Report : Label Printer Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Industrial, Desktop, and Mobile), Technology (Thermal Transfer, Direct Thermal, and Non-Thermal), End-User Industry (Manufacturing, Retail, Transportation & Logistics, Healthcare, FMCG, Entertainment, and Others), and Geography
Emerging Demand for FMCG Products to Drive Label Printer Market Growth at a CAGR of 6.3% During 2020–2027
Label Printer Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Type (Industrial, Desktop, and Mobile), Technology (Thermal Transfer, Direct Thermal, and Non-Thermal), End-User Industry (Manufacturing, Retail, Transportation & Logistics, Healthcare, FMCG, Entertainment, and Others)
The rise in digitalization is one of the significant factors supporting the innovative customer-centric business framework. Nowadays, creativity plays an essential role to gather customers’ attention; thus, digital label printing infrastructure offers market players considerably broad opportunities. The factors such as increasing application of automatic identification and data capture (AIDC) technology for enhanced productivity, growing concerns related to product safety and anti-counterfeiting, and rising use of thermal printing technology for printing applications are positively impacting the label printer market.
The fast-moving consumer goods (FMCG) industry is growing at an exponential rate pertaining to the continuous emergence of new players in the market and increasing customer base of long-established players. Developed and developing countries are experiencing a significant surge in the demand for FMCG products; thus, the number of small and medium-sized enterprises (SMEs) is increasing in the FMCG market. The rising number of FMCG product manufacturers across the world generates substantial demand for labeling technologies, which, in turn, bolsters the growth of the label printer market.
The demand for FMCG products is constantly rising among the individuals, and pertaining to this, several players have emerged in the industry over the past few years. Both large enterprises and SMEs in the FMCG sector maintain significantly large warehouses and inventories to store the final products. With an objective to maintain the serial numbers, manufacturers use various types of labels, which ultimately, increases the demand for label printers and this factor drives the growth of the label printer market.
Impact of COVID-19 Pandemic on Label Printer Market
According to the report by the World Health Organization (WHO), the US, India, Turkey, Brazil, Spain, Germany, Italy, France, the UK, Russia, Iran, and China are among the worst affected countries due to the COVID-19 outbreak. On September 2, 2020, there were ~25,602,665 confirmed COVID-19 cases with ~ 852,758 total deaths globally and the number is growing at varying rates in various countries. The COVID-19 crisis is affecting the industries across the world and the global economy has witnessed the worst hit in 2020 and is likely to continue in 2021. The pandemic is creating significant disruptions in various industries, such as retail and transportation & logistics.
The US is a significant market for label printers, especially in the manufacturing, retail, and transportation & logistics sectors. The exponential rise in the number of COVID-19 cases and increase in the number of reported deaths in the country affect the manufacturing and retail sectors. North America is home to a large number of manufacturing and technology companies. The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of label printers. Thus, the COVID-19 pandemic's impact has been quite severe in 2020 and is likely to continue in 2021.
The report segments the global label printer market as follows: