A new report from Future Market Insights forecasted the global shrink sleeve label applicator market will expand by 2% in 2021, with growing focus on food and beverage generating opportunities.
The report says the pharmaceutical industry accounts for major growth in the market, with advancements in the generic drugs. The bulk of all generic drugs are produced in India, accounting for over a fifth of the global export volume. Shrink sleeve label applicator companies are augmenting its footprint across the South Asian market.
The report anticipates the cosmetics and personal care domain, which generated over 10% of the revenue throughout 2020, to create growth through the upcoming forecast period. Rising incidences of mislabeling and incorporation of undesirable ingredients are prompting governments to tighten cosmetic labeling standards.
- The shrink sleeve label applicator market is expected to grow at a CAGR of 4.4% from 2020-2030.
- Automatic applicators will be sought after due to operation ease and time saving properties.
- The beverages industry will fuel demand for shrink sleeve labels owing to its growing use in bottles and packaged drinks.
- South Asia will emerge as lucrative region for the market through 2030.
- High operational costs are expected to limit market growth.
"Increasing demand for safe and durable labeling due to COVID-19 is expected to increase production of shrink sleeve label applicators in the market. Players are also putting efforts to develop cost efficient products," says an analyst.
According to the report, increasing industrialization has fueled demand for packaging that has in turn increased the use of shrink sleeve label applicators in South Asia, allowing it to lead the market growth. Companies are creating innovative equipment that improves effectiveness and is cost efficient.
- In 2017, Axon launched a new shrink sleeve applicator that uses automation to increase the volume of production.
- In 2018, American Film and Machinery introduced a shrink sleeve label applicator and LX-100 tamper band for low to moderate production rates.
The study says key players in the shrink sleeve label applicator market are Pack Leader USA, MPI Label Systems, Shanghai Leadworld Machinery Technology Co., Axon, Quadrel Labeling Systems, Maurti Machines and Shanghai Keno Industrial Co.
For more information visit www.futuremarketinsights.com/reports.