The global contract packaging market achieved a notable market size, reaching a substantial valuation of US$ 45,198.5 Million in 2022. The market’s remarkable growth is primarily attributed to the extensive array of applications it serves. The overall demand for contract packaging is expected to sustain strong growth momentum, with a projected Compound Annual Growth Rate (CAGR) of 5.2% between 2022 and 2032. By the conclusion of 2032, the market is anticipated to reach an impressive valuation of approximately US$ 75,038.1 Million. This projection underscores the industry’s resilience and its pivotal role in the broader global supply chain and packaging landscape.
The burgeoning landscape of industries and startups on a global scale, accompanied by the increasing demand for well-organized and systematic packaging processes, has steered end-users toward the adoption of contract packaging solutions. This strategic shift enables product owners to customize and optimize their packaging operations according to specific requirements, fostering flexibility and efficiency in their supply chain and production processes.
It is a known fact that packaging is essential to keep product safe at the time of transportation and also to increase the shelf life. Every tangible product needs packaging, but the fact that a lot goes into initial investments can’t be ignored. This calls for third-party packaging firms, better known as ‘contract packaging firms’.
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e-Commerce vertical has also been rising, which is actually playing a vital role in upscaling demand for third level of packaging, i.e. tertiary packaging. This factor is bound to take the entire contract packaging market at a greater stride in the near future.
Drivers:
- Cost Efficiency: Contract packaging allows companies to reduce in-house packaging costs, including labor, equipment, and facilities, by outsourcing to specialized providers.
- Focus on Core Competencies: Companies can concentrate on their core competencies, such as product development and marketing, while leaving packaging and logistics to experts.
- Scalability: Contract packaging providers offer scalability, enabling businesses to adapt to changing demand and market fluctuations without major capital investments.
- Expertise and Innovation: Contract packagers often have access to the latest packaging technologies and innovations, which can lead to improved packaging solutions.
- Global Expansion: Contract packaging providers with international operations can assist companies in entering new markets by providing localized packaging and labeling solutions.
- Reduced Lead Times: Outsourcing packaging can reduce lead times, allowing products to reach the market faster and respond to consumer demand more effectively.
- Regulatory Compliance: Contract packagers often have expertise in regulatory compliance, ensuring that products meet packaging and labeling regulations in different regions.
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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.
How does the Report unpack itself?
- The research study is based on services (primary contract packaging, secondary contract packaging, and tertiary contract packaging), and by vertical (food, beverages, pharmaceuticals, home products and fabrics, cosmetics and beauty care, and others).
- Contract packaging saves on time and money. With objective of delivering product with safety to the retail locations, that too, in an attractive and high quality package, the global contract packaging market is expected to stand in a very good stead in the upcoming period.
Key Players
- Unicep Packaging
- Summit Container
- Genco
- Stamar Packaging
- Sharp Packaging
- Jones Packaging
- Aaron Thomas Company Inc.
- DHL
- Green Packaging Asia
- Co-Pak Packaging
- Assemblies Unlimited Inc.
- Deufol
- AmeriPac Inc.
- Nulogy Corporation
- Wepackit Inc.
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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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