According to projections, the market for shrink sleeve label applicators would be worth US$ 1.1 billion globally in 2022 and US$ 1.6 billion by 2030, growing at a CAGR of 5.0%.
According to Future Market Insights’ annual market estimate, the food and beverage categories will collectively generate US$ 614 million in sales from shrink sleeve label applicators in 2022.
The shrink sleeve label applicator market in China is predicted to rise by 4.1% annually in 2022, defying earlier concerns about how the sector would fare in the event of a global pandemic. In China, the total revenue from sales of shrink sleeve label applicators is anticipated to reach US$ 144 million in 2022.
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Shrink sleeve label market – Important Highlights
- Amongst end-use industries, the beverage industry is estimated to invest the most in the shrink sleeve label applicator packaging, owing to its rising popularity
- According to product type, Labelling speeds over 600 BPM is estimated to gain importance in the future, showing a CAGR of more than 5.5%, because manufacturers are depending upon quick packaging strategies.
- China is estimated to hold the major market valuation with a CAGR of 5.9% during the estimated period, owing to its huge growth in the beverage industry.
- Germany remains the most lucrative market in Europe during the projected years because market growth is supported by rising sustainability concerns amongst manufacturers and consumers alike.
Shrink sleeve label market – Drivers
- Rising environmental awareness will spur the growth of the eco-friendly shrink sleeve level market during the projected years.
- An increase in demand for the beverage industry will continue to drive market growth.
- The latest technological advancements in the shrink sleeve label applicators landscape are estimated to help widen expansion prospects for the forthcoming decade due to an increase in demand for minimal downtime and maximum output.
Shrink sleeve label market – Restraints
- Due to its presence of polymers, a major cause of concern among manufacturers is the limited degree of recyclability of shrink sleeve labels.
- It is difficult for the shrink sleeve label applicator market to cope up with the latest technologies that directly label the container instead of depending upon a film, which promises to remove the environmental concerns too.
- Their functionality is decreasing as businesses are focusing on marketing their products online.
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COVID-19 Impact on Shrink sleeve label market
Shrink sleeve label applicators market have witnessed huge demand during the Covid-19 pandemic. As customers are worried about health and hygiene, there is a decline in popularity of dine-outs, and an increase in demand for instant foods and beverages has propelled the need for accurate labelling of packaged food items.
Competitive Landscape
With the increasing preference of manufacturers towards the promotion and branding of the packaged product with the rise in urbanization, there is an expectation of a massive increase in demand for shrink sleeve label applicators.
In June 2017, Axon, LLC introduced the customers in Latin America to a new iteration of shrink sleeve applicator specifically targeted for manufacturers who wanted to increase its operating efficiency and production capability through dependable automation.
Prominent manufacturers in the shrink sleeve label applicator market areas include Fuji Seal International, Inc., Krones, KARALILLE, FINPAC, and so on.
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About the Study
The study offers readers a comprehensive assessment of the shrink sleeve label market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (labelling speed, automation) application(food and beverages, cosmetics), and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
