Ottawa, June 27, 2024 (GLOBE NEWSWIRE) -- The global packaging services market size is predicted to increase from USD 48.37 billion in 2023 to approximately USD 116.25 billion by 2033, a study published by Towards Packaging a sister firm of Precedence Statistics.
The increasing demand for safe and efficient packaging solutions across the various industries, coupled with the rise in e- commerce and online shopping, is expected to drive the growth of the packaging services market.
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Industry at a Glance
The packaging services market plays a crucial role in the global economy, supporting various industries such as food and beverages, healthcare, consumer goods, and more. Companies in this market offer multiple services, including designing, manufacturing, and consulting, to help businesses ensure their products are safely and attractively packaged.
Packaging services encompass various solutions to ensure products are securely and attractively packed. These services are vital for businesses across various industries, as they help protect products during transportation, storage, and display. The packaging services market involves companies offering product packaging solutions across various sectors. These services can include everything from designing and manufacturing packaging materials to assembling, labeling, and shipping the final product. Packaging is a crucial step in the supply chain, ensuring that products are protected during transit and storage and reach the consumer in perfect condition.
One of the key drivers of growth in the packaging services market is the booming e-commerce sector. As online shopping becomes increasingly popular, the demand for effective and reliable packaging solutions has surged. Companies need packaging that protects products during shipping and enhances the unboxing experience for customers, contributing to brand loyalty and customer satisfaction.
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Rising Awareness About Sustainability to Act as a Driver
Sustainability has emerged as a pivotal driver reshaping the packaging services market, as both consumers and businesses increasingly prioritize environmental responsibility. This shift is promoting a significant demand for packaging solutions that minimize ecological impact and promote sustainable practices throughout the supply chain.
Consumers today are more conscious than ever about the environmental footprint of the products they purchase. They actively seek out brands that demonstrate a commitment to sustainability, including their offerings. For instance, companies are opting for packaging made from post- consumer recycled materials or exploring innovative bio-based materials derived from renewable sources such as cornstarch or sugarcane.
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Customization, Growing Trend in the Packaging Services to Act as an Opportunity
Customization is becoming increasingly significant in the packaging industry, with brands looking for unique ways to personalize their packaging to attract and engage consumers. This trend is driven by the desire to create a memorable unboxing experience, build brand loyalty, and differentiate products in a crowded marketplace. Customization can be achieved through various techniques such as custom printing, embossing, and innovative packaging designs.
One of the most popular methods of customization is custom printing. This allows brands to create packaging that reflects their identity and resonates with their target audience. For example, a luxury chocolate brand might use custom printing to feature intricate designs and gold foil accents on their boxes, enhancing the perceived value of the product. Similarly, a cosmetics company might use vibrant colors and unique patterns to make their packaging stand out on retail shelves.
Embossing is another effective customization technique. This involves creating a raised or recessed design on the packaging material, adding a tactile element that can enhance the consumer's sensory experience. For instance, a premium wine brand might use embossing to highlight their logo and create a sense of elegance and sophistication.
Complexity of Regulations to Act as a Restraint
The packaging industry operates within a complex and ever-evolving regulatory environment. Regulations governing packaging materials, safety standards, and environmental impact differ from one country to another, and even within regions of the same country. This complexity poses a significant challenge for packaging service providers, who must constantly adapt their services to remain compliant.
One of the major areas of regulation in the packaging industry is safety standards. These regulations ensure that packaging materials do not pose a risk to consumers. For instance, food packaging must comply with stringent safety standards to prevent contamination and ensure that no harmful chemicals leach into the food. Compliance with these standards often requires extensive testing and certification, which can be time-consuming and costly for packaging service providers.
Another critical aspect of regulation involves the use of recyclable and sustainable materials. With increasing awareness of environmental issues, governments around the world are implementing regulations to reduce plastic waste and promote the use of eco-friendly materials. For example, the European Union has introduced directives that mandate the use of recyclable packaging and set targets for reducing plastic waste. Packaging service providers must navigate these regulations, which often require them to redesign products and invest in new materials and technologies.
Asia Pacific Dominated the Global Market in 2023
Asia Pacific dominated the global packaging services market in 2023, accounting for 37.24% of the total market share. This region's growth is primarily fueled by increased consumer spending and the rising demand for packaged goods across various sectors, including food and beverages, personal care, pharmaceuticals, and consumer electronics. The rapid expansion of e-commerce, driven by increased internet and smartphone penetration, is also a significant growth driver. Countries like China, Japan, and India are at the forefront of this expansion, with India showing remarkable growth due to its booming consumer market and increasing investments in packaging technology.
India is emerging as a key player in the packaging services market, thanks to its rapidly growing consumer base and increasing demand for packaged goods. The country's packaging industry is evolving, with a strong emphasis on sustainability and innovation. The growth of the e-commerce sector is a major driver, as more consumers turn to online shopping, increasing the need for robust and reliable packaging solutions. Indian companies are investing in new technologies and materials to meet the rising demand for eco-friendly packaging. For instance, the collaboration between SOLIZE India Technologies Private Limited and scapos AG aims to revolutionize packaging design with advanced software solutions, highlighting the country's commitment to innovation in the packaging sector.
North America to Grow at a Moderate Rate
North America holds a significant position in the global packaging services market, driven by the presence of major packaging companies and a strong demand for sustainable and innovative solutions. Key players like Amcor Ltd, Ball Corporation, and Mondi PLC are leading the market, particularly in the United States. The region is seeing an increasing adoption of eco-friendly materials and regulatory compliance services due to stringent health and safety standards. Additionally, changing consumer preferences towards convenience and single-serve options are boosting the demand for advanced packaging solutions in the food, beverage, and healthcare industries. North America's market is expected to grow at a notable CAGR of 8.04% over the forecast period.
