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Service Packaging Industry Size, Share, Growth, Trends, Analysis, Future Scope, Forecast To 2022

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sagar k
Service Packaging Industry Size, Share, Growth, Trends, Analysis, Future Scope, Forecast To 2022

Summary

Global Service Packaging Industry: 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 Industry Scenario

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 Industry 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 Industry is estimated to increase at a CAGR of 5.2% during the estimated period (2017-2023).

Currently, the Service Packaging Industry 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.

Regional Analysis

On the basis of the regions, the global Service Packaging Industry 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.

North America is another major region in  the global Service Packaging Industry. 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.

Key Players

Key players in the global Service Packaging Industry 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.

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.

Hence, Global Service Packaging market is expected grow at a CAGR of 5.2% during the forecast period.

Access Full Report With Complete TOC @ https://www.marketresearchfuture.com/reports/service-packaging-market-1677

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