Service Packaging Market Demand, Industry Size, Top Players, Opportunities, Sales, Revenue And Regional Forecast To 2022
Service Packaging Market Scenario
The food, beverages, and consumer goods industries are influencing the service packaging market progressively. Reports that explore the packaging and transport industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is likely to be encouraged by a CAGR of 5.2% in the upcoming forecast period.
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.
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), 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).
Segmentation
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.
Regional Analysis
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.
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.
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