SHRINK SLEEVE GLOBAL MARKET TO REACH $13B BY 2020: MARKET RESEARCH
According to a new report by Markets and Markets, a market research firm, the global market for stretch sleeves and shrink sleeves will climb to $13.2 billion by the year 2020.
This figure represents a compounded annual growth rate of 5.5 percent from 2015.
The stretch and shrink sleeve labels market is “buyer-oriented,” the report says. “It has shown substantial growth due to the rising urbanized population, resurgence of the packaging and labeling industry in developing economies, increasing demand for packaged food, and emphasis on the usage of sustainable materials. Key aspects such as tamper-evident & anti-counterfeiting facility, 360° display, and extra printing space have fostered the market.”
The report found that the North American market has the third-highest growth, following behind the Asian-Pacific and European regions, but still accounts for a massive percentage of the growth seen over the past several years.
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