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The research reports published by MRFR point out that the global service packaging industry will grow very healthy at CAGR of about 4.70% to reach about 1,45,500 million dollars by the end of the delivery period.
The Services Packaging Market is subject to a host a variables worth of that together shape the demand for and the supply of services. Besides, the pressing requirement for being eco-friendly and at the same time providing convenience is also another factor which assumes this prominence. Consumers who increasingly get conscious of their foot print are making a momentum to lean more towards sustainable packaging solutions. Such an operation has led service packaging sector companies to adopt sustainable materials and associated practices to be able to exactly match the needs of their customers.
Thus, during this period, the e-commerce industry has been known to have an impact on the service packaging market. Through the emerging trend of online shopping, there is consumption increase in packaging providing products' protection during transit and delivering customers alike value in the altogether unboxing experience. Consequently, Packaging Manufacturers dry run to improve their style as well as to design attractive or fashion-oriented packaging that may add value and enable them to stand-out in the highly-competitive e-commerce industry.
Another standpoint in this globe is the international trade that governs service packaging. As the organizations keep on increasing their reach alongside borders, there has been growing pressure to supply parcels that guarantee the structure content during long-distance transport is no exception. This made manufacturers carefully design packaging that could withstand transport due to the global supply chains which may get damaged hence packaging materials such as corrugated boxes and bubble wraps have been employed.
Also, regulatory guidelines and the top compliance are the most important factors for shaping the service packaging market. The guiding principle in those policies of many countries is the limited plastic use and environment protection. Packaging companies therefore need to learn to cope with and apply to the regulations, thereby developing and providing most of the environmentally friendly and reusable package solutions. The potential interplay between businesses and guidelines of regulations beyond that of compliance specificity is also a key factor when it comes to competitiveness of a business in the market.
The price component is a perennial mate that determines the pattern of the service packaging field. The selection of type of packaging materials and whether we have a unique and innovative design, complexity of the design, paying extra for post-production processes are factors of challenge to the cost of packaging. Organizations which operate in this market need to concentrate on a strategy that offers the lowest prices yet maintains the expected quality and complexity. Aside from such economic realities like inflation and natural fluctuations in the prices of raw materials, the packaging industry of services is also complicated by its cost dynamics.
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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