AWA paints positive outlook for labels and product decoration market

Alexander Watson Associates (AWA), a global provider of market research and consulting services, has released 18th edition of AWA Labeling and Product Decoration Market Report 2024 showing an optimistic outlook on the horizon.

The newly-published report explores all the different facets of the subject across the main labeling formats – pressure-sensitive, glue-applied, sleeving, in-mold labels – and their supply chain characteristics.

In 2023, AWA estimated that the global label market approached 70,670 million square meters, showing a decline of 2.7 percent compared to the prior year. It was primarily driven by the sharp decline in the pressure-sensitive and glue-applied label markets due in large part by an exaggerate period of de-stocking, particularly in Europe and North America.

These figures encompass all label and product decoration technologies. Specifically, 38 percent of this volume consists of pressure-sensitive labels, 35 percent of glue-applied labels and 20 percent of sleeve labeling technologies.

According to AWA, despite erratic market behavior, some labeling formats continued their growth in 2023, a variance that could be attributed to their degree of application in certain end-use segments and their performance.

Nonetheless, with some market shifts and dynamics, there is an optimistic outlook on the horizon, and AWA provides more insights on navigating through the uncertainties of the market today.

Despite being lower than the growth rates of previous years, the regional growth rate in Asia continues to be higher than the global growth rate in 2023. Particularly in the case of China, with a deepening property crisis, mounting deflationary risks and tepid demand, increasing headwinds over 2023.

Asia continues to claim the largest market share with 49 percent of the total; Europe, a 22 percent share; North America, with a 17 percent share; South America, 8 percent; and Africa and the Middle East, 4 percent.

Regular updates on aspects of the labeling and packaging market by AWA are available on the company’s website, where the Global Annual Review Labeling & Product Decoration can be ordered online.