The global sustainable labels market size is projected to grow from $15.6 billion in 2022 to $27.2 billion by 2032, with overall sales exhibiting a Compound Annual Growth Rate of 5.7 percent throughout the forecast period (2022-2032), according to a new report from According to Future Market Insights (FMI).
Growing environmental concerns, increasing demand for packaged food products, and advancements in printing technologies are some of the key factors providing impetus to the growth of the global sustainable labels market, according to the report.
With sustainability becoming a more important factor in purchasing decisions, consumers are showing a keen inclination toward purchasing products with sustainable labels. As a result, industries like food & beverages, pharmaceutical, chemical, cosmetics, and others are extensively using these ecofriendly labels. This will continue to boost the global sustainable labels market during the forecast period.
In recent years, paper labels have observed an increase in demand, and are predicted to hold the majority of the value share over the forecast period. The technology and devices used in production are upgraded with the rising demand for labels.
Printing technologies such as flexography ensure long-lasting ink and easy printing, said the report. Such technologies are projected to remain lucrative at a steady rate during the forecast period.
The organized retail sector is experiencing a healthy evolution in developing economies and it is expected to advance rapidly during the upcoming years. Changing lifestyles coupled with rising per capita disposable income is estimated to fuel the growth of the retail market, which in turn will bolster sustainable label sales.
Similarly, rising demand for packaged perishable products such as meat, poultry, and seafood is anticipated to increase the sales of sustainable labels during the forecast period.
Key takeaways from the sustainable labels market:
— Based on material type, the paper segment is estimated to account for market value of $9.2 billion in 2022.
— Based on end use, the food & beverage segment is projected to expand 1.6 times during the forecast period.
— With rapid growth of the food service industry, demand for sustainable packaging across South Asia is projected to grow at a healthy pace through 2032.
— North America is likely to hold a substantial share of the global sustainable labels market by the end of the forecast period.
— The sustainable labels market in India is poised to grow at a steady pace over the next ten years.