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The value of the global packaging services market is forecast to grow from $33.7bn in 2017 to $50bn in 2022, according to new research from Smithers Pira.
The print and packaging consultancy’s latest market report, The Future of Business Models and Services in Packaging to 2022, said the market will increase at a compound annual growth rate of 9.5% due to factors including the introduction of new business models and greater vertical integration.
The packaging services analysed and quantified in the study included packaging design, materials testing, contract packing, predictive maintenance and consumer research.
The study noted an increasing trend of packaging converters that offer in-house design services, which it argued is a straightforward way to add value to customers.
D2 Printing joint managing director David Harrison said: “[Having an in-house design facility] means we can start thinking about the creative at the same time as the ‘engineering’ point of view.
“It also gives us the opportunity to select certain materials and finishing processes based on those creative ideas too, therefore presenting the client with a total end solution based on budgets and schedules.”