Global packaging printing market faces five major challenges 2
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Challenge 3 Digital Printing Brings Production Transformation
This may be related to the increase in product categories, with more than half of the representatives of the companies interviewed saying they have invested or are considering whether to invest in digital printing. The results of the report indicate that more product categories mean faster and faster operation, which also means increased press downtime, which leads to waste. As this challenge becomes more prevalent throughout the industry, it will require companies to use new equipment that is more suitable for this reality.
Therefore, when asked to choose actions to solve these production problems, 53% of the respondents chose to invest in digital printing technology, which makes sense. Since its inception, digital printing has been seen as an effective solution to the short-term production of the packaging and printing industry. Although only a small part of the product packaging is completed by digital printing, under this trend, people have reason to believe that this number will increase in the near future.
Challenge 4 Seek expansion Increase revenue
Although the report shows that improving internal practices and sales processes is a key factor in overcoming the challenges of the packaging and printing business, increasing sales and expanding customer base are also major goals for packaging printers. Not only does it have to increase sales in top-level business challenges, the representatives of the surveyed companies stated that they are looking for new customers in the current market segments and new market segments.
When asked about the actions taken to address these business challenges, 51% of the respondents said they were looking for new customers in the traditional market, and 51% of the respondents said they are exploring new customers in new markets. This shows that packaging printers are trying to increase their workload by exploring new customers to increase revenue.
Challenge 5 Intensified Competition Accelerated Integration
Another external factor affecting the packaging and printing industry is increased competition. Advances in technology will undoubtedly make it easier for companies to promote their products. The report shows that as commercial printers seek to expand their capabilities and extend their influence to other packaging areas, all sectors of the printing industry are integrating. Regarding whether this trend is worrying or not, there are disagreements among companies, and 52% of the respondents said that increased competition is worrying, and 48% of the respondents stated that they are not worried.
Among those companies that believe this integration is a threat, 66% of the representatives of the companies interviewed said that the threat comes from commercial printers entering their traditional application areas. At the same time, 18% of the representatives of the companies interviewed said they only felt threats from other segments, while 16% of the respondents said that this was only a threat from commercial printers. Although this trend may be shocking for some packaging printers, it also shows that packaging and printing companies have the opportunity to prove why they are best at their job, or to expand their business scope by identifying packaging printing opportunities and technologies.