Service Packaging Market | COVID-19 Impact, Competitive Dynamics, Size, Share, Global Outlook till forecast 2022
Service Packaging Market Scenario
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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Regional Analysis
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.
Key Players
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)
Segmentation:
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.
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. COVID-19 Impact
Industry News
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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