Environmental Concerns Being Resolved by Eco-friendly Solutions
Labels are mainly used for any sequence of credentials, knowledge, warnings, direction for use, environmental advocacy, or promotional activity. Most labels are in the form of stickers, or temporary and permanent labels printed on the packaging. Due to its significant role in every industry, the shelf life of labels has become a critical concern for producers and consumers. Labels are used everywhere in the daily life. From individuals to big businesses, labels have their consumers in every industry. Thus, manufacturers have introduced eco-friendly labels for individuals with environmental concerns about waste labels and their contribution toward pollution, thus driving the eco-friendly labels market.
Environmentally favorable and organic products are idealized and evaluated positively compared to conventional alternatives. The planet is facing a sustainability challenge due to pollution, landfills, and non-recyclable scraps. In order to reduce the environmental impact of products, consumers are demanding environment-friendly packaging and labeling solutions. Eco-friendly labels limit pollution by reducing car carbon footprints. They are sustainable, biodegradable, and recyclable, and growing in popularity among consumers. These factors are fueling the growth of the eco-friendly labels market during the forecast period.
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Use of Sustainable Materials Displays Positive Impact on Global Market
The growing demand for eco-friendly labels has enabled an extensive range of sustainable labels produced from renewable fabrics and papers, post-consumer scrap, dissolvable and repulpable papers, etc. With the rise of environment-conscious consumers around the world, the eco-friendly labels market is expected to grow during the forecast period. Eco-friendly labels have a variety of applications and markets, thus, they are made from various materials. Mostly, they are made to be applied on steel, metal, cardboard, and glass, depending on consumer demand.
In the upcoming years, eco-friendly labels are anticipated to expand with the growth of the sustainable packaging segment. End-use industries such as food & beverages, cosmetics, and personal care are major consumers of eco-friendly labels. Sustainable market trends also include soy-based inks and renewable paper & films with corn-based products. All these factors are contributing to the growth of the eco-friendly labels market, which is expected to clock a CAGR of 7.9% during the forecast period.
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Asia Pacific to Dominate Global Market in Near Future
The large eco-conscious consumer base in the North American countries is helping the region to dominate the eco-friendly labels market. Manufacturers in Europe are also moving from conventional to sustainable packaging solutions and expected to witness huge demand for eco-friendly labels. Some regions such as Latin America are still recovering from the recession of 2015. However, with eco-friendly labels in the retail sector, it is expected to rise in sales in the packaging industry.
Compared to North America and Europe, Asia Pacific is projected to account for the highest share of the eco-friendly labels market, with the market in the region anticipated to expand at a CAGR of 7.2% during the forecast period. Growing population and environmental awareness are driving the demand for eco-friendly products. China and India being the major consumer base, the eco-friendly labels market in the Asia Pacific is anticipated to create several opportunities. In many regions, government regulations are restricting the use of non-degradable and non-renewable materials in packaging products. This is likely to expand possibilities for the market in the upcoming years.
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Technological Advancements in Printing Technologies Driving Global Market
The eco-friendly labels market is expanding rapidly with few segments holding more value than others. Paper-based labels have witnessed increased demand in recent years, and expected to hold more than 4/5th of the value share during the forecast period. Paper segments such as matte and semi-gloss are anticipated to generate 130 bps of current market share in the upcoming future. Additionally, ease of application and good tear stability are influencing segments such as pressure sensitive labels, and are estimated to grow twice the present market value by 2029.
The technology and devices used in manufacturing are improved with the rising demand for labels in recent years. Printing technologies such as Flexography ensure the durability of inks and ease of printing. Such technologies are expected to remain profitable at a steady rate in upcoming years. Furthermore, owing to the excellent print quality of emerging technologies and environmental factors, the digital segment of the eco-friendly labels market is predicted to progress at a notable CAGR of 8.7% during the projected period.
COVID-19 to Impact Growth of Global Market
The global eco-friendly labels market has witnessed a decline in sales, due to the COVID-19 pandemic. Barriers in the expansion of major end users, including pharmaceuticals, cosmetics, food & beverages, personal care, and others are major causes in the slump of the global market. Other significant factors such as disrupted supply chain management networks, limitations on trading activities, product management, and frequently varying financial conditions in many countries are hindering the growth of the eco-friendly labels market.
The declining eco-friendly labels market is anticipated to gain momentum from 2022, as the demand from the food & beverages industry is expected to rise shortly. On the other hand, the involvement of regulatory administrations for adequate planning and market players’ competitive strategies are contributing toward the expansion of the eco-friendly labels market in the near future.
Eco-friendly Labels Market: Overview
- According to Transparency Market Research’s latest report on the global eco-friendly labels market for the historical period of 2015–2020 and forecast period of 2021–2029, the market is anticipated to be driven by remarkable consumption and production growth, resulting from shifting consumer habits toward sustainable living and increasing the quality of life across various regions of the globe
- The global eco-friendly labels market is expected to clock a value of CAGR of 7.9% during the forecast period. Eco-friendly labels help to create new value chains by establishing new networks of production to the manufacturer, lowering the environmental impact from reduced waste, increasing in recycling and reusing the label, and adding sustainability to quality living, thereby increasing the consumption at global level. This has resulted in significant demand for eco-friendly labels in the recent years globally.
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