The global variable data printing market is anticipated to exhibit a CAGR of 12% during the forecast period of 2020-2030.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.
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“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.
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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.
Component
Variable Data Printing (VDP) Machine
Variable Data Printing (VDP) Software
Services
Personalized Printing Services
Support Services
Application
Barcodes/QR Code Labels Printing
Advertising Stickers Printing
Plastics Cards/PVC Printing
Product Labels Printing
Others
Industry
Retail & CPG
Pharmaceuticals
Electronics & Electricals
Food & Beverages
Logistics
Others
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.
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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.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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