NEWARK, Del, May 22, 2023 (GLOBE NEWSWIRE) -- The global packaging testing services market was pegged at around US$ 13,527.2 Million back in the year 2022. The new market analysis report, released by FMI, anticipates the market to expand at a CAGR of 9.7% from 2023 to 2033. By following this lucrative CAGR, the overall market is projected to grow from US$ 14,839.3 Million in 2023 to US$ 37,452.4 Million by 2033.
Throughout the past two decades, there has been a significant change in the packaging methods and shipment of consumable items. With a great emphasis on improving the shelf life of commodities to lower the expenses associated with damaged goods packaging testing services are gaining prominence. Due to this emphasis, there is a significant need for the establishment of firms providing efficient package testing services at global as well as regional levels.
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Key Takeaways:
- The adoption of packaging testing services globally is projected to witness an absolute growth opportunity of US$ 22,613.1 Million over the next ten years.
- Currently, countries in Europe together contribute nearly 29.6% of the global revenue generated by packaging testing services. Germany is the leading country in this respect and held a global market share of 6.1% in 2022.
- The demand for packaging testing services in the United Kingdom is growing at a significant rate than in any other country in Europe. The United Kingdom market is anticipated to witness an overwhelming growth rate of 3.1% over the forecast years.
- North America followed Europe in providing packaging testing services and contributed 24.2% to global revenue in 2022. However, in comparison to all other countries, the United States dominated the global market by acquiring 21.7% of the revenue share.
- China and India are projected to emerge as the leading regions by following CAGRs of 10.5% and 11.2% through 2033 respectively
Competitive Landscape:
In this market study, the competitive landscape is relatively strong, and regional packaging testing services concentration is modest in nature. However, rapid advancement and consolidation of the market are anticipated over the next years through mergers and collaborations.
It is anticipated that the rivalry could get intense in the next two to three years with the emergence of new market players. Long-standing players like Intertek, Eurofins, SGS, and Bureau Veritas, may continue their market dominance by providing cutting-edge solutions services to ratchet up the market rivalry.
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Recent Developments:
- The Advanced Testing Laboratory, which was mainly a supplier of scientific sourcing services, was purchased by Bureau Veritas Inc. in June 2022. It offered research and development, product qualification, production, and packaging like all services. Bureau Veritas anticipated that the purchase might aid in growing its market share in the United States and Canada.
- In July 2022, an additional Package Testing Lab was established by Eurofins Scientific SE. This new lab is expected to offer crucial testing assistance for the protective qualities and longevity of labels over packages. On top of that, the company's service capabilities to clients are anticipated to be improved by this new unit in Lancaster, Pennsylvania.
- Packaging testing service providers in India were able to demonstrate their end-to-end commitment to sustainability starting in January 2020. It was possible through the innovative Total Sustainability Assurance program from Intertek Group plc, which offers an industry-leading, independent assurance solution.
Key Segmentation:
Packaging Testing Services Market by Testing Type:
- Physical
- Chemical
- Microbiological
Packaging Testing Services Market by Material:
- Plastic
- Paper & Paperboard
- Glass
- Metal
- Others
Packaging Testing Services Market by End-user:
- Food
- Beverages
- Healthcare
- Personal Care & Cosmetics
- Others
Packaging Testing Services Market by Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia Market
- Oceania Market
- The Middle East & Africa (MEA) Market
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Testing Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Testing Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Testing Type, 2023 to 2033
Click Here for Packaging Testing Services Market 333 pages ToC Report.
About the Packaging Division at Future Market Insights (FMI):
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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