Market Trends of North America Flexographic Printing Industry
This section covers the major market trends shaping the North America Flexographic Printing Market according to our research experts:
Flexible Packaging is Expected to Witness Significant Growth
Changing consumer lifestyles and the increasing demand for snack products are driving the demand for packaged food products that offer an extended shelf life and sterility to food and convenience to the end consumers. Food products purchased through retail outlets need to be packaged in attractive, convenient, and lightweight boxes to minimize efforts required by consumers while carrying them as well as to maintain freshness.
The rising inclination is toward innovative, sustainable, and environment-friendly printing and packaging solutions in the food and cosmetic sector of North America to convey information about the product’s identity in the most reliable way. Consumers are now more aware and conscious about the product, which has created a greater need to develop food labels that are clear and can be trusted. It has compelled many manufacturers to adopt advanced technologies and expected to boost the market.
The pharmaceutical industry has also adopted a flexible packaging solution as it offers protection to the drug products and a wide range of packaging materials such as plastic films, paper, and foil to cater to a variety of sensitive drugs. Moreover, the rise of modern packaging technologies in the pharmaceutical industry, brands exploit the power of distinctive packaging design to stand out from the rest of its competition.
Corrugated Packaging is Expected to Grow Significantly in Forecast Period
Corrugated boxes have gained rapid attention due to the growing demand for environment-friendly packaging and growth of the e-commerce industry in the United States and Canada. According to United States Bureau report, the corrugated box industry grew at an average annual rate of 1%.
Corrugated packaging offers optimum protection at low cost and hence widely used as a secondary packaging solution to pack a variety of products in different end-use industries. Moreover, the growing popularity of online shopping and rising online platforms in North America are fueling the market. According to the United States Department of Commerce report, consumers spent USD 601.75 billion in online shopping with U.S. merchants in 2019 and registered a growth rate of 14.9% from USD 523.64 billion in 2018. It is the biggest annual percentage point jump since 2000.
Brands are promoting corrugated packaging to address sustainability issues and built their reputation. They are recognizing the opportunities to grow dwindling brand loyalty and see packaging as an essential component in creating a memorable shopping experience. They employ high-quality graphic designs, corrugated boxes that provide product differentiation and also protect against fake or counterfeit goods.
The COVID-19 pandemic has had a considerable impact on the printing industry. Self-isolation rules have resulted in short supply and even cancellations of the previous orders. United States is the worst affected country with more than six lakh COVID-19 positive cases and 33 thousand fatalities till April 17, 2020. Retail, industrial goods, and consumer packaged goods are some of the major industries that are least impacted due to the dramatic disruption in logistic and supply chain operations.
