Service Packaging Market

Service Packaging Market

Growth Factors of Service Packaging Market

The service packaging market size was valued at USD 115.70 billion in 2023, and the market is now projected to grow from USD 120.65 billion in 2024 to USD 173.77 billion by 2032, exhibiting a CAGR of 4.67% during the forecast period of 2024-2032.

The COVID-19 pandemic disrupted the market because of exertions shortages and raw material unavailability. While the food & beverage area saw slight increase, the pharmaceutical area remained resilient, pushed through the constant call for medicinal drugs. This growth in addition fueled the e-commerce enterprise, contributing to the general market enlargement.

The rise of e-commerce has significantly boosted the global packaging industry, driving demand for long lasting packaging solutions like luggage, pouches, and mailers. Increased online shopping has led manufacturers to put money into notable packaging to beautify brand reputation. Collaborations between main packaging and e-trade agencies are in addition fueling market growth. Additionally, the growth of online retail continues to contribute to the growth of the service packaging region.

The boom of food service packaging is driven with the aid of the ease and revel in presented by way of quick-provider restaurants, ranging from quality dining to meals vans. Convenience shops emphasize great, eco-friendly packaging to meet consumer needs. Leading international players focus on designing sustainable packaging that reduces meals and packaging waste, retaining herbal assets even as retaining product excellent.

Comprehensive Analysis of Service Packaging Market

The service packaging market growth is rising at an exponential rate due to its market segmentation. This market expansion correctly offers a detailed nearby assessment considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by material analysis, by product type analysis and by end use analysis. By material analysis include paper & paperboard, plastic, and others. By product type analysis include bags & pouches, boxes & cartons, trays & clamshells, films & wraps, mailers, and others. By end use analysis include consumer goods, personal care & cosmetics, food & beverages, fashion apparel & accessories, and others.

The Asia Pacific region lead the service packaging market share by benefitting a market size of USD 45.41 billion in 2023 due to rising online shopping trends in the region.

The top players in the market play a crucial role in the packaging industry assuring industrial prospectus growth and setting market standards. These players include, Amcor Ltd., Anchor Packaging, Nippon Paper Industries Co. Ltd., Sonoco Products Company, AptarGroup Inc, Crown Holdings, Inc, DS Smith Plc., Mondi Group, Graphic Packaging International Inc, International Paper, Smurfit Kappa Group, Huhtamaki these market players provide a level-playing competitive landscape.

In March 2024, IMEX Vision (IMEX) launched Adama, a sustainable range of paper cups made with APP Group’s Foopak Bio Natura base paper, free of PFAS, recyclable, and compostable.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 4.67% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Material

• Plastic
• Paper & Paperboard
• Others

By Product Type

• Bags & Pouches
• Boxes & Cartons
• Trays & Clamshells
• Films & Wraps
• Mailers
• Others

By End Use

• Food & Beverages
• Consumer Goods
• Personal Care & Cosmetics
• Fashion Apparel & Accessories
• Others

By Region

• North America (By Material, Product Type, End Use, and Country)

- U.S. (By End Use)

- Canada (By End Use)

• Europe (By Material, Product Type, End Use, and Country)

- Germany (By End Use)

- U.K. (By End Use)

- France (By End Use)

- Italy (By End Use)

- Spain (By End Use)

- Russia (By End Use)

- Poland (By End Use)

- Romania (By End Use)

- Rest of Europe (By End Use)

• Asia Pacific (By Material, Product Type, End Use, and Country)

- China (By End Use)

- India (By End Use)

- Japan(By End Use)

- Australia (By End Use)

- Southeast Asia (By End Use)

- Rest of the Asia Pacific (By End Use)

• Latin America (By Material, Product Type, End Use, and Country)

- Brazil (By End Use)

- Mexico (By End Use)

- Argentina (By End Use)

- Rest of Latin America (By End Use)

• Middle East & Africa (By Material, Product Type, End Use, and Country)

- Saudi Arabia (By End Use)

- UAE (By End Use)

- Oman (By End Use)

- South Africa (By End Use)

- Rest of the Middle East & Africa (By End Use)


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