TAGS: Sustainability / Natural Adhesives
In terms of revenue, Transparency Market Research (TMR) anticipates that the BOPP labels market saw significant growth in 2021 with worldwide revenue up 3.3% year over year and will reach USD 2.65 bn by 2031, owing to several factors.
Offers Sustainable Labeling Solutions
BOPP labels market is a concentrated market and will witness moderate growth, especially due to gaining popularity for sustainable & eco-friendly packaging and labeling solutions. BOPP labels have witnessed steady growth for the past decade due to the decline in cost caused in storage & freight.
Their negligible effect on natural surroundings & recyclable nature will result in complete elimination of waste, which is one of the major restraints of the labeling industry.
With the usage of BOPP labels, manufacturers are gaining control over landfill problems. These factors will help in increasing the demand for BOPP labels during the forecast period.
Even though the food end use sector holds the largest share of the BOPP labels market, manufacturers have expanded their portfolio and started to diversify the market share, which made beverage end use segment the second largest shareholder.
Cosmetic & personal care, along with pharmaceutical segment will showcase high growth rate and hold enormous opportunities for the BOPP labels market during the forecast period.
Organized Retail Sector to Boost Demand for BOPP Labels
The BOPP labels market is driven by the organized retail sector, which is experiencing a healthy evolution in developing economies and is expected to advance rapidly. The popularity of supermarkets, changing lifestyles, and rising per capita disposable incomes are projected to further fuel the growth of the organized retail sector.
The expansion of the sector has stimulated the growth of several allied industries such as labeling. With the increasing demand for labeling, manufacturers have started offering advanced BOPP labeling solutions to brand owners.
Due to the perishable properties of products such as meat, poultry, and seafood, retail companies use BOPP labels to monitor their longevity. The rising demand for such products is anticipated to augment the sales of BOPP labels during the forecast period.
Smart BOPP labels are also useful for inventory tracking in the retail industry. Every retail chain has its own warehouse to store merchandise. BOPP labels enable logistical management and easy detection of goods, which helps retail chains to closely monitor their stock.
Every product has a unique code, which aids the use of labels in the retail industry. For instance, Walmart uses RFID-based BOPP labels to reduce the possibilities of counterfeit and replacement of products.
Alcoholic Beverages Industry Offers Various Opportunities
The alcoholic beverages industry has been observing moderate growth over the past few years. Rising per capita disposable incomes and greater acceptance of alcohol consumption are forecast to supplement the increasing popularity of alcoholic beverages.
The Internet of Things is gaining traction in different developed economies and is likely to find acceptance in developing economies as well. The alcoholic beverages industry is one of the largest revenue-generating end-use industries for smart labels.
Due to the increasing incidence of counterfeiting in various countries, brand owners are seeking solutions such as smart BOPP labels to reduce these risks. In March 2019, Thinfilm, in collaboration with Diageo, introduced smart labels for alcoholic beverage products.
Source: Transparency Market Research