Five Key Business Opportunities to Drive the Packaging Services Sector to $50 Billion in 2022
According to a new Smithers Pira (smitherspira) report, “The Future of Business Models and Services in Packaging to 2022,” the market for packaging services in 2017 was worth $33.7 billion, and by 2022 will be worth $50 billion, an annual growth rate of 9.5%. This contrasts with a mean annual growth rate of 2.9% for the supply of packaging materials across the same period.
A business model constantly needs to be evaluated and adjusted accordingly, especially as the consumption of packaging in some developed economies is reaching a plateau. In response many packaging firms are diversifying, offering brand and retail customers enhanced services colonising segments of the supply chain previously run by specialists.
The main services identified by Smithers Pira’s research in these new business model approached are:
- Contract packaging
- Consumer research
- Packaging design
- Material testing
- Predictive maintenance.
These new commercial opportunities are being exploited by a range of companies, including material producers and suppliers, packaging converters, and processors and fillers.