Service Packaging Market Future Scope, 5.2% of CAGR, Statistics, Research Report and Industry 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
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 Packaging Service 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 Packaging Service Market is likely to project growth at 5.2% CAGR over the assessment period. Additionally, the Packaging Service 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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Market Segmentation
The global Packaging Service 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 Packaging Service 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 Packaging Service 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 Packaging Service 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 Packaging Service Market. Spurring demand for packaged foods as well as consumer goods is likely to boost the Packaging Service Market growth.
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The study presents a deep-dive assessment of the current growth dynamics, major avenues in the estimation year of 2026 and key prospects over the forecast period 2017-2026.The global food service packaging market is anticipated grow at a CAGR of 7.5% over the forecast period 2017-2026.
Extensive rounds of primary and a comprehensive secondary research have been leveraged by the analysts at Fact.MR to arrive at various estimations and projections of the food service packaging market, both at global and regional levels.
The analysts have used numerous industry-wide prominent business intelligence tools to consolidate facts, figures, and market data into revenue estimations and projections in the food service packaging market.
The food service packaging market report offers assessment of prevailing opportunities in various regions and evaluates their shares of revenue by the end of different years of the assessment period.Key regions covered comprise: North America (Canada, US)Latin America (Argentina, Mexico)Europe (NORDIC, UK)APEJ (China, India)MEA and JapanAfter reading the food service packaging market report, readers get insight into:Major drivers and restraining factors, opportunities and challenges, and the competitive landscapeNew, promising avenues in key regionsNew revenue streams for all players in emerging marketsFocus and changing role of various regulatory agencies in bolstering new opportunities in various regionsDemand and uptake patterns in key industries of the food service packaging marketNew research and development projects in new technologies in key regional marketsChanging revenue share and size of key product segments during the forecast periodTechnologies and business models with disruptive potentialYou can Request an Example Copy from here - https://www.factmr.com/connectus/sample?flag=S_id=465To expand the understanding of opportunities in the global food service packaging market report looks at close quarters into the opportunities and new avenues in following key segments: Equipment TypeRegionEnd-UsersSales ChannelsIn addition to understanding the demand patterns of various end users, the report on the food service packaging market also enumerates trends expected to attract investments by other various associated industries.
Foodservice Packaging Market is valued at USD 72.87 Billion in 2019 and expected to reach USD 104.73 Billion by 2025 with the CAGR of 5.33% over the forecast period.Increasing demand for cost effective packaging solutions, rising preferences of consumers for convenience food and handy products, downsizing nature of packaging, rapid urbanisation, busy lifestyles that require quick & manageable packaging are the major factors for driving the growth of Global Foodservice Packaging Market.Scope of Global Foodservice Packaging Market Report-Food service packaging, also known as disposable food service products, has matured over time and includes a variety of packaging products such as bowls, plates, cups, flips, paper packaging, etc.
Food service packaging is made from recyclable materials, so it requires less resources and less energy; therefore, packaging and disposable packaging are inexpensive, and most importantly, their retail space is reduced by 35%, which makes it profitable.
On the basis of application, market is segmented into fruits, vegetables, dairy, bakery, meat, poultry, alcohol, non- alcoholic beverage and others.
As per the statistics from Environmental Protection Agency (EPA), the total generation of aluminium packaging was estimated to be around 1.9 million tons in 2017 and corrugated boxes occupy 12.2% of the total packaging production.
Moreover, increase in world population that fuels a subsequent increase in the demand for food, rising culture of corporate work, better sustainability and downsizing of packaging, as well as reasonable costing and features like heat-resistance, anti-fogging and cold-resistance are other major factors driving the market growth.
There are increasing endeavours towards development of sustainable green packaging that does not cause any harm to environment and is easy to recycle too.