By Packaging Type, the plastics segment to lead the market in the upcoming period
Plastic packaging leads the market due to its versatility, durability, and cost-effectiveness. It is widely used across various industries, from food and beverages to healthcare, due to its ability to protect products and extend shelf life. Additionally, advancements in recycling technologies are increasing the use of recycled plastics, further boosting its dominance.
By Services, the manufacturing segment to act as a leader in the market
Manufacturing services dominate the market as they encompass the bulk of packaging operations, including the production of various packaging materials and containers. These services are crucial for meeting the high demand for efficient, high-quality, and scalable packaging solutions across industries.
By End-use, the food & beverages segment held the largest share of the market
The food & beverage sector is the largest end-user of packaging services. This dominance is driven by the constant demand for safe, convenient, and attractive packaging that preserves the quality and extends the shelf life of food and beverage products. The sector's need for innovative and sustainable packaging solutions also fuels market growth.
Recent Breakthroughs in the Packaging Services Market:
- June 2024, Sustainability Focus, Smithers Pira released a report titled, "The Future of PCR for Food-grade Applications to 2029," highlighting the growing use of post-consumer recycled (PCR) materials in food packaging. This reflects the ongoing emphasis on sustainable practices within the industry.
- May 20, 2022, Technological Advancements: Sealed Air, a major player in the packaging industry, launched its new digital packaging brand, Prismiq, which offers design services, digital printing, and intelligent packaging solutions. This showcases the growing role of technology in enhancing and customizing packaging functionalities.
- April 2024, in response to consumer demands for environmentally friendly packaging, FoodChain ID introduced Sustainable Packaging Services, a line of goods and professionally led services that assist food and cosmetics brands and their supply chains. Sustainable Packaging Services brings together new and old digital services to help manufacturers keep an eye on and react to shifting global packaging regulations.
- March 2024, Berry declared the expansion of its recycling capacity in its three European recycling facilities. This will increase the production capacity by around 6,600 tonnes (t) per year. This announcement is part of a pan-European project to increase the manufacturing of its Sustane range of recycled polymers, aiming to meet the the increasing need for high-performance films with recycled content.
- March 2024, SOLIZE India Technologies Private Limited and scapos AG revealed collaboration with the goal of revolutionizing the packaging design in the manufacturing sector. This collaboration will combine extensive experience of SOLIZE India in engineering software solutions with cutting-edge PackAssistant software of scapos AG to provide a unique packaging design option for customers in India.
More Insights of Towards Packaging:
- The global pharmaceutical packaging market size is estimated to grow from USD 117.23 billion to reach an estimated USD 322.50 billion by 2032, growing at a CAGR of 10.7% from 2023-2032.
- The e-commerce packaging market size is estimated to grow from USD 51,248 million in 2022 to reach an estimated USD 2,42,061 million by 2032, at a growing CAGR 16.8% from 2023 to 2032.
- The global pharmaceutical temperature-controlled packaging solutions market size was valued at USD 578.9 million in 2022 and is predicted to reach around USD 945.2 million by 2030, growing at a 6.30% CAGR from 2022 to 2030.
- The global protective packaging market size has reached USD 30,904.05 million in 2023 is expected to reach USD 46,243.03 million by 2032, at CAGR of 4.6% from 2023 to 2032.
- The global rigid plastic packaging market size estimated was valued at USD 310.65 billion in 2023 and is estimated to reach around USD 542.91 billion by 2032, exhibiting a CAGR of 6.4% between 2023 and 2032.
- The global automotive packaging market size is estimated to grow from USD 8.18 billion in 2022 to reach an estimated USD 13.87 billion by 2032, at 5.4 % CAGR between 2023 and 2032.
- The global frozen food packaging market size is predicted to grow from USD 43.36 billion in 2022 to reach USD 71.67 billion by 2032, at 5.2% CAGR from 2023 to 2032.
- The global flexible packaging market size is estimated to grow from USD 283 billion in 2022 to reach an expected USD 445.82 billion by 2032, at 4.7% CAGR during the forecast period 2023 to 2032.
- The global smart packaging market size was estimated at USD 36.04 billion in 2022 to set a foot on USD 68.99 billion by 2032 with a registered CAGR of 6.8% from 2023 to 2032.
- The global antimicrobial packaging market size was at USD 10.77 billion in 2022 to hit around USD 18.81 billion by 2032, at 5.7% CAGR between 2023 to 2032.
Top Companies in Packaging Services Market
- Mondi Plc
- DS Smith Plc
- International Paper Company
- Sonoco Products Company
- Smurfit Kappa Group Plc
- UFlex Limited
- Thembal Packaging Private Limited
- Huhtamaki-PPL Limited
- Paragon Packages Limited
- Balmer Lawrie & Co. Ltd.
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About Us
Towards Packaging is a leading global consulting firm specializing in providing comprehensive and strategic research solutions. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations. We stay abreast of the latest industry trends and emerging markets to provide our clients with an unrivalled understanding of their respective sectors. We adhere to rigorous research methodologies, combining primary and secondary research to ensure accuracy and reliability. Our data-driven approach and advanced analytics enable us to unearth actionable insights and make informed recommendations. We are committed to delivering excellence in all our endeavours. Our dedication to quality and continuous improvement has earned us the trust and loyalty of clients worldwide.
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