Service Packaging Market Growth with Recent Trends & Demand at CAGR 4.70% during the Forecast Period 2022–2030

According to MRFR analysis, the global Service Packaging Market is expected to register a CAGR of 4.70% from 2022 to 2030 and hold a value of over USD 145.5 Billion by 2030.

Service packaging focuses on providing end users with convenience by giving them a strong, practical service package. The majority of applications, including those for consumer goods, drinks, and meals, use service packaging. The service packaging market has shown rapid growth in recent years. The market’s expansion is mostly attributable to the enormous rise of the packaged food sector. The market’s expansion over the past several years has also been significantly influenced by the e-commerce industry’s explosive growth. Numerous advantageous aspects of online buying, including free shipping, faster delivery, alluring discounts, offers, and simpler return procedures, are causing people to switch to these platforms.

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The COVID-19 pandemic caused supply chain disruptions and industry closures, which put the world market to sleep. Due to the pandemic’s consequences, consumer expenditure on convenience foods and other non-essential food items decreased. The industry’s sales figures were significantly impacted by strict lockdowns and social standards of distance. The market is anticipated to rebound in 2022 and beyond thanks to rising investments in restaurants and other food services.

Regional Analysis

The Asia Pacific market is expected to have a higher CAGR. The increase in population in APAC economies such as China and India is to blame for the surge. The popularity of convenience foods has been facilitated by expanding urbanization and rising disposable income, which has boosted demand for effective food service packages. Additionally, increased plastic manufacturing in APAC’s growing markets will drive regional industry developments.

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Market Segmentation

The global Service Packaging market has been segmented into product, material, and application.

Based on product, the market has been segmented into boxes, bags, pouches, and others. The market’s largest product segment is pouches. It comes in a variety of pillow pouches, stand-up pouches, and retort pouches. Due to their excellent moisture and oxygen barrier qualities, low material utilization, and cost-effectiveness, stand-up pouches are growing at a faster rate.

Based on materials, the market has been segmented into paper & paperboard, plastic, and others. The global market for materials segment is dominated by plastic. It is a widely utilized packaging material in a variety of end-use industries. In the packaging industry, plastic in the forms of PET, PVC, PP, PE, and other materials is widely utilized. This substance offers strong packaging possibilities, a high barrier, cost efficiency, and temperature resistance. Packaging made of paper is a flexible, economical, and eco-friendly way to move, safeguard, and keep a wide range of goods.

Based on application, the market has been segmented into food & beverages, consumer goods, pharmaceutical, and others. The market is dominated by the food and beverage industry. Globally high demand for packaged and processed foods is propelling the market’s expansion. In addition to prepared meals and storage items, the food business primarily uses service packaging for the packing of fruits, vegetables, poultry, meat, fish, and other fresh produce. Additionally, the market is growing favorably as a result of rising consumer disposable income and a growing population.

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Key Players

Some of the key market players are 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, Crown Holdings Inc, Graphic Packaging International Inc.

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