Sales of labels in the United States are set to be valued at $15.7 billion in 2023 and are projected to reach $21.9 billion by 2033, according to a new report from Future Market Insights (FMI), a market research firm.
Sales are anticipated to expand at a Compound Annual Growth Rate of 3.4 percent over the forecast period. The business was valued at $15 billion at the end of 2022 and is anticipated to exhibit year-over-year growth of 4.3 percent in 2023.
The labels used in food packaging acquired more than quarter of the space considering end use in 2022, FMI said, noting the label ecosystem has recorded a CAGR of 2.7 percent during the historical period, with a value of $15.0 billion in 2022 from $13.5 billion in 2018.
The pharmaceutical sector is a key consumer of labels in the United States and has experienced growth post-pandemic due to the adoption of vaccines and the innovation of several protective measures.
As per the Food and Drug Administration (FDA), new drugs should include labels with information on usage, age restrictions, temperature restrictions, brand name, ingredient information, and regulatory information.
The global label market is poised to achieve a valuation of $41.75 billion by 2023, FMI concluded, experiencing a steady growth at a CAGR of 4.9 percent from 2023 to 2033. Furthermore, it is anticipated to attain a market size of $67.36 billion by the conclusion of 2033.
