Service Packaging Market Latest Rising Trend & Forecast to 2023
The purpose of the service packaging is to ensure the convenience of the end use customers by offering them a convenient, durable and service packaging. Market Research Future (MRFR) has published a research report about the global service packaging market that predicts growth for this market with 5.2% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
The factors driving the growth of global service packaging market include convenience & durability about eco-friendly packaging, ease of online shopping, increasing awareness about eco-friendly packaging, increase in the disposable income & purchasing power of people, rapid growth in the e-commerce sector, growth in food & beverage industries, rapid urbanization, rising number of number of retail outlets, and worldwide growth of pharmaceutical industry. However, the fluctuating prices of packaging raw materials can make the market growth hit breaks.
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The global service packaging market has been segmented on the basis of application, material, product, and lastly, region. Based on application, this market has been segmented into consumer goods, food & beverages, pharmaceutical, and others. Among these segments, the market is dominated by food & beverages. High demand for processed and packed food is aiding the market growth. Service packaging is mainly used by the food industry for the packing of food items.
The material-based segmentation segments the market into paper & paperboard, plastic, and others. During the forecast period, the market is to be dominated by the plastic because it provides cost-effectiveness, durable packaging options, high barrier, and temperature resistance. The paper is the second largest segment because paper-based packaging is a cost-effective, environment-friendly, and versatile method to transport, protect and preserve an extensive cluster of items.
On the basis of product, the market has been segmented into bags, boxes, pouches, and others. The pouches have been sub segmented into pillow pouches, retort pouches, and stand-up pouches. During the forecast period, the stand-up pouches are showing higher growth rate due to great barrier properties against moisture and oxygen. They are also cost-effective and use low material.
The regional segmentation of the global service packaging market segments the market into continent-based regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW). Asia Pacific is the largest regional market. Factors contributing to the market growth in this region include growing number of hypermarket and increase in purchasing power of the consumers. The biggest country-specific market in the region is China due to increase in shopping activities, increasing in the purchasing power of people, and rapid urbanization. Other important country-specific markets in this region are India, Indonesia, Japan, and Thailand.
North America is another major regional market due to increasing demand for consumer goods products as well as packaged foods. Other factors contributing to the market growth in this region. High growth in the pharmaceutical industry of this region is boosting the market growth further. The presence of e-commerce giants in the United States of America (USA) is also an important reason for market growth. Canada is another country-specific market in this region.
Europe is significant market due to high density of population and the most advanced technology after North America because of which both shopping stores as well as online shopping stores always receive lots of customers. The strongest economies that are suitable country-specific markets in this regions are France, Germany, Italy, and the United Kingdom (UK).
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).
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