Market Size of LA Package Testing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Package Testing Market Analysis
The Latin America Package Testing market is expected to register a CAGR of 6% over the forecast period (2021 - 2026). With the recent COVID 19, flexible packaging manufacturers have been flooded with a pool of issues that are expected to be only for the short -term. Some of the effects of lockdown include supply chain disruptions, lack of availability of raw materials used in the manufacturing process, labor shortages, fluctuating prices that could cause the production of the final product to inflate and go beyond budget, shipping problems etc.
- Package testing plays a prominent role in almost every supply chain in the Latin American region. Package testing ensures the business's packaging is up to specifications and avoids costly product damage, legal situations, and poor user experiences. Packaging 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, compliance issues, such as certifications, specifications, and regulations.
- Packaging plays an essential part in the protection of products. In Latin America, goods can be transported with ease due to its open borders. The products are transported by multiple means of transport such as road, sea, and air. They are subject to numerous external and environmental parameters that could damage their overall quality. As a result, several companies test their packaging before using them on their products.
- Factors such as growing awareness and demand for sustainable packaging, growth of the retail industry with increasing demand for packed products, and the emergence of new technologies are driving growth. Moreover, the requirement for a longer shelf-life of products helps drive the growth of the packaging testing industry.
- Recycling is a prominent concern for packaging companies, as they strive to reduce their carbon footprint and help the environment by reducing emissions. Such packages need more rigorous tests, as the product integrity cannot be compromised even when packed in recycled materials. Also, the increasing awareness about eco-friendly packagings, such as paper-based packaging, has further driven the usage of package testing to ensure that the package's integrity is not affected.
