The global shrink sleeve label applicator market is forecasted to expand at 5.3% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 1,163.2 million in 2023.
Labeling products is an essential part of any industry as it provides the required information about the products. Depending on the specific industry that a player operates in, there are various rules and regulations associated with packaging as well as labeling. For instance, the food and beverage and pharmaceutical industries have strict labeling requirements prescribing product-specific labels, barcode standards for logistics and shipping bottles, containers, and many more.
Failure to comply with any of these regulations and standards can result in fines. On the back of these factors, all manufacturers operating in the market are adopting labels for regulatory purposes.
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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.
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How is the Shrink Sleeve Label Applicator Industry Shaping Up?
The shrink sleeve label applicator industry is competitive and at the same time fragmented due to the presence of domestic and international players. Key players are implementing strategies to maintain their prominence in the market.
Leading participants are coming into joint ventures, and collaborations, and releasing new products to satisfy customers’ surging demand.
- Tripack LLC opened a new manufacturing unit in Florida in May 2022, to cater to the increasing demand for bedecked aluminum cans in the beverages industry. The company is considering establishing a third manufacturing unit in Lakeland, Florida, covering 30,000 sq ft, and offering space for different packaging lines.
- CCL Industries Inc., a provider of specialty security, label, and packaging solutions, declared that it is acquiring Singapore-based Lux Global Label Asia Pte Ltd in May 2021.
Shrink Sleeve Label Applicator Market by Category
By Automation:
- Semi-Automatic
- Automatic
By Labelling Speed:
- Up to 200 BPM
- 200 BPM to 400 BPM
- 400 BPM to 600 BPM
- Above 600 BPM
By Container Diameter:
- Up to 50 mm
- 50 to 100 mm
- 100 mm to 150 mm
- Above 150 mm
By End Use Industry:
- Food
- Beverages
- Pharmaceutical
- Chemical & Fertilizers
- Cosmetics & Personal Care
- Construction
- Automotive
- Other Consumer Goods
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East and Africa (MEA)
- Oceania
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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