Global Service Packaging Market Size, Share, Growth, Trends, Analysis: 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
Service Packaging Market Overview
The service packaging is meant to ensure the comfort of the end use customers by offering them a durable and convenient packaging. Market Research Future (MRFR) released a research report about the global service packaging market that estimates extension for this market at 5.2% CAGR between 2017 and 2023.
Meaningful factors driving global service packaging market growth include convenience & durability about eco-friendly packaging and ease of online shopping. Other factors that are speeding up the market growth include increase in the disposable income & purchasing power of people, increasing awareness about eco-friendly packaging, quicker delivery due to online shopping, speedy growth in the e-commerce sector, rapid urbanization, growth in food & beverage industries, rising number of retail outlets, and global pharmaceutical industry growth.
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Noteworthy players to make an impact in the global service packaging market include
- AptarGroup Inc. (USA)
- Amcor Ltd. (Australia)
- Bemis Company Inc. (USA)
- Crown Holdings Inc. (USA)
- Cascades Inc. (Canada)
- DS Smith PLC (UK)
- Graphic Packaging International Inc. (USA)
- Georgia-Pacific Corporation (USA)
- International Paper (USA)
- ITC Ltd. (India)
- Nippon Paper Industries Co. Ltd. (Japan)
- Mondi Group (Austria)
Service Packaging Market Segmentation
The global service packaging market segmentation includes application, material, product, and region. The application-based segmentation lists market into consumer goods, food & beverages, pharmaceuticals, and others. Huge demand for processed and packed food is the reason for the service packaging market to grow in the food industry.
The material-based segmentation includes paper & paperboard, plastic, and others. During the forecast period, the plastic segment can grow due to its temperature resistance, durability, and cost-effectiveness.
Regarding the product, the market has been segmented into boxes, bags, pouches, and others. The pouches segment is being sub-segmented into retort pouches, pillow pouches, and stand-up pouches. During the forecast period, the stand-up pouches stand a chance to witness higher growth rate due to their resistance to moisture and oxygen.
Regionally, the global service packaging market covers Asia Pacific, North America, Europe, and the Rest of the World (RoW). Asia Pacific region is the largest regional market due to the surging number of hypermarket and growing purchasing power of the consumers. Due to the increasing online shopping activities, the stronger purchasing power of people, and rapid urbanization, China has emerged as the most important country-specific market. Other exceptional country-specific markets in this region are India, Japan, Indonesia, and Thailand.
North America is another crucial regional market as the demand for consumer goods and packaged foods is increasing. Other factors to inspire a rise in the service packaging market are the booming pharmaceutical industry, the availability of high-speed internet, and the presence of e-commerce giants in the USA. Canada is another important country-specific market in this region.
Europe is a vital regional market due to the availability of most advanced technology after North America and the high density of population in this region. With the availability of high-speed internet, online shopping stores receive a big chunk of customers every day. The most vibrant country-specific markets in this region are Germany, France, Italy, and the UK.
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TABLE OF CONTENT
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
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