AWA report estimates global sleeve label market grew in 2023

AWA Alexander Watson Associates, in its latest publication, has reported that the global sleeve label market, encompassing technologies such as heat shrink TD, stretch, and RFS/ROSO MD, has secured approximately 20 percent of the total global label volumes in 2023. 

The new report delves deeply into the global sleeve label market, offering a detailed analysis of market trends and developments. 

Heat shrink TD sleeve volumes are increasingly competing with pressure-sensitive labels across most markets. This dominant sleeve label format exhibited a healthy global growth rate of 3.7 percent in 2023. The overall market continues to expand when combined with the growth rates of smaller formats like stretch sleeves and RFS/ROSO MD. 

This market is dominated by three primary end-use segments—food, beverage, and household chemicals— which accounted for a substantial 90 percent market share. Within the beverage segment, energy drinks and soft drinks represent the most significant applications of sleeve labels. As these products primarily appeal to younger consumers, rising prices in this category may drive them towards alternative options, such as private-label products and larger pack sizes. 

On a regional level, despite ongoing supply-chain challenges, the global sleeve label market has experienced several notable trends. The Asian sleeve label market saw a positive growth rate of 4.4 percent in 2023, adding significantly to the volume growth in the global market. As demand within Asian markets has started to decline, excess materials have found their way to other regions, posing additional challenges to the market balance. In contrast, regions such as Europe and North America faced a slowdown compared to the previous year, contributing to a mixed global growth landscape, the report said. 

The global sleeve label market is poised for further development, with evolving consumer preferences and market conditions shaping its trajectory. AWA Sleeve Label Market Report 2024 serves as a critical resource in this regard, offering in-depth analysis and actionable insights into current market dynamics, trends, and forecasts.