In 2022, the size of the worldwide contract packaging market was estimated at US$ 45,198.5 Million. The market's main development engine is anticipated to be the widening array of applications. The entire demand for contract packaging is anticipated to reach about US$ 75,038.1 Million by the end of 2032, growing at a strong CAGR of 5.2% between 2022 and 2032.
Packaging is crucial to extending shelf life and protecting goods during transportation, as is common knowledge. Every actual product requires packaging, but there are major upfront costs that must be incurred. This necessitates the use of contract packaging companies, commonly known as third-party packaging companies.
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The third level of packaging, known as tertiary packaging, is in higher demand as a result of the e-commerce sector's growth. The future expansion of the contract packaging sector as a whole will surely be accelerated by this factor.
The biggest players in the sector are forging alliances and joint ventures in order to thrive in the face of fierce competition. For instance, in March 2022, Nulogy Corporation and The Blackrock Group collaborated with the goal of enhancing contract packers' speed-to-market service using complementary digital platforms. Additionally, Silgan Holdings Inc. (a provider of packaging and filling services) acquired Unicep Packaging in October 2021. The group is known as "Silgan Unicep."
Anti-microbial packaging, smart packaging, corn starch-based packaging, and water-soluble packaging are some of the breakthroughs in package technology. These innovations do leave a small carbon footprint. During the anticipated term, they are anticipated to make way for attractive prospects in the contract packaging market.
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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
