Variable Data Printing Market to Grow 3x by 2030 as RFID Labelling Gains Momentum to Build Smart Supply Chain
The expansion of retail industry and increasing expenditure on labelling and tagging across all products is driving the variable data printing (VDP) market. Future Market Insights states that the healthcare and food and beverage sectors will remain exceptionally important to growing usage of variable data printing as consumers seek clear, detailed labelling.
Variable Data Printing Market
A recent market report published by Future Market Insights on the variable data printing m...
The product labelling segment of the market will soar during the forecast period as end users often seek flexibility while printing labels. Customization of artwork, data, and content without hampering the mass printing process makes variable data printing a preferred choice. The global variable data printing market is anticipated to exhibit a CAGR of 12% during the forecast period of 2020-2030.
“Focus on RFID labels and tags will win players in the variable data printing market substantial profits. These labels are expected define smart, agile supply chains, catering to fast-changing retail trends for greater customer satisfaction. Moreover, providing RFID tags can resist adverse conditions such as moisture and high temperature and are less expensive compared to other substitutes, which will benefit the end users of RFID segment in the coming years,” says an FMI analyst.
Key Takeaways of Variable Data Printing Market Study
- North America is expected to hold a significant share in the global variable data printing market as adoption of RFID labels and creative labeling increases
- Accelerated adoption of variable data printing in the food & beverage industry will propel growth of variable data printing by 13% during forecast period
- Barcodes and QR code printing is expected to hold a significant share of 36% during forecast period in the global market as digital wallets become the new normal for making payments
- Retail and CPG segment will exhibit a CAGR of 18.5% between 2020 and 2030 in South Asia & Pacific variable data printing market creating potential growth opportunities for vendors
COVID-19 Pandemic Impact Analysis
With the supply of only essential goods and restricted movement, the lockdown has had a massive impact on the global printing industry, bringing it to a near-standstill. Only a handful of companies have been able to continue operations with 20-25% staff, slowing operations and creating uncertainty of business.
While manufacturing companies have been allowed to run at 50 percent capacity, most label printing companies are running at as low as 15-20% production capacity. In the past 5 years, the market for variable data printing has grown by almost 10% globally. However, the COVID-19 outbreak is expected to cause a shift these statistics as demand from non-essential items such as clothing and cosmetics is projected to drop.
On the other hand, analysts project that the demand for variable data printing will remain high in the pharmaceuticals and food & beverages sectors in Q2 2020, a trend that will continue through Q3 and Q4 2020. The indispensable need of products these sectors manufacturer, impeccable logistics built by e-commerce industry to make them available to end users, and smart tracking with RFID labelling could offset the losses the market is expected to suffer.
Restaurants Add to Food & Beverages Industry’s Contribution Variable Data Printing as Branding becomes Essential
The food & beverage segment will hold a lion’s share in the market as consumption of processed and packaged food increases amidst the pandemic. Growing demand for ready-to-eat food items, especially in South Asia & Pacific region is expected to boost the demand for variable data printing.
Emerging economies, such as India and ASEAN countries, have been observing a boost in its retail food industry, as well as in the adoption of on-the-go food consumption trends. As takeaways are slated to rise with restaurants discouraging dine-ins to avoid cross-contamination, packaging is expected to play a critical role for restaurants in building brands. Collectively, these factors are expected to help the market proceed at a significant pace during the forecast period.
More Valuable Insights on Variable Data Printing Market
Future Market Insights offers an unbiased analysis of the global variable data printing market, providing historical data for 2015-2019 and forecast statistics from 2020-2030. To understand opportunities in the variable data printing market, the market is segmented on the basis of component, application, and industry across major regions.
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