The contract packaging market, currently valued at US$45.2 billion, is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2032, reaching US$75.04 billion.
Packaging plays a critical role in extending the shelf life and protecting goods during transportation. However, the upfront costs associated with packaging have led to the rise of contract packaging companies, also known as third-party packaging companies.
The demand for tertiary packaging, which is the third level of packaging, has significantly increased due to the growth of the e-commerce sector. This factor is expected to further drive the expansion of the contract packaging industry in the future.
To thrive in a highly competitive market, major industry players are forming partnerships and joint ventures. For example, in March 2022, Nulogy Corporation and The Blackrock Group collaborated to enhance the speed-to-market service for contract packers by leveraging complementary digital platforms. In October 2021, Silgan Holdings Inc., a packaging and filling services provider, acquired Unicep Packaging, resulting in the formation of “Silgan Unicep.”
Advancements in packaging technology, such as anti-microbial packaging, smart packaging, corn starch-based packaging, and water-soluble packaging, are also driving the contract packaging market. These innovations offer environmentally friendly solutions with low carbon footprints and create lucrative opportunities for the contract packaging market in the forecast period.
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The market study titled “Contract Packaging Market,” conducted by Future Market Insights, provides comprehensive insights into these factors and future prospects. Industry experts and consultants have analyzed the findings, ensuring a thorough understanding of the market dynamics and trends.
Key Takeaways from Contract Packaging Market
- North America holds 21% of the market share. This could be attributed to an ever-increasing demand for ready-to-eat food products along with carbonated beverages.
- Europe stands second with emphasis on contract packaging companies for outsourcing the packaging requirements. This would, in turn, lessen operational costs. CPG (Consumer Packaged Goods) are looking forward towards vertical integration for offering packaging solutions, inclusive of logistics and procurement of raw materials. Europe holds 16% of the market share.
- The Asia-Pacific is poised to grow voraciously in the contract packaging market due to growing awareness regarding the benefits of contract packaging.
Competitive Packaging
- Jones Healthcare Group, in June 2020, invested in packaging services offerings that are inclusive of an entirely integrated 2-lane Uhlmann blister packaging line. This equipment would enhance the company’s capacity of managing surges related to exclusive blister combinations, with complex regimes and dosage forms evolving commercially and clinically.
- Sharp (UDG Healthcare PLC), in May 2020, completed acquisition of pharmaceutical packaging facility from QPSI (Quality Packaging Specialists International LLC). It does encompass an area of 160K sq. ft. and has regulatory approval. There are 12 primary production manufacturing sites for several packaging lines for offering secondary and primary pharmaceutical packaging inclusive of blistering, bottling, medical device kitting, and vial labelling, along with serialization services.
- Jones Healthcare Group, in June 2020, made remarkable investments in offering of bundling administrations, which would incorporate well-co-ordinated two-path Uhlmann rankle bundling process.
- Plenish Drinks, in December 2019, got announced as the client by none other than Boughey Distribution Ltd.
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Key Players:
- Unicep Packaging
- Summit Container
- Genco
- Stamar Packaging
- Sharp Packaging
- Jones Packaging
- Aaron Thomas Company Inc.
The market benefits of the contract packaging industry include:
- In-depth Analysis and Future Estimations: The study offers an in-depth analysis of the global contract packaging market, providing insights into the current trends and future estimations. This helps stakeholders identify and understand the imminent investment pockets in the market, enabling informed decision-making.
- Competitive Outlook: The report thoroughly analyzes key market players and their strategies, offering a comprehensive understanding of the competitive landscape. This information helps stakeholders assess the competitive outlook of the industry and develop effective strategies to gain a competitive edge.
- Application-based Analysis: The report includes an extensive analysis of the market based on application. This analysis helps stakeholders understand the trends and dynamics specific to each application within the contract packaging industry, providing valuable insights for decision-making and market positioning.
- Quantitative Analysis and Market Opportunities: The report presents a quantitative analysis of the contract packaging market from 2022 to 2032. This analysis enables stakeholders to identify and capitalize on the prevailing market opportunities by assessing market size, growth rates, and revenue potential.
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Key Segments Covered in the Contract Packaging Industry Survey
By Services:
- Primary Contract Packaging
- Secondary Contract Packaging
- Tertiary Contract Packaging
By Vertical:
- Food
- Beverages
- Pharmaceuticals
- Home Products and Fabrics
- Cosmetics and Beauty Care
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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