MARKET OVERVIEW - NA PACKAGE TESTING MARKET
The Asia-Pacific region has been witnessing growth in industrialization and urbanization activities. This condition is providing ample opportunities for the packaging and testing market. The enhanced disposable income and consumer expenditure on lifestyle is also the driving factor that boosts the packaging testing market. The Asia-Pacific is one of the highly populous regions and that is attributed to the growth of the food and beverages industry, which turned into the growth of the packaging testing market. The Asia-Pacific consists of India, China, and Japan, which that are the leading exporters of goods worldwide. According to the study, China is estimated to export more than $2 trillion worth of goods around the world. These are factors that propel the market growth
MARKET DRIVERS
The increasing retail industry in the region, along with food safety awareness, and demand for sustainable packaging, will drive the demand for packed products and, indeed, the demand for the packaging testing market. In China, the healthcare industry is booming and expanding sales of pharmaceuticals and medical devices in the country also drive market growth. In the year 2020, according to the report of the China National Bureau of Statistics. China’s medical instruments and equipment exports to other countries were recorded at USD 18.13 billion.
MARKET OPPORTUNITIES
The traditional method has been changed by intelligent packaging active, smart packaging, and modified atmosphere packaging. Technological advancement and key investment by industry players also offer significant growth opportunities in the forecast period. Apart from the food industry, the beverages industry also blooming that will drive the demand for glass packaged testing in the region. According to the study of FEVE the EU consumption of products packed in glass has grown by about 39%, and glass recycling has increased by 139%. These are the factors that will offer opportunities in the packaging testing market.
MARKET RESTRAINTS
There has been new and constantly evolving technology coming into the market in packaging testing, such as smart testing and intelligent testing. To maintain such testing in real practical aspects, the cost plays an important role. It is also a major constraining factor in the packaging testing market and is expected to hinder the market’s growth over the forecast period.
MARKET GROWTH CHALLENGES
The packaging testing industry has been under pressure from environmental concerns. Storage is again a concern. Finding the correct material for testing to be performed on the product is also a challenge Any failure in packaging testing at warehouses leads to the spoiling of the whole consignment. Product recycling is also a major concern as many companies strive to reduce carbon emissions and develop sustainable product packaging. Henceforth, these are some of the challenges that the market has been going through over the forecast span.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Asian Package Testing market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for various package testing in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
PACKAGE TESTING MARKET SEGMENTAL OVERVIEW
The Asia Pacific Package Testing market comprises different market segments like type, material, technology, end-user industry and country.
PACKAGE TESTING MARKET BY TYPE
By type, Package Testing includes key segments of:
- Physical
- Chemical
- Microbiological
Physical testing has dominated the market in 2021 due to its importance in the determination of the physical properties of a product and is an essential application for packaging testing. This segment is followed by chemical testing of packaging, which is essential for the determination of chemical properties such as corrosion level and overall composition of the material, monitoring product quality, toxic detection, contaminant detection, and meeting other regulatory standards.
PACKAGE TESTING MARKET BY MATERIAL
The Package Testing market is segmented into the following materials:
Based on material, for the Package Testing market, plastic material accounted for a major market share. This is attributed to plastic being widely used in the global packaging industry due to its high performance, low, cost, and ease of customization as per requirements. Plastic packaging also acts as an excellent barrier to water, oxygen, and carbon dioxide; it is also lightweight and resistant to chemicals and heat. These factors boost plastic material demand in plastic packaging testing solutions during the forecast period.
PACKAGE TESTING MARKET BY TECHNOLOGY
Based on technology, the packaging testing market is divided into
- Physical Tests
- Spectroscopy & Photometric-based
- Chromatography-based
The physical test is projected to gain a major market share during the forecast time. Physical testing assures reliability, quality, and performance of packaging products. It is also helpful in improving the efficiency of product performance, which will result in cost savings.
PACKAGE TESTING MARKET BY END-USER INDUSTRY
The Package Testing market has major end users like
- Agrochemicals
- Food & Beverage
- Pharmaceuticals
- Personal Care Industry
- Automobile
- Transportation
- Environmental
- Others
The Food & Beverage segment will grow at the highest CAGR during the forecast period due to increasing consumer awareness regarding food safety. In addition, the government regulates labeling and packaging opening growth opportunities in the packaging and testing market.
The pharmaceuticals segment is dominated in 2021 and it is growing at the second highest CAGR during the forecast after the food and beverage segment. It is attributed to the increasing health concerns amidst COVID-19. Whereas, the transportation segment will also grow at a significant CAGR in the forecast span.
PACKAGE TESTING MARKET BY COUNTRY
The Asia Pacific Package Testing market is studied for the following countries
- China
- India
- Japan
- Rest of APAC (Malaysia, Thailand, Vietnam, Australia, South Korea, Singapore, etc.)
China dominates in the Asia Pacific region and the reason is attributed to the increased demand for packaged pharmaceutical drugs for various chronic ailments and the increase in consumption of ready-to-eat and drink food and beverages in China. According to the report of the WHO (World health organization) more than 10% of the Chinese population suffers from diabetes. The rise in the number of patients in the country will lead to a demand for packaged medicines and hence will boost the growth of the packaging testing market. The stringent regulatory policies imposed by the government on the packaging of food, beverage, and medical products. The ongoing development and innovation in child-resistant packaging will promote China’s growth in the Asia-Pacific region. Many players are focusing on solutions that withstand the hurdles such as temperature fluctuations, punctures, and bursting that occur in medical packaging and which resist the impact of shipping, sterilization, transportation, and usage. These are some factors that outlook a positive impact on China’s packaging testing market.
COVID-19 IMPACT ANALYSIS ON THE ASIA PACIFIC PACKAGE TESTING MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global Package Testing market subjected to COVID-19. In addition, a complete analysis of changes in the global Package Testing market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The sudden and unexpected outbreak of COVID-19 attributed to the development of response actions and effective plans to help mitigate the risk, and many operating players in the market are included in the process. For example, the government of Hong Kong has been testing chilled and frozen foods and their packaging to prevent the spread of COVID-19. During the pandemic, increased food safety awareness among consumers and a rise in the number of packaging and labeling will lead to the sales of packaging testing companies.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Package Testing market is majorly focused on expanding the growth of Asia Pacific Package Testing with new product innovation, business expansion, and the increasing presence of manufacturers operating in Package Testing has led to the growing demand for the Package Testing market. Besides, the market offers a range of products in different applications to fulfill the requirements of consumers, which is further contributing to healthy growth in the market.
The key players studied in the market are
- DDL Inc.
- SGS SA
- CSZ Testing Services Laboratories
- Intertek Group PLC
- Cryopak
- Advance Packaging
- Nefab Group
- National Technical Systems
- Turner Packaging Limited
- TUV SUD
- ALS limited
RECENT DEVELOPMENT:
Dec 2021: TUV SUD, a testing and certifying company, has announced the launch of a new lab facility for testing and certifying electrical and electronic products and medical devices in Bengaluru. This new lab facility will be completed by 2023. This project is projected to cost an estimated €15 million. The facility is warehoused on 3 acres and comprises 70,000 sq. is located in Bengaluru.
April 2022: The international testing, inspection, and certification company TUV SUD and ioMosaic, a leading U.S. provider of process safety solutions, have mutually agreed to the formation of a strategic alliance in risk management and process safety services. The transaction will benefit the customers of both companies, delivering them a wider range of services plus additional digital applications.
