Market Analysis
The shrink sleeve labels market, according to the new MRFR analysis, will develop at a 6.5% CAGR between 2017- 2023. Shrink sleeves are plastic/polyester labels that are wrapped on the entire perimeter of the object/product.
Numerous factors are adding to the share and revenue of the market. As per the MRFR report, these factors comprise developing manufacturing and retail sector, burgeoning need for shrink label and stretch sleeve labels, surging need for pharmaceutical products, increased investments in the packaging sectors by companies to improve technology, on-shelf appeal, brand competitiveness, and cost-efficiency.
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On the contrary, growing awareness regarding packaging items that are eco-friendly, bio-degradable, and have low density, availability of cost-effective alternatives such as pressure-sensitive labels & self-adhesive, and the impact of the on-going COVID-19 outbreak may impede the growth of the market over the forecast period.
Market Segmentation
The global shrink sleeve labels market has been segmented based on type, material, and application.
Based on the type, the global shrink sleeve labels market has been segmented into the stretch and shrink. The shrink is expected to dominate the global shrink sleeve labels market over the forecast period due to the growing adoption of shrink sleeve labels across all the end use application. Shrink sleeve labels also protect the product from UV radiation. However, increasing environmental concerns and the growing need to reduce pollution are likely to hinder the market growth during the forecast period. Competition in the labeling industry is on the brink of continuous demand. Shrink sleeve labels are widely used in the food & beverage, pharmaceutical, and personal care packaging industries. Labeling on the product is of great importance to the purchase decision of the customer. Attractive label attracts more attention from the customer, who tends to buy these products. A vibrant cover with quality labeling can attract a large number of customers.
Based on the material, the global shrink sleeve labels market has been segmented into PVC, PET-G, PE, Expanded Polystyrene Films, Polylactic acid films, and others. PVC led the market in 2016 and is projected to grow at a rapid pace. A range of PVC applications across all the major packaging type is forming a fertile market for plastic as a material in the global shrink sleeve labels market.
By application, the global shrink sleeve labels market has been segmented into food & beverage, pharmaceuticals, personal care, and others. The food & beverage segment directed the global market in 2016 and is expected to be the swiftly growing segment over the next five years due to their convenience in storage, transporting, and flexibility to handle all kinds of food & beverage products.
Regional Analysis
Based on the region, the global shrink sleeve labels market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period. The booming food and beverage industry, growing demand for consumer goods, high population, low labor cost, and accessibility of raw materials are adding to the global shrink sleeve labels market growth in the region.
The global shrink sleeve labels market in North America is predicted to have healthy growth over the forecast period. Increased consumption of beverages coupled with the burgeoning demand for packaged foods & consumer goods is adding to the global shrink sleeve labels market growth in the region.
The global shrink sleeve labels market in Europe is predicted to have notable growth over the forecast period. Growing e-commerce, coupled with the growing demand for personal care & consumer products, is adding to the global shrink sleeve labels market growth in the region. France, Germany, and the UK hold the maximum share in the market.
The global shrink sleeve labels market in the RoW is predicted to have steady growth over the forecast period.
Competitive Landscape
The shrink sleeve labels market is supported by mergers and acquisition taking place among key players. The population growth around the world and increasing demand of shrink sleeve labels market based services and products also support the market growth. However, the shrink sleeve labels market growth can be affected due to lack of awareness and volatility in price. The report covers all such details which will help companies in the shrink sleeve labels market to strengthen their business plan and improve their product portfolio. The shrink sleeve labels market research report also provides company profiles of major companies. The company profiles of many organizations operating in the shrink sleeve labels market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the shrink sleeve labels market. New companies and established businesses can plan their strategies based on this data provided in the shrink sleeve labels market research report.
Key Players
Prominent players profiled in the shrink sleeve labels market report comprise Huhtamäki Oyj (Finland), The Dow Chemical Co. (U.S.), Clondalkin Group (the Netherlands), Macfarlane Group PLC (U.K.), Constantia Flexibles (Austria), Berry Global, Inc. (U.S.), Hammer Packaging, Inc. (U.S.), Polysack Flexible Packaging Ltd. (Israel), CCL Industries Inc. (Canada), Cenveo, Inc. (U.S.), Avery Dennison Corporation (U.S.), Bonset America Corporation (U.S.), Paris Art Label Company Inc. (U.S.), Klöckner Pentaplast (Germany), and Fuji Seal International, Inc. (Japan). Key players have incorporated several strategies such as acquisition, mergers, new product launches among others.
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Industry News
Resource Label Company, LLC, a full-service supplier for the packaging industry of pressure-sensitive labels, shrink sleeves and RFID/NFC technologies, today announced the acquisition of Seattle-based Labels West, extending its footprint in the Pacific Northwest. Resource Label is a portfolio company of TPG Growth, the middle market and growth equity investment platform of First Atlantic Funds, a New York-based private investment group, and TPG. Labels West has been in the packaging business for more than 40 years and provides a diverse range of capabilities, including flexographic and digital printing, expanded material, tamper-clear and advertising label solutions.
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