Overall worth of the market will increase at a stellar CAGR of 12% between 2021 and 2031.
Future Market Insight (FMI) estimates that packaging testing revenues will increase significantly from 2021 to 2031, with worldwide revenues up 12.3% year over year in 2021. Driven by introduction of new standards and regulations to increase sale of packaging testing equipment, the packaging testing market is forecast to reach valuation of US$ 12.60 Billion by the end of 2021.
Consumers are seeking convenient packaging options which are lab tested and stand true on the parameters of quality and quantity defined by regulation committees. Package testing is performed on packaging materials using scientific equipments to evaluate the suitability of contact material with processed and frozen foods, medicines drugs, etc.
Increasing demand for recyclable and biodegradable packaging has fueled the demand for packaging testing for different packaging materials under different conditions. Pharmaceutical drugs and food and beverage manufacturers are employing packaging testing to fulfill the complex packaging standards to build brand reputation. These factors are emerging as the key growth drivers in packaging testing market.
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Introduction of new standards by International Organization for Standardization, ASTM International, European Committee for Standardization, TAPPI, Military Standards, and ISTA (International Safe Transit Association) are also making a positive impact on the market growth.
Increasing consumer demand for rugged product packaging along with growing demand from product manufacturers for packaging that are highly durable and keeps product safe from impurities and damage will propel the packaging testing market growth throughout 2031.
Medical products and devices are required to go variety of testing services to evaluate the strength and durability of medical device packaging and ensure compliance with defined regulations and standards. Similar consumer electronics companies are also engaging in package testing to eliminate product damage by poor packaging. Rise in number of testing procedures like water-proof testing and drop testing is expected to generate significant revenue in packaging testing market.
Key Takeaways from FMI’s Packaging testing Market Study
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“Rise in cases of chronic ailments have accelerated the demand for pharmaceutical drugs across the globe. Growing need for safe and secure packaging to protect the drugs will drive the market growth in upcoming years,” says the FMI analyst.
Competitive Landscape
According to FMI, market players are looking to ramp up their production capabilities as they are planning to introduce new and innovative packaging testing solutions. Strategic partnerships between market players are on the cards, to gain the upper hand in this competitive environment.
In July 2021, ProAmpac, a leading flexible packaging company started new innovation and collaboration center in Rochester, New York. The company aims to expand its physical and analytical laboratory testing services portfolio for multiple applications.
Liquibox and WestRock, two leaders in sustainable packaging collaborated and developed a “Ships In Own Container (SIOC)” bag-in-box solution for Amazon in 2021. This new packaging system reduces waste and eliminates the leakages, costly returns and brand reputation damage.
Prominent players operating in the packaging testing market are:-
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Table of Content
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis & Recommendations
2.1. Market Taxonomy
2.2. Market Definition
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5.1. Historical Market Volume (‘000 Units) Analysis, 2015–2020
5.2. Current and Future Market Volume (‘000 Units) Projections, 2021–2031
5.3. Y-o-Y Growth Trend Analysis
5.4. Pricing Analysis
About FMI Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market
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Aug 10, 2022