In terms of revenue, the Global Contract Packaging Market is expected to reach USD 61.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2022 to 2028.
Co-packing, commonly referred to as Contract Packaging, is the packaging. The general agreement bundling market is growing due to the shifting preferences of manufacturing businesses, which frequently reassign pressing services to outside players. This results from manufacturers' increased focus on core businesses and cost-effectiveness. Contract pressing has several advantages. It reduces the producers' functional expenses first. By re-allocating bundling obligations to hired packagers, it is envisaged. Raising consumer awareness about environmental concerns and the producers' demand for economical packaging options is impelling contract packagers to adopt earth-friendly alternatives and eco-sensitive package designs. Furthermore, sustainability and customization are likely to continue to positively impact the Contract Packaging Market, leading to growth in the use of consumer-packaged goods, such as personal care and food.
Key Highlights from Report:
- The Secondary packaging sector is anticipated to hold the highest position in the Global Contract Packaging Market throughout the forecast period. Due to the increased demand for Secondary packaging from consumers all over the world, 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.
- The Food & Beverage sector is the world's largest agreement bundling market. The increase is related 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. After assembling and pressing, deals and marketing should be an organization's primary focus.
- The Asia Pacific region is expected to dominate the market in 2021. The increasing development of manufacturing & automotive industries in developing countries like India, Japan, China, and South Korea is the key parameter considered in the growth of the Contract Packaging Market in this region.
Contract Packaging, commonly referred to as co-packing, is a packaging service provided to different manufacturers by packaging companies. Contract Packaging services typically comprise product packing, package design, storage, and distribution. The growth of small and medium-sized businesses worldwide and the advantages provided by Contract Packaging companies are expected to fuel the market for Contract Packaging. The expansion of the e-commerce sector has also contributed to an increase in the need for tertiary packaging globally, which favors the Contract Packaging business. Various packaging-intensive industries, including those in the pharmaceutical, consumer goods, food and beverage, and electronics sectors, are also experiencing an increase in demand due to several causes, including an increase in disposable income.
The Asia-Pacific area is predicted to have the highest growth rate Because of the district's increased use of bundling services. Companies are investing resources in the studied market because of the necessity to increase quality further. Vendors of consumer merchandise (CPG) has been aggressively looking forward to consolidating to provide products and solutions, including procurement of raw materials and logistics, to distinguish themselves as one-stop providers of Contract Packaging solutions. Additionally, many businesses are cutting back on their Research and Development (R&D)expenditures, causing new advancements in the packaging sector.
The Global Contract Packaging Market is Segmented as follows:
- Packaging Type
- Paper & Paperboard
- End User Industry
- Food & Beverage
- Personal Care
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Contract Packaging Market is:
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.
The Global Contract Packaging Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|