Service Packaging Market Quadruples Massively By 2022; Asserts MRFR

Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global Service packaging Market Research Report - Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Global Service packaging Market - Overview

Service packaging is used at the point of sale to consumers of goods or services. It is any kind of packaging used in a same manner and type. Service packaging aims at the convenience of the end consumers by offering them a handy, durable and flexible packaging. Such packaging is used extensively across applications such as food, beverages and consumer goods. The Global Service Packaging Market is growing with the rapid pace; mainly due to the growth in packaged food industries. Increase in consumer income in countries such as China, India, and Brazil, have led to growth in demand for good-quality packaged food.

According to a recent study report published by the Market Research Future, The global market of Service packaging is booming and expected to gain prominence over the forecast period. The global Service packaging market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of during the estimated period (2017 – 2023).

Currently, the Service packaging market is spurting mainly due to the rapid growth in e-commerce sector. The ease of online shopping such as faster delivery, easier return policies, and free shipping, have made many customers switch from the traditional method of shopping. Additionally, growing pharmaceutical sector across the globe also has the positive influence on the growth of the market. However, fluctuating prices of raw materials is the factor may hamper the growth of the market. 

Browse Full Report @ https://www.marketresearchfuture.com/reports/service-packaging-market-1677

Key Players:

Amcor Ltd., Mondi Group, Smurfit Kappa Group, Bemis Company Inc., Georgia-Pacific Corporation, ITC Ltd., Cascades Inc., International Paper, Graphic Packaging International Inc., DS Smith Plc, Crown Holdings, Inc., Graphic Packaging International Inc., AptarGroup Inc., Sonoco Products Company, and Nippon Paper Industries Co. Ltd. are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Service packaging Market.

Global Service packaging Market - Competitive Analysis

Characterized by the presence of several well-established and small players, the global Market of Service packaging appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. These key players compete based upon pricing, and services. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These Key Players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Service packaging market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.

Industry News

In March 2017, Hotpack Packaging Industries, has announced an investment of USD 61 million (GBP 50 million) to set up facility in Wales, U.K. This facility will be equipped with the latest in packaging and manufacturing technologies. Wales facility will be established as the UK & European head office and manufacturing facility and will create 250 jobs in the region.

In April 2017, Oji invests USD 30 Million in New Zealand paper-bag converting facility. The new converting line can produce 48 million, 25kg dairy and food powder bags per year, bringing the plant's total annual production to 100 million bags.

In July 2016, Orlando Products, Inc. is one of the nation's largest providers of packaging supplies ranging from padded mailers, bubble wrap, and flexible sheet foams, completes the acquisition of Absolute Packaging, LLC. The acquisition provides Orlando Products with additional manufacturing capacity and expands the company's presence in the Northern Virginia market.

Service packaging Market - Segmentation

Global Service packaging Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.

Segmentation:

On the basis of materials, the market has been segmented as Paper & Paperboard, Plastic, and others. Polythene dominates the material segment of the market. Plastic is one of the most widely used material used for packaging across various end-use industries. Plastic in the form of PVC, PE, PP, PET, and others are used extensively in packaging segment. The material offers high barrier, cost efficient, temperature resistance and durable packaging options. Paper-based packaging is a versatile and cost-efficient method to transport, protect and preserve a wide array of items

Based on product, the market has been segmented into Boxes, Bags, Pouches, Papers, and others.  Pouches are available in different types such as stand-up pouches, retort pouches, and pillow pouches.

On the basis of application, the market has been segmented into Food, Beverages, Consumer goods, and others. Food and beverages are the major applications of the market. Demand for ready-to-eat and on-the-go foods and drinks continues to grow. With increase in the consumption of processed food will increase the consumption of package products. Consumer goods is also is also the major application of the market.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Global Service packaging Market -

Regional Analysis

Asia Pacific region dominates the global Service packaging market. Rising disposable incomes among the individuals and the booming ecommerce industry are the major factor driving the growth of the market in the region. China accounted for the largest share in Asia pacific region mainly due to strong economic growth along with increase in online shopping and rapid urbanization.

 North America is another major region for the Service packaging. Growing demand for consumer goods and packaged foods is expected to spur market growth. The U.K., Germany and France dominate the Service packaging market in Europe. Rising demand for consumer and personal care products and growing e-commerce is expected to spur market growth.

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