The contract packaging market, currently valued at US$ 45.2 billion, is expected to grow at a CAGR of 5.2% from 2022 to 2032, reaching US$ 75.04 billion.
Packaging plays a vital role in extending the shelf life and ensuring the protection of goods during transportation. However, there are significant upfront costs associated with packaging, leading to the emergence of contract packaging companies, also known as third-party packaging companies.
The demand for tertiary packaging, which is the third level of packaging, has increased significantly 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.
In order to thrive in a highly competitive market, major industry players are forming partnerships and joint ventures. For example, Nulogy Corporation and The Blackrock Group joined forces in March 2022 to enhance the speed-to-market service for contract packers by leveraging complementary digital platforms. Additionally, Silgan Holdings Inc., a provider of packaging and filling services, acquired Unicep Packaging in October 2021, resulting in the formation of “Silgan Unicep.”
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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 not only offer environmentally friendly solutions with low carbon footprints but also create lucrative opportunities for the contract packaging market in the forecast period.
The latest market study titled “Contract Packaging Market” conducted by Future Market Insights provides insights into these factors and future prospects. The findings have been analyzed by industry experts and consultants, ensuring comprehensive 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.
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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.
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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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