New York, June 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Packaging and Labeling Services Global Market Report 2023" - https://www.reportlinker.com/p06464104/?utm_source=GNW
, AmeriPac Inc., ELIS Packaging Solutions Inc., XPress 360, and Action Pak Inc.
The global packaging and labeling services market is expected to grow from $44.26 billion in 2022 to $47.85 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The packaging and labeling services market is expected to reach $60.89 billion in 2027 at a CAGR of 6.2%.
The packaging and labeling service market includes revenues earned by providing different types of packages such as bottles, and tubes.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Packaging refers to designing and developing a container, wrapper, box, tube, plastic bottle, tetra pack, or tin for a product enclosing.It protects the product during distribution, storage, sale, and end-use.
Labeling is present on the packaging in the written, electronic form which communicates the product and manufacturer details to the customers.
North America was the largest region in the packaging and labeling services market in 2022. The regions covered in the packaging and labeling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of packaging and labeling services are primary and secondary.Primary packaging refers to blisters, pouch, and bottle packaging.
Blisters packaging is used in the packaging of products in industries such as consumer goods, electronics, and pharmaceuticals.The various material types include bioplastic, paper, and plastic.
These are used by various end users such as healthcare, pharmaceutical, personal care, food and beverages, transport and logistics, automotive and aerospace, and retail, and e-commerce.
The increasing demand for food and beverages is expected to propel the growth of the packaging and labeling service market going forward.Food and beverages refer to snacks, meals, drinks and other items that are intended for the consumption.
Consumers are opting for healthier lifestyles after the COVID-19 pandemic which is increasing demand for packaged healthy foods and beverages.Packaging and labeling provide shelf existence and avoid contamination of food and beverage products.
For instance, in February 2023, according to the Federal Reserve Economic Data, the economic data from US-based central banking system, personal food consumption expenditures increased from $1,310 billion in December 2022 to $1,315 billion in January 2023. Therefore, the rise in the demand for food and beverages is driving the growth of the packaging and labeling service market.
The introduction of RFID (radio-frequency identification) technology is a key trend gaining popularity in the packaging and labeling service market.Companies operating in the packaging and labeling service market are adopting RFID technology which is used to track and identify products throughout the supply chain.
For instance, in May 2020, Avery Dennison, a US-based manufacturer and distributor of labels and tags launched dual-frequency RFID inlays, AD Medio Web DF EM4425 and AD Web DF EM4425 V12 for retail, medical, and pharmaceutical applications. This provides all-in-one solutions for inventory management, shared memory functionality, product authentication, supply chain management, customer engagement, and brand protection.
In November 2022, Constantia Flexibles, an Austria-based manufacturer of flexible packaging acquired FFP Packaging Solutions Ltd for an undisclosed amount.This acquisition aims to expand the overall market position of Constantia Flexibles.
FFP Packaging Solutions Ltd is a UK based company that provides flexible packaging solutions.
The countries covered in the packaging and labeling services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The packaging and labeling services market research report is one of a series of new reports that provides packaging and labeling services market statistics, including packaging and labeling services industry global market size, regional shares, competitors with a packaging and labeling services market share, detailed packaging and labeling services market segments, market trends and opportunities, and any further data you may need to thrive in the packaging and labeling services industry. This packaging and labeling services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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