Investment and Expansion Opportunities in the Digital Textile...

Investment and Expansion Opportunities in the Digital Textile Printing Market (2023-2033)

Posted 2023-06-08 11:23:59

The packaging testing market is predicted to be worth US$ 16,099.87 million in 2023 and is likely to rise to US$ 53,748.03 million by 2033. Initially, the global market was expanding at a CAGR of 9.7% from 2018 to 2022.

Trade liberalization, advancements in communication and transportation technologies, and the expansion of multinational corporations in the retail food industry all contributed to an increase in globalization. This increased trading, which highlights the demand for packaging testing solutions.

Package testing became even more crucial as a result, as damaged goods increase expenses for manufacturers and retailers and result in dissatisfied customers. Several tests are carried out to determine the reliability of the package, including drop, vibration, and shock testing, as instructed by reputable organizations like the International Seed Testing Association (ISTA).

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The global e-commerce market is expanding quickly. By doing technology-advanced equipment testing on their packaging solutions, e-commerce, and retail businesses are boosting their offerings.

They are emphasizing the need for packaging suitable for its intended use and that can withstand challenging shipping situations. As a result, it is setting the groundwork for producers of package testing equipment to increase their market share globally.

Key Takeaways

In 2023, the United States is expected to lead the packaging testing market, with a size of US$ 3,414 million and a CAGR of 10.3%.
The packaging testing market was significantly expanding, with a size of US$ 14.25 billion in 2022.
Market shows amazing opportunities due to the rising need for effective packaging designs, and expects a Y-o-Y growth of 13% in 2023.
The market in China is anticipated to expand at an adequate CAGR of 19.8% by 2033.
By 2033, Germany is likely to expand in the packaging testing market, with a size of US$ 3,411.86 million.
Canada is anticipated to expand at an adequate CAGR of 7.7% by 2033.
The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 12.1% by 2033.
Based on the material type, plastic is likely to lead the market and expects a size of US$ 6,995 million in 2023.
Based on the testing type, microbiological continues to dominate the sector during the forecast period, with a CAGR of 13.6%.

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Key Strategies in the Industry

Packaging compatibility testing is growing in popularity among important stakeholders. It involves several different kinds of studies, including tests for extractable and leachable, accelerated aging, and migration. In the market under study, competitive competition is moderately high, firm concentration is modest, and consolidation is anticipated over the next few years.

It is anticipated that the rivalry gets even more intense. Long-standing firms like Intertek Group PLC, Eurofins Scientific SE, SGS SA, and Bureau Veritas SA are anticipated to continue their market dominance by providing cutting-edge package testing solutions services to ratchet up market rivalry.

Recent Developments

In Kazakhstan, SGS S.A. opened a brand-new hybrid commercial onsite geochemistry laboratory in 2020. By diversifying its offering of laboratory testing services, the company seeks to break into the chemical packaging market.
In June 2022, Bureau Veritas purchased Advanced Testing Laboratories, a company that offers scientific sourcing services. ATL offers services like product validation, production, and packaging, in addition to research and development. The company’s footprint in North America is anticipated to grow as a result of the acquisition.

Key segments

By Testing Type: