Global packaging services market to reach $50 billion in 2022
According to new research, the global market for packaging services in 2017 is worth $33.7 billion, and by 2022 will be worth $50 billion, increasing at a compound annual growth rate of 9.5%. The packaging industry may be traditional and still circle around the same materials but at the same time innovative business models are increasingly providing the catalyst to explore new materials, markets, and high-value market applications.
The packaging services analysed are packaging design, materials testing, contract packing, predictive maintenance, and consumer research. Contract packing is by far the largest segment, with 70% of the value (Press Release Smithers Pira, 10 January 2018).
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