To decide whether a marketing push for a printing company on eco-friendly or sustainable printing is a good idea, it is necessary to understand if there is a market for eco-friendly printing or if printing as a market is dwindling is. Canadian data points are preferred.
The Printing Market
- The worldwide print industry is in a stage of transition. The total print volumes are forecasted to decline from 48.8 trillion A4 sheets in 2017 to 48.1 trillion sheets in 2022.
- The overall value of the printing market, however, will increase from $785.0 billion in 2017 to $814.5 billion in 2022 (0.8% year-on-year).
- While a significant portion of the the printing industry is being taken in by products such as e-books, online newspapers, and magazines, electronic transactions, and more, the demand for printed packaging and labels is growing.
- The commercial printing market is showing "high growth" because it is increasingly being used for advertising.
- The main drivers of the growth in the commercial printing market are technological advancements and innovations in packaging techniques.
- Due to new packaging solutions such as flexible and sustainable packaging, manufacturers in the market are "developing eco-friendly solutions that can reduce a environmental impact of business operations" such as water-based neo-pigment inks.
- 40% of the global print production is accounted for by packaging and labels.
- The forecasted growth for the digital package and label printing market until 2024 is 20%.
Summary of Findings
- As it was necessary to understand if there was a market for eco-friendly printing, the initial hour of research focused on the printing market/industry and whether it was in decline.
- The information found is suggesting that while there is a decline in showing in the printing industry, this does not apply for packaging and labels. It is in the packaging and labels segment where there is a need for eco-friendly packaging and therefore eco-friendly printing methods.
- During the initial hour of research, it was not possible to find information specific the to eco-friendly printing market, except for companies promoting their eco-friendly printing products and the trend mentioned surrounding packaging and labels. It was also not possible to find information specific to Canada.
Proposed next steps:
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To gain a more complete understanding of the (commercial) printing industry, Wonder can provide a SWOT analysis of the (commercial) printing industry. Here the strengths, weaknesses, opportunities, and threats of the industry would be presented. While the focus would be on the global market, insights on the Canadian print market can be incorporated into the findings.
As the packaging and labels segment is experiencing growth within the printing industry, Wonder could provide 2-3 trends of sustainable/eco-friendly packaging and label trends. For each trend, Wonder would describe the trend, mention why it is a trend and provide an example of which companies are following the trend.
As the overall purpose was to decide whether an eco-friendly product would be marketed, Wonder could provide 2-3 best practices for marketing eco-friendly products. Wonder would provide a description of the best practice, why it is a best practice, and which companies have applied it. As it is not clear whether the product is intended for the B2B or B2C market, if choosing for this option, kindly mention in the comments whether the assignment should be focused on one of these markets.