Now valued at US$ 45.2 billion, the contract packaging market is expected to increase at a CAGR of 5.2% from 2022 to 2032 to reach US$ 75.04 billion.
As is widely known, packaging is essential to extend shelf life and protect goods while being transported. Packaging is a need for every actual product, but there are significant up-front expenditures that must be borne. This calls for the utilisation of contract packaging businesses, also referred to as third-party packaging businesses.
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The e-commerce industry has been expanding, and this is actually helping to scale up demand for tertiary packaging, which is the third level of packaging. This aspect will undoubtedly accelerate the growth of the contract packaging industry as a whole in the near future.
To survive in the face of intense rivalry, the major industry players are forming partnerships and joint ventures. For instance, Nulogy Corporation and The Blackrock Group partnered in March 2022 with the aim of improving the speed-to-market service for contract packers using complementing digital platforms. Moreover, Unicep Packaging was purchased by Silgan Holdings Inc. in October 2021. (a provider of packaging and filling services). The combination is referred to as “Silgan Unicep.”
The advancements regarding packaging technology include anti-microbial packaging, smart packaging, corn starch-based packaging, and water soluble packaging. These advancements do have low-carbon footprint. They are expected to make way for lucrative opportunities for contract packaging market in the forecast period.
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Future Market Insights has scaled through these facts with future prospects in its latest market study entitled ‘Contract Packaging Market’. The analysts and consultants are all through these findings.
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.
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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.
Key Players:
- Unicep Packaging
- Summit Container
- Genco
- Stamar Packaging
- Sharp Packaging
- Jones Packaging
- Aaron Thomas Company 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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