Shrink Sleeve Label Applicator Market is projected to grow at a rate of 5% by 2030￼￼
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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The key manufacturers operating in shrink sleeve label applicator market are focusing on increasing their production capacity to meet the increasing demand for shrink sleeve label applicator. Moreover, the key players are increasing their product portfolio to cater for the growing shrink sleeve label applicator market.
- In 2021, a company known as BW Packaging Systems changing its shrink sleeve technology. Downgauging has become a popular trend in shrink sleeve films and upgrade their software to increase end user accessibility.
- In 2021, a company named The Fresh Factory a mission-driven platform for plant-based and clean-label food and beverage brands, is excited to announce a partnership with Inovar Packaging and the installation of a new high-speed shrink-sleeve labeling machine, enabling the Company to expand its capabilities and growing list of services.
- In 2021, AB Graphic International (ABG) has rebranded a range of Enprom Solutions’ smart shrink sleeve machines to expand its offering.
Key Companies Profiled
- Fuji Seal International, Inc.
- Xu Yuan Packaging Technology Co., Ltd.
- Pack Leader
- King Hong
- DELMAX MACHINERY
- MAGIC SPECIAL PURPOSE MACHINERIES PVT. LTD.
Shrink Sleeve Label Applicator Market by Category
By Automation, Shrink Sleeve Label Applicator Market is Segmented as:
By Labelling Speed, Shrink Sleeve Label Applicator Market is Segmented as:
- Up to 200 BPM
- 200 BPM to 400 BPM
- 400 BPM to 600 BPM
- Above 600 BPM
By Container Diameter, Shrink Sleeve Label Applicator Market is Segmented as:
- Up to 50 mm
- 50 to 100 mm
- 100 mm to 150 mm
- Above 150 mm
By End Use Industry, Shrink Sleeve Label Applicator Market is Segmented as:
- Chemical & Fertilizers
- Cosmetics & Personal Care
- Other Consumer Goods