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A robust print and packaging sector in the Middle East will see the market value reach 24 billion USD in 2017, according to Smithers Pira's The Future of Global Printing to 2020 report.
Citing data from the Smithers Pira report, Mike Simmonds, Gulf Print & Pack project director, said: 'The Middle East presents a dynamic market for both the print and package printing segments. Across both of these industries, the latest data forecasts growth well in excess of the mean regional GDP increases of around three percent per annum. Overall market value will pass 28 billion USD by the end of the decade.'
In addition, the report sees a bright future for the industry as the packaging sub-segment will have increased to 70 percent of the print market by 2020.
For the consumption of packaging, the Middle East also presents a tempting market for global firms as it is the print industry’s most buoyant sector for growth. Data from another Smithers Pira report, The Future of Packaging to 2020, forecasts a regional market worth 30.3 billion USD in 2017. This will expand to 36.9 billion USD in 2020, driven by the fastest year-on-year growth rate of any global region.
Industrial and transit packaging, followed by food are, and will remain, the largest end-use segments, although healthcare will be the fastest growing over the next four years.
Among the opportunities being seen by industry stakeholders is the growth of digitization, and Pauline Brooks, marketing development manager at Konica Minolta, commented: 'There is still room in the commercial print market, as digitization is still only a very small part of the overall business. If you class packaging, label and textile printing as one market segment, then you can trust that this will be the next big segment both in terms of development and opportunity.
'We have already seen leading manufacturers looking at investing in the industrial segment. Label, packaging and textile areas are literally untouched. There seems to be a huge scope. However, the success will not be just dependent on products. There needs to be a change in mindset, approach and skills. Industry knowledge is going to be the key.'
The Smithers Pira The Future of Global Printing to 2020 report will be showcased at Gulf Print & Pack 2017, taking place March 26-29, 2017 at Dubai World Trade Centre. Entry to the exhibition is free and pre-registration can be made by visiting www.gulfprintpack.com.