According to a report by Persistence Market Research, “Global Market Study on Sleeve Labels: Industry Analysis and Forecast 2016-2024,” the market is $10.6 billion at the end of 2016, expanding at a rate of 5.2% annually. The rising demand in beverage and packaged foods industry is expected to drive the market worldwide.

The labeling industry has witnessed substantial growth over the last decade, with sleeve labels growing at the fastest rate. On-shelf appeal, cost efficiency and brand competitiveness are major factors fueling the growth of sleeve labels in the global market. Rising adoption of sleeve labels in personal care and healthcare products is a major driver in the global market, as well. On the other hand, rising competition from low-cost substitutes, such as self-adhesive and pressure sensitive labels, and increasing government initiatives for the adoption of eco-friendly labels are major restraints in the global sleeve labels market.

On the basis of product type, the market is segmented into stretch sleeves and shrink sleeves. Both segments are widely adopted depending upon the suitability of the product being labeled. On the basis of end use, the market is segmented into food and beverage, health care, personal care, and other applications. Owing to the higher adoption in the packaged foods and beverages industry, the food and beverage segment is projected to surge at the fastest rate.

On the basis of material type, the market is segmented into oriented polystyrene shrink (OPS), polyvinyl chloride (PVC), polyethylene terephthalate (PET-G), polypropylene and other material types. Polyethylene terephthalate is expected to be the most preferred material through the forecast period and is projected to expand at the fastest rate.

On the basis of technology, the global sleeve labels market is segmented into digital printing, gravure printing and flexograpic printing. Flexograpic printing is projected to expand at the fastest rate, owing to the various advantages and rising adoption of flexography in the labeling industry. On the basis of printing ink, the market is segmented into water based, UV, and solvent based. Solvent-based ink is the most widely adopted for labeling, owing to high compatibility with the majority of printing technologies and is projected to rise at the fastest rate.

In terms of region, the market is segmented into North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific is projected to be the dominating region through the forecast period, estimated to expand at a CAGR of 6.2%. The growing demand for packaged food and beverages in India, China, and ASEAN countries is expected to drive the market trend. North America is expected to witness substantial growth in the later phase of the forecast period, owing to future investments in the manufacturing sectors. Europe is projected to witness uneven growth, whereas Latin America and MEA are anticipated to register sluggish growth.

Key players in the global sleeve labels market include CCL Industries, Huhtamaki Oyj, Macfarlane Group, Berry Plastics Group Inc., Fuji Seal International, Inc., Klockner Pentaplast Group, and The DOW Chemical Company.