Packaging to expand further in flexographic printing by 2029

Flexible packaging, labels and folding cartons will continue to grow steadily, according to the latest report.

Smithers, a market intelligence company in the printing and packaging sector, has published the report "The Future of Flexographic Printing Markets to 2029". The report predicts that flexographic printing will maintain a 3% compound annual growth rate by 2029.

According to the report, the global flexographic printing market is worth $230.5 billion in 2024 and is expected to maintain a 3% compound annual growth rate to reach $267.2 billion by 2029 (calculated at constant 2023 prices).

Flexographic printing will grow in most applications, but the most prominent one is packaging. Growth in this segment is expected to continue, driven by economic demand, especially e-commerce and boxes for consumer goods.

Flexible packaging, labels and folding cartons will maintain steady growth.

Changes in print procurement will make digital printing more competitive with flexographic printing in the shorter run segment. Digital printing is becoming a mainstream technology in the label sector, competing with flexographic printing; however, widespread adoption and strong sales of hybrid presses mean that flexographic sales remain unchanged and will continue to grow.

In contrast, flexographic printing of newspapers, packets, bags and envelopes will decline as demand for these end-use applications decreases.

Globally, flexographic presses will print 8.6 trillion A4 sheets in 2024. This will increase to 10 trillion A4 sheets by 2029.

The three largest markets for flexographic printing are Asia, North America and Western Europe. In 2024, these regions will account for 81% of global production and 83.1% of value.

Between 2024 and 2029, Asia is expected to maintain strong growth, with a CAGR of 5.8%, and India will be the fastest growing national market. North America and Western Europe are mature markets for flexographic printing, with more moderate growth, with CAGRs of 2.3% and 1.7% respectively over the same period.

Smithers' report breaks down the market by end application, geographic region and key country. It includes installed base data, future sales of equipment in the form of flexographic presses, and consumables (plates and inks). Its market forecasts are made by analyzing leading business and technology developments, packaging consumption trends and competition from inkjet systems.