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Service Packaging Market Research Report - Forecast to 2023

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Global Service Packaging Market information: 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 Market Market Research
Report By Forecast To 2023
Industry Survey, Growth, Competitive Landscape
and Forecasts to 2023
PREPARED BY
Market Research Future
(Part of Wantstats Research & Media Pvt. Ltd.)
Service Packaging Market Market Research Report - Forecast to 2023
Global Service Packaging Market information: 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 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 market 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 market is estimated to increase at a CAGR of 5.2% during
the estimated period (2017-2023).
Currently, the service packaging market 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. Moreover, increasing pharmaceutical industry across the globe also has the
positive influence on the growth of the market. However, fluctuating prices of packaging raw materials are the factor, which
may hamper the growth of the market.
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Service Packaging Market Market Research Report - Forecast to 2023
Key Players
The prominent players 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., Graphic Packaging International Inc., AptarGroup Inc., Sonoco Products Company, and Nippon
Paper Industries Co. Ltd.
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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Service Packaging Market Market Research Report - Forecast to 2023
Segmentation
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Service Packaging Market Market Research Report - Forecast to 2023
Segmentation of 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.
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Service Packaging Market Market Research Report - Forecast to 2023
Regional Analysis of Global Service Packaging Market
On the basis of the regions, the global service packaging market 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. China, India, Japan, and Thailand are the highest contributor to Asia Pacific market.
China accounts for the largest market share in the region mainly due to strong economic growth, rapid urbanization and
increse in shopping activities.
North America is another major region in the global service packaging market. 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.
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MARKET RESEARCH FUTURE
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report
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studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments,
enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and
industrial visits for its research analyst members.
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Author
Monica Nerkar
Monica Nerkar151   document Email
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