Labeling is said to be the informative
component of packaging and it has become quite significant parameter for
marketers and brand owners to attract customers. It is estimated that
around 76% of shoppers make their purchase decision in-store at the
shelf. Therefore, it can be inferred that an extended text label
would provide more opportunity to influence customer choice in
comparison to a conventional label, which provides lesser information
than an extended label.
Extended text label adds more information
in less space and contains either fold-out pages, or a booklet based on
the requirement. Some of the best features of extended text labels are
that these labels are used as a part of primary packaging and are
adaptable to any type of container. The extended text labels eliminate
the use of secondary labels and can be placed anywhere easily, even more
copies can be added or can be removed without leaving any sticky
residue.
These labels provide flexibility to the
brand owners to reduce excess packaging, maintain shelf appeal and meet
the required regulations without increasing the packaging cost.
Therefore, based on all of the mentioned features and advantages, the
extended text labels market is expected to grow at a CAGR of around 3%
over the forecast period of 2016-2024.
Extended Text Labels Market Dynamics:
With growing initiatives by the marketers
and brand owners to provide informative packaging solutions, the demand
in extended text labels market is expected to grow. Furthermore, the
increase in customer base that make informed decisions after reading the
labeling and product related information coupled with increased
government regulations to provide mandatory warnings and other specific
product information drives the growth in the extended text labels
market.
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In addition, these labels also act as
cross marketing tool and provides all the features of conventional
labels in more cost effective way, which further fuels the growth in the
extended text labels market.
The labels market is a very competitive
industry and there several players that keep on improvising their
products and keep developing new and innovative products to have a first
mover advantage in the changing technological environment. All these
factors can act as restraints for the extended text labels market, as
alternate products can take over the market share of the extended text
labels market.
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