Food and Beverage Driving Self-Adhesive Labels Market Growth
Asia-Pacific reportedly dominated the regional market in 2017, and this trend is projected to continue during the forecast period.
The self-adhesive labels market size is projected to grow from $31.06 billion in 2018 to $40.5 billion by 2023, at a compound annual growth rate (CAGR) of 5.5%, according to a recent report from Research and Markets. The self-adhesive labels market has reportedly been growing in accordance with the growth trends of the converting and packaging industries. Factors such as an increase in urban population, demand for pharmaceutical supplies, increase in consumer awareness, and growth of the e-commerce industry have propelled the growth of the global self-adhesive labels market.
On the basis of application, the food and beverages segment is projected to grow at the highest rate during the forecast period in terms of volume, due to growing demand for packaged and branded products, and consumer awareness about authenticity and other details of the product. However, the digital printing segment is predicted to be the fastest-growing printing technology in the global self-adhesive labels market during the forecast period.
Asia-Pacific reportedly dominated the regional market in 2017, and this trend is projected to continue during the forecast period. China contributes a major share of the Asia-Pacific market and is also projected to be the fastest growing country in the region. However, the Middle East and Africa is projected to be the fastest-growing region during the forecast period, according to the report.
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