The packaging of consumable products has witnessed a drastic transformation over the past few decades, with a higher focus on enhancing the shelf life to reduce the costs associated with damaged goods.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Package Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06321493/?utm_source=GNW
This emphasis has created a robust demand for effective package testing in the package testing market.
- Package testing plays a prominent role in almost every supply chain. Package testing ensures the business’s packaging is up to specifications and avoids costly product damage, legal situations, and poor user experiences. Package testing identifies opportunities in several areas, such as savings on packaging costs, the performance of packaging materials in realistic environmental conditions and transportation scenarios, quality control insights, scalability of packaging, and compliance issues, such as certifications, specifications, and regulations.
- Globalization increased owing to trade liberalization, improvements in transport infrastructure and communication technologies, and the growth of multinational companies in the food retail sector. This boosted international trade in perishable foods like dairy, fruits, and vegetables.
- This made package testing even more important, as damaged products increase costs for retailers and manufacturers and lead to customer dissatisfaction. The reliability of the package is tested by performing numerous tests, such as drop, vibration, and shock tests, directed by standard institutions, such as the American Society for Testing and Materials (ASTM) and the International Seed Testing Association (ISTA).
- However, the costs associated with packaging testing are quite high, making it harder for small-scale manufacturers and industries to invest in this process, thereby hindering the growth of this market.
- Moreover, the COVID-19 outbreak positively impacted the market studied. The COVID-19 outbreak increased demand for packaging testing services because partial or complete lockdowns implemented across the country forced end users to use parcel services. This necessitated proper packaging.
- The pharmaceutical industry has grown dramatically since its peak during the COVID-19 pandemic. This vertical is being driven by ongoing medical advancements, which is not new in the case.
Key Market Trends
Food and Beverage Accounts for Significant Share in the Market
- Advanced packaging methods, such as intelligent packaging, active, smart packaging, and modified atmosphere packaging, are replacing traditional methods, which have driven the need to test these packaged goods effectively.
- As products reach customers in the packaged form, their safety is an important concern; the presence of any toxic or damaging contaminant could affect the product itself. The presence of contaminants could decrease the quality of the product substantially, which emphasizes the importance of package testing in the market.
- Packaged food’s growth is more prominent in the United States developed economies and major European countries, such as Spain, France, and Russia. This emphasis has created a robust demand for effective package testing in the package testing market.
- The consumers of packaged food in the United States have an increased consumption due to convenience, saved time, and easy prep with minimal wastage indicated as the primary reason. According to the US Census Bureau, the Monthly sales of food services and drinking places increased drastically in July 2022, accounting for USD 86.1 billion, up 12% compared to July 2021.
- The food and beverage industry in the North American region has witnessed significant growth, with the demand for packaged food constantly increasing. Such trends are significantly driving the need for packaging products. For instance, according to a study published in the Journal of Nutrition in December 2021, ultra-processed food consumption in the United States contributes to as high as 60% of total energy intake.
Europe to Hold a Significant Market Share
- Packaging plays an essential part in protecting products. Europe is among the leading regions wherein the package testing industry has witnessed remarkable growth in the last few decades. In Europe, goods can be moved easily due to its open borders. The products are transported by road, sea, and air, due to which they are subject to several external parameters that could damage their overall quality. As a result, several companies tend to test their packaging before using them on their products.?
- According to the data provided by Eurostat, during the period 2011 to 2020, the share of enterprises in the European Union that had e-sales increased from 16 % in 2011 to 22 % in 2020. Similarly, the enterprises turnover generated from e-sales also increased by 6.0% during the same period. ?
- Additionally, The industrial sector in the European region has also witnessed an upward growth trend after the setback created by the pandemic. For instance, according to Eurostat, the production of manufactured goods in the European Union increased by about 8 % in 2021 compared to 2020. Furthermore, the EU’s value of sold shows also increased by about 14%, from EUR 4 581 billion in 2020 to EUR 5 209 billion in 2021.
- In addition, The United Kingdom, among the largest economies in the European region, has also reported similar growth trends in the e-commerce industry. According to the United Kingdom’s Office of National Statistics, e-commerce revenue in the United Kingdom has increased from GBP 42.60 billion in 2015 to GBP 129 billion in 2021.
The competitive rivalry is moderately high in the market studied as the firm concentration ratio is moderate, and consolidation is expected over the next few years. The competitive rivalry is expected to increase further. The presence of longstanding companies in the market studied, such as Intertek Group PLC, Eurofins Scientific SE, SGS SA, and Bureau Veritas SA, is expected to continue to maintain their market dominance by offering innovative package testing solutions services to intensify the market competition.
- June 2022 - Bureau Veritas acquired Advanced Testing Laboratory, a provider of scientific sourcing services. ATL’s services span R&D to product qualification, manufacturing, and packaging. The acquisition will help the company expand its presence in the North American region.
- March 2022 - Eurofins Medical Device Testing acquired Inpac Medizintechnik GmbH, a German packaging, cleaning, and sterilization services firm for the biotech, medical device, and pharma industries. The acquisition adds to Eurofins’ existing lab network capabilities, expanding the company’s service portfolio with packaging, cleaning, transport, and sterilization.
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