The variable data printing market was US$ 10.5 billion. The market for variable data printing is anticipated to reach US$ 31.2 Billion by 2030, expanding at a 12.9% CAGR from 2022 to 2030.
Since end customers frequently want flexibility when printing labels, the market’s product labeling segment is expected to grow dramatically during the time of forecasting. Variable data printing is a popular option since it allows for the customization of artwork, data, and content without impairing the bulk printing process. The market for printing with variable data is expected to grow at a CAGR of 12% from 2020 to 2030.
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Key Takeaways from the Variable Data Printing Market Report:
North America is expected to hold a significant share in the global variable data printing market as the adoption of RFID labels and creative labeling increases
Accelerated adoption of variable data printing in the food & beverage industry will propel the growth of variable data printing by 13% during the forecast period
Barcodes and QR code printing are expected to hold a significant share of 36% during the forecast period in the globally 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 the 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 in 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 in these statistics as demand for non-essential items such as clothing and cosmetics is projected to drop.
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 for products these sectors manufacture, impeccable logistics built by the e-commerce industry to make them available to end users, and smart tracking with RFID labeling could offset the losses the market is expected to suffer.
Leading Key Players:
The variable data printing market is driven by several key players, each contributing to its growth and innovation. HP Inc. and Canon, Inc. are renowned for their advanced printing technologies, while Xerox Corporation offers robust digital printing solutions. RR Donnelley & Sons Company and Quad/Graphics, Inc. are significant players in commercial printing services. Avery Dennison Corporation and 3M Company excel in labeling and packaging solutions, enhancing personalized printing capabilities. Mondi PLC is a leader in sustainable paper and packaging, and Cenveo, Inc., along with Ws Packaging Group, Inc., specializes in custom printing and labeling solutions, catering to diverse market needs. These companies collectively propel the industry forward through innovation and diverse product offerings.
