The global contract packaging market has witnessed substantial growth, reaching a valuation of US$ 45.2 billion in 2022. This expansion is driven by a diverse range of applications that serve as the primary growth driver. Projections indicate a robust Compound Annual Growth Rate (CAGR) of 5.2% from 2022 to 2032, culminating in an estimated market value of US$ 75.0 billion by 2032.
The surge in industries and startups worldwide, combined with the demand for streamlined and organized packaging processes, has prompted businesses to embrace contract packaging solutions. These solutions allow product owners to customize and utilize packaging lines efficiently. Contract packaging involves external service providers offering packaging services to clients, often serving as specialized third-party vendors.
Outsourcing packaging operations enhances efficiency and supply chain expansion through accelerated shifting and packaging processes. Contract packaging vendors possess the expertise to manage various aspects of supply chain needs, enabling companies to save costs by avoiding significant investments in packaging machinery and materials.
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The pharmaceutical sector has notably leveraged contract packaging to meet demands for advanced packaging solutions, ensuring the safety of drugs and medicines. Additionally, contract packaging offers location support and operational flow optimization, enabling companies to focus on core competencies. While the food and beverage industry dominates this market, challenges arise from government regulations, particularly for smaller players, necessitating proper infrastructure and skills for compliance.
The key market participants are entering into collaborations and joint ventures for sustaining themselves amidst fierce competition. For example – Nulogy Corporation, in March 2022, entered into partnership with The Blackrock Group with the objective of providing better speed-to-market service for contract packers through complementary digital platforms. Additionally, Silgan Holdings Inc., in October 2021, did acquire Unicep Packaging (a provider of packaging and filling services). The merger’s name is ‘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.
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.
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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.
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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“With growing number of start-ups and industries coupled with organized and systematic packaging line, the global contract packaging market is bound to witness stupendous growth in the forecast period”, says an analyst from Future Market Insights.
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 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, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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