Increasing number of small and medium size businesses in GCC and Middle East economies is anticipated to create lucrative business opportunities for print service providers in the next couple of years. Middle East & Africa have strong potential growth in the commercial printer market.
On the other hand players within the digital printing industry in GCC can capitalise on the market growth triggered by the e-Commerce industry and the exponential demand by the millennials and the rising GenZ population. Due to the growing social media revolution, every individual is currently looking at wearing something new in each of their individual social posts. Similar trends are visible in the home furnishing industry as well.
Such trends are only going to grow further and this will significantly propel the demand in the upcoming years. As per Smithers Pira, the market will touch AED20 billion by 2023 with a compounded annual growth rate (CAGR) of 11.6%. “Digital textile printing industry is a huge untapped market for the GCC players and it’s the right time for them to grab these opportunities. They will also need to innovate and have state-of-the-art equipment to cater to these demands. Currently, textile printing is a mature global market, but as per reports digital textile printing still forms less than 5-7% of this global industry, so there is a huge window of opportunities awaiting the equipment manufacturers,” stated Sharif Rahman, CEO, International Expo Consults.
Within realm of large format printing industry shop signage’s, floor stickers & product labels are the top 3 opportunities within followed by large poster printing, point of sale printing & POS displays in the retail printing market.
The MENA region printing market is a significantly large one that continues to grow where the expansion is much higher than the global mean for increases in print revenue. According to a report by Smithers Pira on the future of printing in the Middle East and North Africa, the region produced 2.4 trillion A4 prints and consumed 13.5 million tonnes of substrates in the year 2017. This is estimated to increase to 2.8 trillion A4 prints and 17.9 million tonnes by 2022, with respective year-on-year growth rates of 2.8% and 5.8% as compared to the global mean of 0.8% per year for the current decade.
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