The US$16.9 billion picture printing and merchandising market is anticipated to grow at a CAGR of 2.6% from 2018 to 2028, according to a recent market study by Future Market Insights titled “Photo Printing and Merchandise Market: Global Industry Trend Analysis 2013 to 2017 and Forecast 2018 – 2028.” However, until 2028, the market will continue to grow at a moderate rate thanks to the development of 3D printing technology and rising smartphone application usage.
Ecommerce businesses focusing on providing online photo printing services and the majority of manufacturers focusing on launching picture printing kiosk with improved connection capabilities are some of the most recent trends in the photo printing and merchandise market. The market outlook may be modestly improved by these trends, but the picture printing and merchandising industry is expected to grow slowly overall over the course of the projected period.
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Due to the continuous popularity of printed images among customers, photo printing today accounts for a significant portion of the total market income. However, it is most likely that the merchandise printing sector will overtake the picture printing segment in terms of market share. This is mostly because of the growing popularity of merchandise printing goods including mugs, pillows, cushions, photo books, and other items. The revenue contribution from merchandise printing to the value of the global photo printing and merchandise market is projected to be approximately 25% by the end of 2028. According to the analysis, the merchandise segment will experience a consistent CAGR of 4.4% from 2018 to 2028.
Additionally, digital printing is anticipated to replace the film printing component, while desktop printing is anticipated to lose significant market share to mobile printing. Rapid digitalization, which has been affecting sectors globally for the past ten years, has been blamed for this market’s growth. North America continues to rule the global market for photo printing and goods, accounting for more than 27% of the market value. The market is predicted to increase reasonably in North America and Western Europe.
According to the assessment of the competitive environment in the research, tier 1 firms now provide the majority of revenue, or about 45%, followed by tier 3 companies, who are active in the global market for photo printing and merchandise, with a share of around 40%. The money generated by the tier 2 players accounts for almost 15% of the entire market revenue. The increased demand for goods products and innovations in photo printing technology are increasingly in the spotlight for key companies.
The Eastman Kodak Company recently introduced a portfolio of process-free technologies under the name “KODAK SONORA UV Process Free Plate,” which is one of the significant market advancements highlighted in the research. Compared to other process-free plates, this plate can produce longer run lengths (up to 30,000 impressions) and offers a number of advantages like as flexibility, good print quality, and quicker drying times. The company has developed a variety of new applications using this technology that provide outcomes that are more effective, quicker, and more long-lasting.
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