Contract Packaging Market

Market Synopsis:

The Global Contract Packaging Market was valued at USD 44.69 Billion in 2022 and is forecast to reach a value of USD 73.42 Billion by 2030. Over the projection period, the Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.40%.

Contract Packaging is putting together a good or product into its final package. The final packaging can take many forms depending on the product, including plastic containers, standing corrugated retail point-of-sale displays, thermoformed/plastic clamshell or blister packing, and transport trays. Contract packagers are frequently tasked with tasks as simple as applying a bar code sticker to a product or as complex as creating, assembling, and fulfilling the entire package. The Global Contract Packaging Market is expected to see potential growth owing to the factors mentioned below:

• Increased demand from the E-Commerce sector,
• Rising demand for cutting-edge material and innovative packaging,
• Rising population levels around the world,
• Rapid urbanization driving demand for pre-packaged and ready-to-eat foods,
• High growth in the non-alcoholic and alcoholic beverage industries using closures, caps, bottles, cans, and pouches,
• Services are offered in various shapes and sizes for both liquid and frozen products.

In addition, several other factors, like advancements in medical sciences and alterations to medications already on the market for various illnesses and deficiencies, are further expected to bolster the Contract Packaging Market growth. Furthermore, there is a trend shown by several manufacturers to choose the Contract Packaging over the in-house packaging activities. This factor is forecast to contribute by creating enormous opportunities thereby fuelling the Contract Packaging growth in the projected timeframe.

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On the other hand, the restrictions for expansion of the Contract Packaging Market in the anticipated timeframe are likely to come from rising levels of competition from in-house packaging and strict government requirements.

Market Segmentation:

The Contract Packaging Market is segmented on Packaging Type, Material, End User Industry, and Region. Based on the segment of Packaging Type, the market is further segmented into Primary, Secondary, and Tertiary. Furthermore, based on the Material, the market can be further bifurcated into Plastic, Metal, Glass, and Paper & Paperboard. In addition, based on the End User Industry, the market is further divided into Food & Beverage, Pharmaceutical, Electronics, Personal Care, and Other End Users.

Based on Packaging Type:

The Secondary category dominated the market in 2021

The Contract Packaging Market was dominated by the Secondary Packaging sector due to increased consumer demand worldwide and is expected to continue in the projected timelines. Therefore, the expansion of the worldwide Contract Packaging Market is anticipated to be fueled by Secondary packaging, which is advantageous for packaging materials, branding, and marketing of the product. On the other hand, during the forecast period, the Primary packaging sector is anticipated to generate a considerably high rate in the worldwide Contract Packaging Market.

Based on End User Industry:

Food & Beverage dominated the market in 2021

The Contract Packaging Market was dominated by Food & Beverage sector in 2021 and is expected to continue this dominance in the forecast period. The rapid rise of this segment is attributed to increasing disposable income, declining family size, growing working class population, desire for novel and energizing comfort foods, and benefits such as areas of strength for protection against germs and peelable features. Therefore, deals and marketing should be an organization's primary focus after assembling and pressing. The Food & Beverage and individual consideration sectors are end-client enterprises that hire these outside vendors' services.

Based on Regional Analysis:

Asia Pacific is projected to grow at a significant rate during the forecast period

The Asia Pacific is accounted to grow significantly during the forecast period. Growing middle-class disposable income, increased industrialization, and rising consumer living standards will drive the Contract Packaging Market's growth throughout the projected year. Furthermore, due to increased Contract Packaging demand and rising exporting capabilities in these nations, India and China are expected to lead the Contract Packaging Market growth throughout the forecast period.

Recent Developments:

• In June 2020, Jones Healthcare Group made a significant investment in its bundling services portfolio, which includes a flawlessly coordinated two-path Uhlmann rankle bundling procedure. The fully automated innovation will enhance the company's ability to manage floods of popular and unique rankle mixes as clinical and financial developments in increasingly complex drug portion structures and systems.
• In May 2020, Sharp acquired a medication manufacturing facility from Quality Packaging Specialists International LLC. The office has total administrative approval and is 160,000 square feet in size. It offers essential and auxiliary drug packaging, including packaging, rankling, vial naming, clinical device kitting, and serialization services.

Competitive Landscape:

The key players in the Global Contract Packaging Market include- Aaron Thomas Company Inc., AmeriPac Inc., Assemblies Unlimited Inc., Assured Edge Solutions, Co-Pak Packaging Corp., Deufol, DHL, Green Packaging Asia, Hollingsworth, Jones Packaging, Kelly Products Inc., Sharp Packaging, Sonic Packaging Industries, Stamar Packaging, Sterling Contract Packaging Inc., Silgan Holdings Inc., WePackIt Inc. and others.

Segmentation of the Global Contract Packaging Market: