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Service Packaging Market information by Material (Paper & Paperboard, Plastic, and others) Product (Boxes, Bags, Pouches, and others) Application (Food & Beverages, Consumer goods, Pharmaceutical and others), and Region - Forecast 2032


ID: MRFR/PNT/1145-HCR | 119 Pages | Author: Snehal Singh| November 2024

Service Packaging Market Overview


Service packaging market size was valued at USD 135.7 billion in 2023. The Service packaging industry is projected to grow from USD 143.6 billion in 2024 to USD 233.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.25% during the forecast period (2024 - 2032).


Service packaging focuses on offering convenience to the end use customers by providing them a durable, convenient service packaging. Service packaging is majorly used across several applications such as consumer goods, beverages, and foods. The global market for service packaging has registered enormous growth in recent times. The market's growth is mainly credited to the massive development in the packaged food industries. Furthermore, the rapid growth in the e-commerce sector has also played a vital part in the market's growth in the last few years. Online shopping offers several beneficial features, such as free shipping, quicker delivery, attractive discounts & offers, and easier return policies, which are making customers shift towards online shopping platforms. Moreover, the growing pharmaceutical industry across the globe is also anticipated to boost the market's growth in the coming years. on the other hand, the volatility of prices of packaging raw materials is projected to impede the market's growth.


Service Packaging Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review 


Prominent Players


List of the key prominent companies in the service packaging include


Amcor Ltd., Mondi Group, Smurfit Kappa Group, Bemis Company Inc., Georgia-Pacific Corporation, ITC Ltd., Cascades Inc., International Paper, Graphic Packaging International Inc., DS Smith Plc, Crown Holdings, Inc, AptarGroup Inc., Sonoco Products Company, and Nippon Paper Industries Co. Ltd.


Segmentation: Global Service Packaging Market


 Service Packaging Market


The market is segmented based on material, product, and application. On the basis of the product, the market is segmented into boxes, bags, pouches, and others. The pouches is the major product segment of the market. It is available in several types of stand-up pouches, pillow pouches, and retort pouches. The stand-up pouches are showing higher growth rate due to great barrier properties against moisture and oxygen along with low material usage and cost-effectiveness.


On the basis of the materials, the market is segmented into paper & paperboard, plastic, and others. Plastic dominates the material segment of the global market. It is extensively used materials for packaging across numerous end-use industries. Plastic in the form of PVC, PE, PP, PET, and others are used broadly in the packaging segment. This material provides a high barrier, cost-effectiveness, temperature resistance, and durable packaging options. The paper-based packaging is a versatile, environment-friendly and cost-effective method to transport, protect and preserve an extensive array of items.


On the basis of the application, the market is segmented into food & beverages, consumer goods, pharmaceutical, and others. The food and beverages segment dominates the market. High demand for processed and packed food across the globe driving the growth of the market. Service packaging is mainly used by the food industry for the packing of fruits, vegetables, poultry, meat, fish in addition to prepared meals, and storage products. Moreover, growing population along with increasing disposable income among the consumers also has the positive influence on the growth of the market.


Recent Development



  • March 2022- a leader in flexible packaging and material science, ProAmpac, has announced that it has made its fresh food-to-go HandRap™ products available for onlinepurchase from quantities as low as 500 with available options for full-scale production.

  • March 2022- a reputed producer of cleaning, maintenance, and personal protection products, The Tranzonic Companies, has announced the expansion of its ability to offer contract converting services for dry and presaturated perforated rolls within the nonwoven wipes category.

  • February 2022- The United States Postal Service, in a proposal to capture more packages for next-day delivery, has launched a new, cheaper parcel service named "USPS Connect Local." The service will allow shippers to get next-day, first-class service on document packages weighing up to 13 ounces for USD2.95.


Industry News


In March 2017, Hotpack Packaging Industries has declared an investment of USD 61 million (GBP 50 million) to set up a facility in the U.K. The facility will be furnished with the latest packaging and manufacturing technologies. This facility will be established as the U.K & European head office and manufacturing facility and will create 250 jobs in the region.


In July 2016, Orlando Products, Inc. one of the largest providers of packaging supplies ranging from padded mailers, bubble wrap, and flexible sheet foams, completed the acquisition of Absolute Packaging, LLC. This acquisition provides Orlando Products with additional manufacturing capacity and expands the company's presence in the Northern Virginia market.

 
Report Attribute/Metric Details
  Market Size 2023   USD 135.7 billion
  Market Size 2024   USD 143.6 billion
  Market Size 2032   USD 233.2 billion
  CAGR   6.25% CAGR (2024-2032)
  Base Year   2023
  Forecast Period    2024 to 2032
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Material, Product, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Amcor Ltd., Mondi Group, Smurfit Kappa Group, Bemis Company Inc., Georgia-Pacific Corporation, ITC Ltd., Cascades Inc., International Paper, Graphic Packaging International Inc., DS Smith Plc, Crown Holdings, Inc., Graphic Packaging International Inc., AptarGroup Inc., Sonoco Products Company, and Nippon Paper Industries Co. Ltd.
  Key Market Opportunities ·  Increasing pharmaceutical industry across the globe ·  positive influence
  Key Market Drivers ·  Convenience ·  ease of online shopping ·  Easier return policies
 

Frequently Asked Questions (FAQ) :

Global service packaging market is predicted to grow at a 6.25% CAGR between 2024- 2032.

Service packaging have wide applications in pharmaceutical, food and beverage, and consumers goods industries.

Asia Pacific will lead the global service packaging market.

Convenience and ease of online shopping are the key factors driving the global service packaging market growth.

Key contenders profiled in the global service packaging market 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).

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