Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Packaging and Labeling Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global Expansion of Packaging and Labeling Services Industry Reflects Rising Consumer Demand and E-Commerce Trends.
In the latest comprehensive research shedding light on the packaging and labeling services market, new statistics underscore the industry's vigorous expansion and future prospects. The analysis reveals a significant growth surge, propelling the market size from $47.12 billion in 2023 to an estimated $50.57 billion in 2024, marking a 7.3% CAGR.
Observed growth trajectories suggest continued momentum leading up to a robust $65.16 billion by 2028, advancing at a 6.5% compound annual growth rate. This growth is fueled by multiple facets of the industry including globalization, consumer branding preferences, and the burgeoning e-commerce sector.
Innovations and Trends Steering Market Growth
- Sustainability Initiatives: Evolving consumer demands for environmentally responsible packaging highlight a significant market trend segueing into sustainability.
- Personalization and Customization: Consumer preferences for bespoke and personalized packaging continue to influence market dynamics.
- Anti-Counterfeiting Measures: The industry is increasingly adopting sophisticated packaging solutions that incorporate security features to combat counterfeits.
- Supply Chain Resilience: Ongoing developments aim to bolster the agility and reliability of supply chains in response to global disruptions.
- Brand Storytelling: Modern packaging solutions are emerging as a powerful medium for brands to communicate their narratives, enhancing customer engagement.
Significant drivers identified include the burgeoning food and beverages sector, with growing consumer expenditure indicating enhanced demand for packaging services that assure product quality and safety. Additionally, the pharmaceutical industry's ascendancy, with its reliance on packaging for drug safety and integrity, underscores another prime market stimulant.
Prominent businesses in this sphere are increasingly pivoting towards innovative strategies to secure a competitive edge. Such initiatives include the integration of carbon labeling services to meet consumer expectations for transparency in sustainability and the adoption of cutting-edge label printing technology.
Recent strategic movements, such as Constantia Flexibles' acquisition of FFP Packaging Solutions Ltd., reveal the proactive steps companies are taking to strengthen their market positions.
Regional Market Perspectives
North America holds the distinction of being the leading region within the packaging and labeling services market as of 2023. The report covers a global perspective, providing insights into essential markets across Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Service Categories and Applications
The analysis dives into the key categories of packaging and labeling services, encompassing primary and secondary packaging, while discussing industry utilization across diverse sectors such as healthcare, personal care, automotive, aerospace, and the predominant food and beverages category.
A selection of companies mentioned in this report includes
- 3M Company
- Amcor plc
- Bemis Company Inc.
- CCL Industries Inc.
- E.I. du Pont de Nemours and Company
- Gerresheimer AG
- Owens-Illinois Inc.
- Schott AG
- Sonoco Products Company
- WestRock Company
- Case Mason Filling Inc.
- AmeriPac Inc.
- ELIS Packaging Solutions Inc.
- XPress 360
- Action Pak Inc.
- AB Graphic International
- Avery Dennison Corporation
- Constantia Flexibles
- Coveris Holdings S.A.
- DuPont de Nemours Inc.
- Berry Global Group Inc.
- Crown Holdings Inc.
- Graphic Packaging International LLC
- International Paper Company
- Mondi plc
- Reynolds Group Holdings Limited
- Sealed Air Corporation
- Smurfit Kappa Group plc
- Colbert Packaging
- Elsons International
For more information about this report visit https://www.researchandmarkets.com/r/68ewdn
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