Packaging with information regarding the product helps customers make decisions which drives the growth of the global packaging design services market.
PORTLAND, Ore., May 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Packaging Design Services Market by Material (Polymer, Paper, Metal, Glass, Wood), by End User (Food, Beverage, Healthcare, Cosmetics, Electronics, Others), by Design Type (Packaging, Label): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global packaging design services industry generated $21.9 billion in 2020, and is anticipated to generate $31.9 billion by 2030, witnessing a CAGR of 3.7% from 2021 to 2030.
Prime determinants of growth
Advertising done through designing helps brands boost sales of the product. Packaging with information regarding the product helps customers make decisions. For instance, more than 70% of purchasing decisions are made in stores on the basis of packaging through the information provided. This, in turn, drives the growth of the global packaging design services market. However, older packaging machines hinder the market growth. On the other hand, the growth in e-commerce industries presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the growth of the global packaging design services market, owing to implementation of the global lockdown.
- Construction, manufacturing, hotel, and tourism industries were majorly affected, owing to temporary closure of manufacturing activities. Construction and transportation activities, along with their supply chains, were hampered on the global level. This led to decline in manufacturing of packaging design services market as well as their demand in the market, thereby restraining the growth of the market.
- However, the market is going to recover soon in 2022.
The polymer segment to maintain its leadership status throughout the forecast period
Based on material, the polymer segment held the highest market share in 2020, accounting for nearly three-fifths of the global packaging design services market, and is estimated to maintain its leadership status throughout the forecast period. This is due to large scale use of plastic in the packaging industry. However, the paper segment is projected to manifest the highest CAGR of 4.6% from 2021 to 2030, owing to extensive rise in demand for sustainable packaging solutions.
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The food segment to maintain its lead position during the forecast period
Based on end user, the food segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global packaging design services market, and is projected to maintain its lead position during the forecast period. This is attributed to the highest demand for food packaging services around the world. However, the healthcare segment is expected to portray the largest CAGR of 4.6% from 2021 to 2030, owing to rise in health awareness among the people around the world.
Asia-Pacific to maintain its dominance by 2030
Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for more than one-third of the global packaging design services market, due to large scale production of food & beverages and other products in China, India and other nations in the region. However, the LAMEA region is expected to witness the fastest CAGR of 4.9% during the forecast period, owing to industrialization and urbanization in the developing countries of the region.
Leading Market Players
- Arhue
- DEI Creative
- Forever Sincretix
- La Visual Inc.
- Legnd
- Murmur Creative
- Pulp+Wire
- Ruckus Marketing, LLC
- Tank design
- The Netmen Corp.
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