Label printing machinery requires a large capital investment, with new flexographic and digital presses costing upwards of £200,000 to £900,000 or more in asset purchase, implementation, setup and training costs. In an uncertain economic landscape, therefore, there is a compelling argument for sitting tight with the assets you have. However, the market isn’t just uncertain, but is also changing rapidly, and with these changes come opportunities.
The global label printing market is projected to reach over US$53 billion in value by the end of 2025, representing a compound annual growth rate of 4.09%. The businesses in the best position to take advantage of this growth are those that invest in the technology needed to meet evolving customer demands. Businesses that play it safe risk missing out on lucrative opportunities and on being sidelined by newer and more agile companies.
The Dangers Of Missing Out
Unfortunately, failing to adopt new technologies in label printing quickly enough can harm your business financially by reducing your market share and agility. Here’s how:
- Falling Behind Your Competitors: The greatest drivers of growth in the global labour market are in the Asia-Pacific and North American regions. If these competitors already use advanced printing methods and you’re not, their labels will likely be better designed, more sustainable, or more quickly and cheaply produced. This can make their products more attractive to customers and end users.
- Higher Long-Term Overheads: Sticking to older equipment can result in longer lifetime cost of ownership than timely investments in new technology. This is because older equipment often requires more maintenance towards the end of its life-cycle, and higher levels of waste and energy use can drive up operational costs. Additionally, inefficient processes create longer production times, equating to money lost.
- Reduced Flexibility And Efficiency: Without the latest label printing technologies, your business might struggle to meet the growing demand for variable production runs, fast turnarounds, and hyper-personalisation. This can result in missed opportunities, as well as eroding trust and credibility among your customers.
- Sustainability Issues: In its drive towards carbon net zero, the UK government (and international jurisdictions) are introducing stricter environmental regulations on an almost monthly basis. Businesses that stick to ‘outdated’ printing methods and older technologies might find themselves penalised for excess energy use or waste, or even harmful production practices in the future. Investing in the newest technologies helps to keep your business future proof and one step ahead of potential regulation.
Find Out More
Investing in the newest generation of digital label printing technology puts your business at the forefront of an expanding and profitable global sector, with the capability of delivering high quality, eco-conscious products for your customers. To find out more and to discover the most cost-effective route to investment for your business, please contact the experts at Focus Label today on 01949 836223 or by clicking here.
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