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The Service Packaging Market is an active and significant industry segment that is fulfilled the packing requirements of service providing organizations in accordance with each of its particular requirements. Without a doubt, serving-packaging being one of the major segments of the overall packaging industry is subject to some factors causing both market growth and breakthrough technological changes.
The main driver of the market dynamics is the already unstable and comparing consumer preferences and behaviors. Customers are leaning towards more eco-friendly and recyclable packages that are feasible for them, and concern about the environment is very much rising in this sector of service packaging. More and more firms are considering the issue of sustainable packaging due to the need to follow consumer preferences and to deal with environmental issues. As a result, the field of green packaging is growing both inventive solutions in materials and the design.
Besides, the e-commerce (on-line) expansion brings a great change of the service packaging market dynamics too. Online shopping has resulted in a demand for packaging systems to be more dependent on efficiency and protection to secure customers’ service and products when they are being shipped. Consequently, service packaging suppliers are especially keen on creating packaging by using innovative new technologies that would make the design both pleasing and strong enough to ensure safety along entire e-commerce supply chain.
Globalization besides its significance in this matter finds a new talent in the investing in packaging services industry as another crucial issue. Companies are also considering to grow their business globally resulting to more demand of packable solutions that can be considered in importing and exporting of products. The service providers who package their services need to overcome the multiple regulatory conditions and to gain new market territories; however, in the meantime, they also have to meet the various rules and regulations.
The economy plays a vital role as well as quite few factors considered as indisputable channels affecting the market of service packaging. Companies require packaging that is cost-effective but not compromising the food quality, hence, providers to develop production processes that are efficient, use new different materials and are operationally effective. Variances in the economic mixtures associated with market unpredictabilities can alter the price plans of services packagings whereby both providers and consumers can be involved in the decision-making process.
As well, there is technological improvement bias, being considered as a major factor of the transforming envelopes for service industry market. For instance, there is a great momentum picked up around an area known as smart packaging which uses technology to tell in real time the quality of the packaged products. These new technological capabilities not only increase the efficiency and functionality but also workouts the percentage of user experiences.
Service Packaging Market Highlights:
Service Packaging Market Overview
Service packaging market size was valued at USD 135.7 billion in 2023. The Service packaging industry is projected to grow from USD 143.6 billion in 2024 to USD 233.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.25% during the forecast period (2024 - 2032).
Service packaging focuses on offering convenience to the end use customers by providing them a durable, convenient service packaging. Service packaging is majorly used across several applications such as consumer goods, beverages, and foods. The global market for service packaging has registered enormous growth in recent times. The market's growth is mainly credited to the massive development in the packaged food industries. Furthermore, the rapid growth in the e-commerce sector has also played a vital part in the market's growth in the last few years. Online shopping offers several beneficial features, such as free shipping, quicker delivery, attractive discounts & offers, and easier return policies, which are making customers shift towards online shopping platforms. Moreover, the growing pharmaceutical industry across the globe is also anticipated to boost the market's growth in the coming years. on the other hand, the volatility of prices of packaging raw materials is projected to impede the market's growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Prominent Players
List of the key prominent companies in the service packaging include
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, AptarGroup Inc., Sonoco Products Company, and Nippon Paper Industries Co. Ltd.
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.
Recent Development
- March 2022- a leader in flexible packaging and material science, ProAmpac, has announced that it has made its fresh food-to-go HandRap™ products available for onlinepurchase from quantities as low as 500 with available options for full-scale production.
- March 2022- a reputed producer of cleaning, maintenance, and personal protection products, The Tranzonic Companies, has announced the expansion of its ability to offer contract converting services for dry and presaturated perforated rolls within the nonwoven wipes category.
- February 2022- The United States Postal Service, in a proposal to capture more packages for next-day delivery, has launched a new, cheaper parcel service named "USPS Connect Local." The service will allow shippers to get next-day, first-class service on document packages weighing up to 13 ounces for USD2.95.
Industry News
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.
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