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.
The growing popularity of shrink sleeve labels, known for their 360-degree branding and tamper-evident features, is driving the market’s growth. Technological advancements in applicator machinery, such as automation and enhanced precision, are making it easier for manufacturers to meet the rising demand for high-quality, efficient labeling.
The expansion of the food and beverage sector, coupled with the increasing need for packaging that ensures product safety and extends shelf life, further propels market growth. Additionally, the rise in consumer preference for visually appealing and informative packaging contributes to the demand for shrink sleeve labels. As companies seek to improve their production lines and enhance brand visibility, the need for advanced shrink sleeve label applicators continues to grow, supporting the market’s robust expansion.
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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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