Packaging Testing Services Market Revenue is expected to Surpass US$ 33 Bn by 2029

26/mar/2020 05:55:20 Ankush Nikam Contatta l'autore

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The imposition of new standards on packaging authentication processes has become a major driver of growth to the packaging testing services market. Increasing concerns over plastic waste from packaging materials further supports the market growth.

The global packaging testing services market is set to reach a impressive valuation of US$ 33 Bn by the end of the forecast period (2019-2029) at an exponential rate of growth, as projected by a new report of Future Market Insights (FMI). Leading market players are investing in sustainability initiatives and regulatory compliance to keep ahead of the competition.

"Highly profitable economies including China and India will offer opportunities to market providers, as the demand for different solutions in these countries is on the rise," states the FMI report.

Packaging Testing Services Market: Key Findings

  • The physical testing segment will witness high demand; driven by growing significance of tearing strength, friction, tensile strength, and compression.
  • Food and healthcare applications will generate promising opportunities to bolster the market revenue.
  • Compliance to standards by organizations such as the ASTM, ISTA, and ISO will remain key influencers in the industry.
  • South Asia and East Asia will display strong growth owing to high production and exports from China, Japan, and India.

Packaging Testing Services Market: Key Driving Factors

  • The growth of end use industries such as food, healthcare, cosmetics, and personal care is expected to boost the market.
  • Consumer awareness about sustainable packaging and the importance to regulatory compliance is fueling market growth.
  • Advances in microbiological and chemical testing capabilities for packaging testing services are driving market growth.
  • Rising numbers of product recalls owing to strict government regulations is an essential factor for global demand.

Packaging Testing Services Market - Key Restraints

  • The high cost of packaging testing equipment and services is a key restraint to market growth, which impacts newer entrants especially hard.

Competition Landscape of Packaging Testing Services Market

Some of the key players in the global packaging testing services landscape that are covered in this study include, but are not limited to, ALS Limited, SGS S.A., Bureau Veritas S.A., TÜV SÜD AG, Intertek Group Plc, and Eurofins Scientific SE. Leading manufacturers remain focused on leveraging the growth of the e-commerce industry. Manufacturers are also targeting awareness campaigns and tech developments for greater accuracy in the global packaging testing services market.

More About the Report

This Future Market Insights study of 300 pages offers actionable insights on the packaging testing services market. The market analysis is based on testing type (physical, chemical, and microbiological), material (plastic, paper & paperboard, glass, metal, and others), and end-user (food, beverages, healthcare, personal care & cosmetics, and others) across seven regions (Latin America, North America, Europe, South Asia, East Asia, Oceania, and MEA).

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Press-Release Source – https://www.accesswire.com/582485/FMI-Projects-a-Value-Pool-of-US-33-Bn-for-Packaging-Testing-Services-Market-by-2029-End-Major-Players-Focus-on-Third-party-Solutions-for-SMEs

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

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