Forecast of 5 label printing trends in 2023
Label printing has become a dominant trend, with over a third of the total product value being created entirely digitally or in combination. Digitization is a major trend driven by brands and retailers who expect label production processes to be more flexible and able to respond well to rapidly changing models. Below are the forecasts for 5 label printing trends in 2023.
Digitization is a major trend driven by brands and retailers.
Trend 1: Printers becoming smart factories
The big trend in 2023 is the “Smart Factory.” The tense situation in the raw materials market and rising energy costs are forcing printing companies to look seriously at the overall economic landscape in their business operations. Optimization potential is necessary for all business processes. Process automation, software, and procedures, along with the use of cloud solutions, are essential levers to minimize costs. High levels of automation in production and greater efficiency in support processes in the office will help label printing companies achieve a healthy economic position in 2023. Working in a “smart networked environment,” using IT services and solutions managed by professional service providers, will help companies reduce costs and enhance flexibility in their business processes.
Trend 2: Sustainable production is a competitive advantage
The use of digital label printing is increasing rapidly. For small orders, using digital printing processes is very economically feasible. In 2023, product buyers will also increasingly pay attention to sustainability factors. This is where the resource-saving aspects of digital printing come into effect: it wastes less and therefore reduces waste. This also helps printing companies address questions about the availability of raw materials, rising costs, and energy consumption.
Trend 3: Smaller households, more packaging
Consultancy firm Smithers has identified an essential trend for 2023: “As the population grows and the number of smaller households increases, the amount of packaging also increases.” Food packaging, many of which require labels, is a significant portion of this, and Smithers estimates the global market value of digital label printing to be around $12.6 billion in 2022. This market has grown at a compound annual growth rate (CAGR) of 7.7% since 2017, while volume has increased at an average of 10.8%. In addition, Smithers predicts that digital label printing will reach nearly $20 billion by 2032 due to the superior efficiency of narrow web digital printing machines compared to traditional printing techniques, along with the available digital finishing methods.
Trend 4: Continued growth without decline
The latest data from market analysts have painted a consistent picture: the potential for digital label growth will not be disrupted shortly. IDC predicts that the Western European digital label and packaging printer market will likely grow by 13.1% by 2025. The European Self-Adhesive Label Industry Association FINAT identified in a study that more than a third of respondents (37%) plan to buy digital printers and switch to digital production by 2023. This is a significant jump from last year (21%).
Trend 5: Modern technology helps reduce operating costs
With automation, employees spend less time on tasks that previously took hours to complete. This is important not only because automation can perform human-like tasks in a short period but also reduces the likelihood of human error.
Durable and high-productivity equipment and waste reduction are significant competitive advantages. It can print multiple colors, mix colors, print white, and finish after digital printing, reducing operating costs and speeds of up to 40m/min. Digital label printing technology will continue to expand into traditional flexo and offset fields.
With over 13 years of operation in the paper packaging industry and having built a reputation for its brand in the market, Hoang Vuong Paper Packaging Company is proud to be a private packaging enterprise in Vietnam that has accompanied many large brands both domestically and internationally.
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