Summary

Global Product Packaging Services Market Trends, Size, Growth, Share, Future Scope: 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

Product Packaging Services Market Overview

Service packaging primarily focuses on providing a durable and convenient packaging to the end user. Such packaging finds wide application across several verticals like consumer goods, beverages, and food. Market Research Future’s study on service packaging industry revealed that the global Product Packaging Services Market is expanding at a rapid pace and is estimated to grow substantially throughout the assessment period. The growth is mainly owing to the exponential growth of the packaged food industry. The Product Packaging Services Market is likely to project growth at 5.2% CAGR over the assessment period. Additionally, the Product Packaging Services Market is witnessing remarkable growth due to the rapid growth observed within the e-commerce and retail sector. Since online shopping extends benefits like fast delivery, comfortable shopping experience, free shipping, and easy return policies, people are gradually shifting their preference from traditional forms of shopping to contemporary shopping. Besides, up surging pharmaceutical business across the world also has positively influenced the development of the market. Nevertheless, inconsistent prices of packaging raw materials can limit the market growth to a large extent.

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Key Players

Global Product Packaging Services Market is largely dominated by prominent players such as

Mondi Group

Amcor Ltd.

Bemis Company Inc.

Smurfit Kappa Group

ITC Ltd.

Georgia Pacific Corporation

International Paper

Cascades Inc.

Graphic Packaging International Inc.

DS Smith Plc

Graphic Packaging International Inc.

Sonoco Products Company

Nippon Paper Industries Co. Ltd.

AptarGroup Inc.

Market Segmentation

The Product Packaging Services Market is segmented based on product, application, and material. Based on product, the market is segmented into pouches, bags, boxes, and others. The pouches segment represents a primary share in the Product Packaging Services Market. It is available in different types of pillow pouches, retort pouches, and stand-up pouches. The stand-up pouches display accelerated growth rate owing to great barrier properties against oxygen and moisture along with cost-effectiveness and low material usage. Based on application, the market is segmented into pharmaceutical, consumer goods, food & beverages, and others. The food and beverages segment leads the Product Packaging Services Market. Surged demand for packed and processed food throughout the globe drives the market growth significantly. Service packaging is majorly applied by the food sector for the packaging of vegetables, fish, fruits, meat, and poultry, collectively with frozen and prepared meals. Furthermore, the rising population along with prospering disposable income among the consumers, also has a positive impact on the market growth. Based on materials, the market is segmented into plastic, paper & paperboard, and others. Plastic leads the material segment of the global market. Plastic in the form of PE, PVC, PET, PP, and others, are applied widely in the packaging segment. This material offers cost-effective, durable, and temperature resistant packaging options. The paper-based packaging is a versatile, environment-friendly, and economical method to protect, preserve, and transport an extensive range of items.

Regional Analysis

APAC market is likely to dominate the global service packaging industry. The presence of emerging economies like Indonesia, China, and India, have strengthened the purchasing power of the overall APAC market. Additionally, the multiplying population of India and China influences the demand for packaged and processed food sector, positively. Increasing number of hypermarket within the APAC market is also estimated to drive the demand for service packaging products. India, China, Thailand, and Japan, are the largest growth contributors for the Product Packaging Services Market in APAC. China represents the largest share in the market mainly owing to strong economic growth, expanding shopping activities, and rapid urbanization. North America is a key region in the worldwide Product Packaging Services Market. Spurring demand for packaged foods as well as consumer goods is likely to boost the Product Packaging Services Market growth.

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