SummaryGlobal Service Packaging Industry: by Material (Paper & Paperboard, Plastic, and others) Product (Boxes, Bags, Pouches, and others) Application (Food & Beverages, Consumer goods, Pharmaceutical and others), and Region - Forecast 2023Service Packaging Industry ScenarioService packaging aims at the convenience of the end use customers by offering them a convenient, durable and service packaging.
According to a recent study report published by the Market Research Future, the global Service Packaging Industry is increasing with the hasty pace and is anticipated to increase significantly over the forecast period mainly due to the high growth in packaged food industries.The global Service Packaging Industry is estimated to increase at a CAGR of 5.2% during the estimated period (2017-2023).Currently, the Service Packaging Industry is surging primarily due to the rapid growth in the e-commerce sector.
The easiness of online shopping because of quicker delivery, easier return policies, and free shipping have made many consumers shift from the traditional method of shopping.Regional AnalysisOn the basis of the regions, the global Service Packaging Industry is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
The remarkable growth in the Asia Pacific packaging industry is the crucial factor fueling the growth of the global market.
Growing number of hypermarket in the region is also expected to fuel the demand for service packaging products.North America is another major region in the global Service Packaging Industry.
The U.S. is the major contributor to North American market.Key PlayersKey players in the global Service Packaging Industry include Amcor Ltd. (Australia), AptarGroup Inc. (USA), Bemis Company Inc. (USA), Cascades Inc. (Canada), Crown Holdings Inc. (USA), DS Smith PLC (UK), Georgia-Pacific Corporation ITC Ltd. (USA), Graphic Packaging International Inc. (USA), International Paper (USA), Mondi Group (Austria), Nippon Paper Industries Co. Ltd. (Japan), Smurfit Kappa Group (Republic of Ireland), and Sonoco Products Company (USA).Segmentation: Global Service Packaging MarketThe market is segmented based on material, product, and application.