Shrink Sleeve Labels Market to rise at CAGR of 6.5% through 2027 – Report by Market Research Future (MRFR)
New York, July 19, 2021 (GLOBE NEWSWIRE) — Shrink Sleeve Labels Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Shrink Sleeve Labels Market Research Report, by Type, Material, Application and Region – Forecast till 2027” the market size is predicted to develop 6.5% CAGR during the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
COVID-19 Analysis on Shrink Sleeve Labels Market
Owing to the COVID-19 outbreak, there has been a disruption in supply chain in the labeling and packaging industry and has affected the supply and demand of the products. The governments across the world however have deemed food-related business essential, because of which the demand for shrink & stretch sleeve labels market is likely to be steady during the forecast period.
Industry Updates
Platinum Equity has recently signed an agreement to sell Multi-Color Corporation (MCC), to affiliates of CD&R. Today MCC is the largest producers in the world of in-mold and heat transfer labels, pressure sensitive labels, and high-quality labels and also a key manufacturer of stack and cut, aluminum and shrink sleeve labels, and roll fed.
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Key Players
Eminent players profiled in the global shrink sleeve labels industry report include –
- Berry Global Inc. (U.S.)
- Bonset America Corporation (U.S.)
- CCL Industries Inc. (Canada)
- Fuji Seal International Inc. (Japan)
- Huhtamäki Oyj (Finland)
- Hammer Packaging Inc. (U.S.)
- Klöckner Pentaplast (Germany)
- Macfarlane Group PLC (U.K.)
- Polysack Flexible Packaging Ltd. (Israel)
- Paris Art Label Company Inc. (U.S.)
- Cenveo Inc. (U.S.)
- The Dow Chemical Co. (U.S.)
- Avery Dennison Corporation (U.S.)
- Clondalkin Group (the Netherlands)
- Constantia Flexibles (Austria)
The global shrink sleeve labels market is fragmented and also competitive for the presence of different international & domestic key players. These industry players have incorporated an array of strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, & more.
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Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global shrink sleeve labels market share.
Shrink Sleeve Labels Market Drivers/Shrink Sleeve Labels Market Trends
Booming Packaging Industry to Boost Market Growth
The growing packaging industry is likely to boost the market growth over the forecast period. This is owing to the wide usage of sleeve labels in the packaging of different applications like home care, aesthetic products, medicines, and food beverages.
Besides, with the growing awareness regarding recycling and wastage, people are opting for recycled shrink sleeve and stretch labels material that is also boosting market.
Opportunities
Growing Demand for Extended Shelf-Life of Products to offer Robust Opportunities
The rising demand for extended shelf-life of products is likely to offer robust opportunities for the market over the forecast period. The majority of the sleeve labels are based on advanced security features like UV protection which are claimed for increasing the shelf-life of products. Besides, these labels are equipped with tracking systems like QR codes and RFID chips in some cases. Thus, growing demand for extending shelf-life will boost market growth.
Restraints
Volatility in Price to act as Market Restraint
Volatility in price and lack of awareness about shrink sleeve labels may impact the global shrink sleeve market value over the forecast period.
Challenges
Increasing Environmental Concerns to act as Market Challenge
The rising environmental concerns coupled with the growing need for diminishing pollution may act as market challenge over the forecast period.
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Market Segmentation
- By Type
By type, the shrink type segment will lead the market over the forecast period for the growing adoption of shrink sleeve labels across every end use application.
- By Material
By material, the PVC material segment will dominate the market over the forecast period at a high CAGR. A range of PVC application across every major packaging type is creating a fertile market for plastic as the material in the shrink sleeve labels market.
- By Application
By application, the food and beverages segment will spearhead the market over the forecast period for their convenience to store, transport, and flexibility to handle all kind of food and beverage products.
Regional Analysis
APAC to Spearhead Shrink Sleeve Labels Market
The Asia Pacific region will spearhead this market in the forecast period. Rapid growth in food and beverage industry, increasing need for consumer goods, high population, the availability of low labor cost and raw materials, increased consumption of beverages, growth in spending capacity, growing urbanized population, growing need for packaged food, and easy accessibility of polymer films are fuelling the global shrink sleeve labels market growth in this region. Besides, the increasing number of metal mining and metal processing industries coupled with investments in the construction industry are also adding market growth.
North America to Have Significant Growth in Shrink Sleeve Labels Market
North America will have significant growth over the forecast period. Burgeoning need for consumer goods & packaged foods, the rising need for personal care products, and the booming e-commerce sector are adding to the global shrink sleeve labels market growth in the region.
Segmentation of Market covered in the research:
Information by Type (Stretch, and Shrink), Material (PVC, PET-G, Expanded Polystyrene Films, PE, Polylactic Acid Films, and others), Application (Food & Beverage, Pharmaceuticals, Personal Care, and others) and By Region (North America, Europe, Asia-Pacific and Rest of the World)
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