On March 11, 2020, WHO (world health organization) named Covid-19 as a pandemic, pointing out the large number of cases that had already been diagnosed as Covid positive. It not only posed severe threats to physical health, but it also triggered negative impacts on the global economy. A significant impact has already occurred, leading to the loss of human lives, trade disruption, the closure of several businesses, and a substantial drop in the revenue generated by the tourism industry. Among all this, large format printing is a business that has been struck hard as many correlating industries such as textiles, apparel, décor, and many others have been on a continuous downfall. Advertising and marketing have been left out as the last priority as survival at breakeven look tough.
With the economy trembling, people have lost their spending power and reduced their investment in lifestyle needs. Companies are being dissolved, businesses are closing, exhibitions are being canceled, and brands are launching larger campaigns, implying that the traditional painting industry will face a significant drop in demand.
How has it impacted the requirements of the large format printing industry?
The pandemic has forced the barely surviving economic sector to make a complete shift from physical to virtual operations. Various companies are opting for digital alternatives to expand their businesses. Employees are being trained to fit into this advancement to achieve smoother operations on virtual sites.
Likewise, the printing industry has undergone a massive change. Even the big players are now improvising their existing portfolios and transforming their businesses into a digital-first model. Cloud-enabled AI-powered printing is the new attraction meeting the changing demands and needs of the new-age customer.
Printing Market Opportunity
There is no denying that the printing market will not reach its pre-Covid peak, but there are some segments that are showing signs of growth:
E-Commerce is a sector that has benefited the most from the pandemic because the demand for goods through e-Commerce sites has soared. This opens the door for label printing companies to sell corrugated and folding carton packaging to ship the products.
2) Flexible Packaging:
The pandemic has made people more aware of using the correct type of hygienic and cheap products. In addition, a significant increase in food and beverage delivery services means that the need for flexible packing will also rise as it is considered more hygienic than another packaging.
As long as products are in demand, the labeling industry will always perish. It is required because it conveys basic information about the product. Short runs, particularly for food and pharmaceutical labels, have become more common regularly and increasing.
It is not possible to assume the level of digital growth that the printing sector has seen as it is unevenly distributed among different segments. Some companies quickly adapted to the changing nature of the requirements and printed more than usual. However, the ones left behind ceased to print at all. Slowly, the pandemic is losing its intensity. We hope to see a much better future for all businesses to grow and operate sustainably.