Did you know? The global printing market is about to decay. From approximately $314.6 billion in 2019 to $294.2 billion in 2020 at a compound yearly growth rate of – 6.5%, it’s fading away. The reason? Simply because of the economic strike due to COVID-19. However, the good news is, the printing market is going to recover from it. Not only that, it is expected to grow at a rate of 3% from 2021 and reach almost $317 billion by 2023.
While Asia-Pacific acquired 34% of the market in 2019, North America wasn’t any less. With about 30% of the worldwide printing market, North America has remained calm and ahead of the competition. The uncertain conditions around the world stay where businesses are beginning to open. As we move forward, we evaluate the effect the pandemic has had on the printing market today – and what lies ahead.
Now that we are done sharing some statistics, let’s jump to knowing how the pandemic has affected the printing market:
Shoppers Return, but Consumers Wary of Touch
Perhaps the most significant disadvantage of the printing industry is that it involves a small physical product. Since studies have shown that coronavirus is all on the surfaces, so a mere piece of paper may infect a person through its touch. Consumers are frightened of touching mails, packaged goods, and printed materials.
With a rapid shift to the digitized world, the print economy has significantly broken down. Very unfortunate, but it’s also understandable as compared to the number of death tolls worldwide. Now the question remains unanswered; are these changes going to affect our industry and the future?
Opportunities for the Printing Market
Undoubtedly, the pandemic has affected the print vendors, but some aspects have also seen growth indications. Let’s be a little optimistic here:
While many consumers are skeptical about opening packages, the high demand for e-commerce sites shows an entirely different scenario. We have not forgotten about our needs, and online shopping comes to the rescue.
Products ordered online come in a customized carton box with stickers from the delivery company. Thus, the market has encountered an expanded interest for food, purity, and medicine labels, just as leveling data identified with e-commerce deals.
Preparation for Future
Industry experts are eerily worried. Why? Merely because the print industry might not survive as well in the future. Of course, there is concrete evidence against it; most businesses are cutting down on printed invites. Individuals are also no longer hosting parties and weddings that require a printed card.
Needless to say, large events such as concerts and festivals are canceled. Naturally, the stickers, leaflets and t-shirts printed for them received massive cancellations. Amidst the chaos, printing markets have not given up.
As unfortunate as it is, print vendors that once ran out of ink are now running out of consumers. Yet, we’re all holding on strong and firmly believe that there’s a silver lining right there. Businesses will need a decisive turning point and opportunities for transforming it for the better.