The self-adhesive label market is projected to grow at a CAGR of 5.5 percent and reach US$40.50 billion by 2023, driven by diverse factors such as increasing demand for pharmaceutical supplies to the growth in e-commerce.
According to a report, 'Self-adhesive labels market – Global Forecast to 2023' published by Markets and Markets, the market is worth US$31.06 billion in 2018. Growth is propelled by factors such as an increase in urban population, demand for pharmaceutical supplies, an increase in consumer awareness and growth of the e-commerce industry. The market is further driven by growing demand for convenience and quality food products.
By region, Asia-Pacific is projected to be to be the largest market between 2018 and 2023. A major factor driving growth there is rapid urbanization in China and India, along with growth in disposable income. Additionally, FDI investments in the organized retail sector, along with the growing demand for packaged food products and convenience products, are supporting the demand for self-adhesive labels.
Europe and North America currently occupy the second and third positions, respectively, in 2018. They feature many established self-adhesive label manufacturing companies, because of the willingness of companies in the region to take up capital-intensive projects, along with the availability of technical expertise.
By nature, specifically permanent, removable and repositionable, permanent is projected to be the fastest for self-adhesive labels market due to long-term durability characteristic and resistance on difficult surfaces. The repositionable segment is projected to be the second fastest growing from 2018 to 2023. This growth can be attributed to its applications in areas that require a high level of positional accuracy, according to the report.