Global Contract Packaging Market to reach around US$ 127.1Billion by 2030
Global Contract packaging companies specialize in particular business, making them an ideal choice for companies that do not have the resources to maintain a packaging line themselves. They can optimize machinery, materials, and labor to create the perfect package for products. Many contract packaging companies have an in-house design team to help troubleshoot prototypes and optimize production time. They may also produce packaging with printed components that will be inserted into the final product.
Market Statistics:
The global contract packaging market is estimated to US$ 60.5 Bn in terms of value in 2022.
Global Contract Packaging Market: Drivers
The growing focus of manufacturing companies to outsource packaging solutions is expected to propel the market growth. Outsourcing the packaging has numerous benefits, such as it helps in mitigating the risk of underperforming, placing essential packaging functions in the hands of those best prepared to perform at high levels, increasing flexibility, maintaining focus on essential business elements rather than logistics and fulfilment, and indulging in best practices and compliance.
Global Contract Packaging Market: Opportunities
Increasing partnerships in the pharmaceutical industry due to the rising demand for vials and glass packaging for vaccines and drugs, among others will augment the market growth. For instance, the U.S. has witnessed an increase in the demand for contract packaging in the pharmaceutical industry.
Global Contract Packaging Market: Restraints
Monitoring issues and lack of standardization are the key factors expected to hamper the market growth.
Global Contract Packaging Market - Impact of Coronavirus (COVID-19) Pandemic
With the COVID-19 pandemic outbreak, the contract packaging market has seen tremendous growth as the e-commerce market has taken off because of lockdowns and social distance norms, where the majority of consumers have been favoring online channels for shopping, and businesses have been outsourcing their packaging end to end or standalone services to meet the growing demand.
To know the latest trends and insights prevalent in the Global Contract Packaging Market, click on the link below:
https://www.coherentmarketinsights.com/market-insight/contract-packaging-market-5094
Key Takeaways:
The global contract packaging market was valued at US$ 60.5 Bn in 2022 and is forecast to reach a value of US$ 127.1 Bn by 2030 at a CAGR of 8.5% between 2023 and 2030.
The primary packaging segment held the dominant position in the global contract packaging market in 2022, accounting for 50% shares in terms of value. Increasing product approvals and launch of new products is expected to propel the segment growth during the forecast period.
Market Trends:
The introduction of serialization of pharmaceutical products packaging is expected to augment the market growth. This is forcing manufacturers to develop appropriate infrastructure to comply with new regulations thereby fuelling the market growth.
The adoption of advanced manufacturing techniques, growing spending in public health systems, and the increasing implementation of new regulations by the government to control the transmission of contagious diseases is projected to uplift the market growth.
Global Contract Packaging Market: Competitive Landscape
- Aaron Thomas Company
- Multipack Solutions
- Pharma Tech Industries
- Reed-Lane Inc.
- Sharp Packaging Services
- UNICEP Packaging
- Green Packaging Asia
- Jones Packaging Inc.
- Stamar Packaging
- Budelpack Poortvliet BV
- Complete Co-Packing Services Ltd
