Robert Penhallow
Welcome back to printconnect, the podcast where we explore the technology, trends and transformations shaping the world of specialist printing. I'm joined today by Jeff Wettersten, Vice President of Packaging at Keypoint Intelligence.

Jeff has a wealth of experience analysing the global print and packaging market. Today we're digging into a big question: with forecasts showing packaging could grow from 50% to 70% of all global print in the next five to seven years, what does that mean for the rest of the industry? Jeff, from your perspective, what's driving that shift?

Jeff Wettersten
Robert, thank you for the opportunity to address your audience and for the kind introduction. Many analysts, and I’ve been seeing this over the past three to four years, are pointing to packaging as the future growth market for print. That’s in sharp contrast to 20 years ago when I came into the industry, and packaging was largely ignored. Converters weren’t even considered “printers.” Fast forward to today, packaging print has become critical across all segments.

Now, if we take that forecast of packaging reaching 70% of global print, how do we get there? Partly it’s the decline of traditional print markets, but it’s also the growing prevalence of print within packaging.

The challenges? First, you need design capability. Everything starts with the physical design of packaging. Second, you need converting capability — taking semi-finished print into finished form, whether cartons, labels, or flexible packaging. This is a highly competitive industry with overcapacity, so price is the number one factor.

Packaging has grown up around high volume at low cost. But not all buyers fit that model. Small to mid-size, locally owned businesses are often underserved. That’s where we’re seeing commercial printers, wide format, and specialty printers moving into packaging — especially in the lower-volume, service-driven end of the market.

Robert Penhallow
So incumbents already in the packaging market — is their established presence an advantage, or can it be a disadvantage in adapting to this change?

Jeff Wettersten
It really varies by market. Packaging includes corrugated, folding carton, flexible packaging, and labels. Each has a different structure. For example, corrugated is dominated by large integrated suppliers, handling everything from forestry to finished cartons, giving them a massive cost advantage. Labels, meanwhile, are far more fragmented.

For new entrants, understanding industry structure is critical. Large global brands want suppliers with global footprints. Small local brands want local suppliers. That opens opportunities, especially with new models like web-to-print — making packaging accessible 24/7 to small businesses. But that also creates challenges for traditional converters who may not be equipped to handle high numbers of small orders.

Robert Penhallow
What about the broader trends shaping packaging — things like sustainability, e-commerce, and personalisation?

Jeff Wettersten
E-commerce is certainly disruptive, changing how consumers buy. That’s directly tied to packaging. Sustainability is another big disruptor, especially with regulations coming into play. The industry can adapt, but it comes down to choices: do you want to enter those spaces, or stick with traditional models?

I compare packaging today to the metals and electrical industries I worked in before. They were traditional, high-volume, low-cost industries, but also ripe for transformation. Packaging is now in that same position. There’s huge waste and inefficiency in the supply chain. Brands want suppliers who can eliminate waste and add value beyond just saving 1–2% on costs.

Robert Penhallow
So what does that transformation look like?

Jeff Wettersten
A good example is the narrow-web labels market. One major converter told me their transformation came from shifting their mindset: using digital print not just for cost savings, but for productivity. They went from 10 flexo presses to six plus one digital press, doing the same output with higher productivity, lower labour, and shorter lead times.

This kind of transformation — “build it better, build it faster, build it for less, and make it sustainable” — is what the market is demanding. It’s not easy, because those goals often conflict, but it’s essential.

Robert Penhallow
Where do you see the biggest opportunities for growth?

Jeff Wettersten
Less on the product side, more on services. Lead times today are often 14–18 days for corrugated products. Why can’t that be three to five days? The value to brands would be huge. Achieving that will require smarter service models, supported by software, automation, and AI. Talent shortages are another driver pushing automation forward.

Robert Penhallow
And how big is the packaging opportunity really?

Jeff Wettersten
Global packaging across those four segments is about 10 times larger than the world of commercial print, measured in volume. Corrugated and flexible are the biggest, labels the smallest. But most of these markets are oversupplied, growing only at 2–3% annually. So participation needs to be carefully chosen.

The key question is: “Does packaging need you, or do you need packaging?” If you can’t clearly define where you’ll compete and the value you’ll provide, you risk spending a lot of money without results.

Robert Penhallow
And what are buyers asking for from suppliers today?

Jeff Wettersten
Interestingly, industry buzz is around customisation and personalisation. But when we look at studies — like a McKinsey survey of 1,200 consumers in North America — price still ranks number one, followed by functionality and fit for use.

So the real focus should be: what’s important to consumers? That drives brands, and brands drive converters. Which means the industry needs to move beyond focusing on “cost of print” and instead look at total operational costs and value delivery.

Robert Penhallow
Finally, for companies navigating this shift, how can Keypoint Intelligence help?

Jeff Wettersten
We provide published reports, market studies, and individual consulting tailored to specific needs. We have operations across APJ, Europe, North and South America — so wherever you are, we can help you navigate a successful path.

Robert Penhallow
Thank you, Jeff.

Jeff Wettersten
Thank you, Robert.

Robert Penhallow
So it seems clear that packaging isn’t just growing — it’s redefining the future of print. We’ll have links in the show notes to Keypoint Intelligence’s latest packaging research. Don’t forget to subscribe to PrintConnect for more conversations on the trends shaping print worldwide. See you next time.