The packaging sector has witnessed considerable developments and innovations that are majorly driven by evolving consumer preferences and regulatory landscape. The packaging ecosystem continues to vary from industry to industry due to which, players operating in the packaging sector are likely to focus on product innovation and diversification. In addition, the evolving regulatory framework, particularly for text labels across various industrial domains, is expected to remain a key factor and have a considerable impact on the overall growth of the global extended text labels market. In the current scenario, packaging has emerged as a critical aspect in the product decision-making due to which, extended text labels have come under scrutiny.
At present, brands continue to emphasize on choosing the correct product packaging color scheme and extended text labels to improve the overall aesthetics of the product. The demand for extended text labels continues to witness a sizeable growth each year due to advantages such as space to include information pertaining to regulatory requirements, materials, safety warnings, etc. Furthermore, extended text labels are also widely used in cross-branding applications by several brands, particularly in the FMCG sector due to which, the overall prospects of the global extended text labels market look bright during the forecast period.
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Widening Applications of Extended Text Labels to Augment Market Growth
Over the past decade, extended text labels have come under the spotlight across the global packaging sector– a trend that is anticipated to continue during the assessment period. Extended text labels offer an array of advantages to brands such as they provide information regarding materials in use, regulatory requirements, and more. Automotive chemicals is one of the emerging end-use sectors that are increasingly utilizing extended text labels to provide usage information, drug-fact panels, and data regarding the ingredients. In line with the growing demand for sustainable packaging alternatives and increasing pressure from governments of major developed and developing nations, the adoption of sustainable materials to develop extended text labels has witnessed exponential growth over the past few years– a trend that is expected to bolster the demand for extended text labels during the assessment period. Due to the augmenting demand for customized extended text labels, players involved in the current extended text labels market landscape are increasingly focusing on the production of customized extended text labels.
Several brands involved in the extended text labels market are also focusing on research and development to explore ideal materials for the development of extended text labels. For instance, polypropylene has emerged as an ideal extended text label material for water bottles, as it provides the required resistance to cold, heat, and moisture. Noteworthy advancements made by inkjet and laser printing technologies are some of the key factors that are estimated to propel the global extended text labels market. Thermal transfer, HD digital, and flexography are some of the most extensively used printing processes to print extended text labels worldwide.
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Demand from Medical Sector amid COVID-19 Pandemic Likely to Witness Considerable Growth
The outbreak of the novel COVID-19 pandemic is expected to have a moderate impact on the overall growth of the global extended text labels market during the forecast period. Although the demand from automotive, chemicals, and animal health products sectors is likely to witness a slight decline, the surge in demand for extended text labels from food & beverages, general pharmaceuticals, and medical sectors amid the COVID-19 pandemic is expected to provide considerable opportunities to the players operating in the current extended text labels market landscape. Extended text labels are increasingly being used for medication bottles to offer information regarding proper use, dosage, side-effects, etc. Furthermore, as standard labels do not offer adequate space, the demand for extended text labels across medical and pharmaceuticals sectors has witnessed considerable growth. In addition, extended text labels market are increasingly being used in the packaging of protein powders, pesticides, vitamins, dietary supplements, and medicines, among others.
Clinical trials and pharmaceutical packaging sectors are gaining popularity, as large amounts of clinical trials are being carried out for the COVID–19 vaccine. This has had a positive impact on the global extended text labels market. These text labels enable printing of full-colour logos and graphic images, offer variable serialized data from databases, and comply with local language labelling requirements.
However, the global uncertainty of COVID–19 has also hampered the extended text labels market to a certain extent. This is mainly due to challenges such as not enough employees, changing consumer shopping habits from offline to online platforms, and unused stock and inventory in end-use industries, including pharmaceuticals, which is the biggest customer of extended text labels.
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