SR499148 | 26-Mar-2021 | 90 Pages | Mordor Intelligence | Other Industry Reports


Summary

The Asia-Pacific on-demand color labels market was valued at USD 3145.79 million in 2020 and is anticipated to reach USD 4026.39 million at a CAGR of 4.07% over the forecast period (2021 - 2026). The utilization of color labeling technology is likely to reduce the total color labeling cost by 50%, which is expected to fuel the market growth in Asia-Pacific. Furthermore, the incorporation and usage of this technology eliminate the cost of inventory of pre-printed waste and stock.

- Pre-printed labels have a chance of ascended risk of errors, owing to printing over the improper stock, which is, in turn, projected to fuel the market growth in the region over the forecast period.
- Color labels are becoming an integral part of an organization’s success, owing to the rising importance of branding, which offers a competitive edge to the product.
- In Asia-Pacific, the growth in grocery retailers is at the most prominent phase, which is likely to drive the on-demand color label market growth.

Key Market Trends

Secondary to Hold Major Share

Secondary labeling is placed outside the primary packaging and is placed in a less prominent position, such as at the bottom, back, or side of a product.

A secondary label provides information about the product, such as health and safety warnings, its ingredients and nutritional values, manufacturer or supplier details, instructions for use, contact information, or detailed tracking and product information in a barcode format.

With the upsurge in the e-commerce industry in Asia-Pacific, the market for secondary packaging is on the rise, which subsequently generates the demand for secondary labeling.

With the Asian countries acquiring leading positions, with the highest online shopping penetration, the region experiences significant demand for secondary packaging.

Competitive Landscape

The Asia-Pacific on-demand color labels market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability. In March 2018, Lexmark International Inc. announced Lexmark Pharmacy Order Assistant, a solution that fills the paper-based gaps in pharmacy order workflows, allowing users to process complex, paper-based pharmacy orders from its existing Lexmark smart multi-function printer (MFP) for increased accuracy, speed, and safety.

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