Global Service Packaging Market information: by Material (Paper & Paperboard, Plastic, and others) Product (Boxes, Bags, Pouches, and others) Application (Food & Beverages, Consumer goods, Pharmaceutical and others), and Region – Forecast 2023
Service packaging aims at the convenience of the end use customers by offering them a convenient, durable and service packaging. Such packaging is widely used across various applications such as food, beverages, and consumer goods. According to a recent study report published by the Market Research Future, the global service packaging market is increasing with the hasty pace and is anticipated to increase significantly over the forecast period mainly due to the high growth in packaged food industries.
The global Service Packaging Market is estimated to increase at a CAGR of 5.2% during the estimated period (2017-2023).
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Currently, the service packaging market is surging primarily due to the rapid growth in the e-commerce sector. The easiness of online shopping because of quicker delivery, easier return policies, and free shipping have made many consumers shift from the traditional method of shopping. Moreover, increasing pharmaceutical industry across the globe also has the positive influence on the growth of the market. However, fluctuating prices of packaging raw materials are the factor, which may hamper the growth of the market.
On the basis of the regions, the global service packaging market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Asia Pacific region accounted for the highest market share in 2016, in terms of value. The remarkable growth in the Asia Pacific packaging industry is the crucial factor fueling the growth of the global market. Increase in purchasing power of the consumer in countries such as China, India, and Indonesia, have boosted the demand for good-quality processed & packaged food. Growing number of hypermarket in the region is also expected to fuel the demand for service packaging products. China, India, Japan, and Thailand are the highest contributor to Asia Pacific market. China accounts for the largest market share in the region mainly due to strong economic growth, rapid urbanization and increse in shopping activities.
North America is another major region in the global service packaging market. Increasing demand for consumer goods products as well as packaged foods is likely to spur market growth. High growth in the pharmaceutical industry of the North American region is boosting the market growth further. Moreover, North America is a hub of major retail e-commerce companies such as Amazon (U.S.), and eBay (U.S.), which has a positive influence on the growth of the market. The U.S. is the major contributor to North American market.
Service Packaging Market Key Players
Key players in the global Service Packaging Market include Amcor Ltd. (Australia), AptarGroup Inc. (USA), Bemis Company Inc. (USA), Cascades Inc. (Canada), Crown Holdings Inc. (USA), DS Smith PLC (UK), Georgia-Pacific Corporation ITC Ltd. (USA), Graphic Packaging International Inc. (USA), International Paper (USA), Mondi Group (Austria), Nippon Paper Industries Co. Ltd. (Japan), Smurfit Kappa Group (Republic of Ireland), and Sonoco Products Company (USA).
Segmentation: Global Service Packaging Market
The market is segmented based on material, product, and application. On the basis of the product, the market is segmented into boxes, bags, pouches, and others. The pouches is the major product segment of the market. It is available in several types of stand-up pouches, pillow pouches, and retort pouches. The stand-up pouches are showing higher growth rate due to great barrier properties against moisture and oxygen along with low material usage and cost-effectiveness.
On the basis of the materials, the market is segmented into paper & paperboard, plastic, and others. Plastic dominates the material segment of the global market. It is extensively used materials for packaging across numerous end-use industries. Plastic in the form of PVC, PE, PP, PET, and others are used broadly in the packaging segment. This material provides a high barrier, cost-effectiveness, temperature resistance, and durable packaging options. The paper-based packaging is a versatile, environment-friendly and cost-effective method to transport, protect and preserve an extensive array of items.
On the basis of the application, the market is segmented into food & beverages, consumer goods, pharmaceutical, and others. The food and beverages segment dominates the market. High demand for processed and packed food across the globe driving the growth of the market. Service packaging is mainly used by the food industry for the packing of fruits, vegetables, poultry, meat, fish in addition to prepared meals, and storage products. Moreover, growing population along with increasing disposable income among the consumers also has the positive influence on the growth of the market.
In March 2017, Hotpack Packaging Industries has declared an investment of USD 61 million (GBP 50 million) to set up a facility in the U.K. The facility will be furnished with the latest packaging and manufacturing technologies. This facility will be established as the U.K & European head office and manufacturing facility and will create 250 jobs in the region.
In July 2016, Orlando Products, Inc. one of the largest providers of packaging supplies ranging from padded mailers, bubble wrap, and flexible sheet foams, completed the acquisition of Absolute Packaging, LLC. This acquisition provides Orlando Products with additional manufacturing capacity and expands the company’s presence in the Northern Virginia market.
Hence, Global Service Packaging market is expected grow at a CAGR of 5.2% during the forecast period.
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