The United Kingdom’s Shrink Sleeve Label Applicator market is poised for a 3.1% CAGR from 2023 to 2033. With insights from The Food and Drink Federation, the food and beverage industry plays a pivotal role in the UK’s economy, contributing US$ 33 billion annually. Anticipated to hold a 15% market share in 2023, the sector is a crucial component of the nation’s US$ 135.4 billion ‘farm to fork’ food chain. The FDF’s economic reporting reinforces the industry’s significance and its potential for further growth and productivity enhancements.
The global shrink sleeve label applicator market is experiencing substantial growth, with an estimated size of US$ 1,949.6 million by 2033, driven by a steady CAGR of 5.3%. In 2023, the market is expected to reach US$ 1,163.2 million. Notably, the food and beverages segment played a significant role, generating US$ 614 million in revenue in 2022, as per Future Market Insights’ analysis.
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Several factors contribute to this market’s success. Shrink sleeve label applicators are extensively deployed in the food and beverages industry to label various packaging formats, especially those prone to moisture and friction. The industry’s demand for high-volume labeling has led to the emergence of new labeling technologies, with manufacturers constantly innovating to meet these demands.
Additionally, there is a growing emphasis on product branding through packaging and labeling, driving the adoption of shrink-sleeve label applicators with cutting-edge capabilities. Manufacturers are also focusing on creating applicators that are low maintenance, cost-efficient, and versatile for a range of labeling needs in various end-use industries.
India is expected to be a significant growth driver with a CAGR of 6.7%, and Europe is set to retain a prominent share of the global shrink sleeve label applicator industry. These trends underscore the industry’s dynamism and its pivotal role in modern packaging solutions.
Technological advances in the market are projected to be a vital factor fueling industry development. In addition to this, labeling has become a crucial part of product branding and promotion. Due to this, manufacturers are increasingly deploying packaging machinery to achieve these purposes. Shrink sleeve label applicators are one such piece of equipment that makes this goal possible for manufacturers.
Soaring demand for fully automated and mechanized equipment that offers versatility in handling plastic and glass containers, and eliminates wastage is expected to augment the growth trajectory of the market.
With the significantly growing global population, packaging manufacturers need automated equipment that helps in doing the task efficiently, while ensuring quality. Shrink sleeve applicators come to the rescue by offering appealing and quality packaging solutions. The equipment helps meet the substantial quantity and quality of food packaging demands.
Top Highlights from the FMI’s Analysis of the Shrink Sleeve Label Applicator Market:
- Europe’s shrink sleeve label applicator industry acquired a maximum share of 28.2% of the market in 2022.
- Germany’s market contributed 4.5% market share in the year 2022.
- The United Kingdom’s shrink sleeve label applicator industry is projected to expand at 3.1% CAGR in the years to come.
- North America region is projected to gain more than 19.6% market value in 2023. The United States holds the majority of the regional share and stands out internationally, by acquiring more than 16.4% value share in 2023.
- Japan’s shrink sleeve label applicator industry is projected to acquire above 6.6% value share in 2023.
- India is projected to register a CAGR of 6.7% in the shrink sleeve label applicator industry.
- China is expected to account for a 6% CAGR over the forecast period.
- Based on the automation category, the automatic segment gained a maximum share of 85.3% in 2022.
- Based on end-use, the beverages segment is expected to account for more than 37.3% in 2023.
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 industry 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 industry growth is supported by rising sustainability concerns amongst manufacturers and consumers alike.
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Drivers
- Rising environmental awareness will spur the growth of the eco-friendly shrink sleeve level industry 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.
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 industry 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.
COVID-19 Impact
The shrink sleeve label applicators market has witnessed huge demand during the Covid-19 pandemic. As customers are worried about health and hygiene, there is a decline in popularity of dine-outs, and an increase in demand for instant foods and beverages has propelled the need for accurate labelling of packaged food items.
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Competitive Landscape
With the increasing preference of manufacturers towards the promotion and branding of the packaged product with the rise in urbanization, there is an expectation of a massive increase in demand for shrink sleeve label applicators.
In June 2017, Axon, LLC introduced the customers in Latin America to a new iteration of shrink sleeve applicator specifically targeted for manufacturers who wanted to increase its operating efficiency and production capability through dependable automation.
Prominent manufacturers in the shrink sleeve label applicator market areas include Fuji Seal International, Inc., Krones, KARALILLE, FINPAC, and so on.
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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