New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Contract Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Contract Packaging Market Information by Service, End use Industry, and Region - Forecast till 2030”, the market is estimated to grow at a 6.5% CAGR to reach USD 59.08 Billion by 2030.
Market Scope:
Outsourcing packaging tasks to a third party who specializes in some aspect of the packaging supply chain is known as "contract packaging," and it's a popular practice. Many different types of packaging are available from contract packaging manufacturers, including bagging/pouching, lot/batch/date coding, boxing/cartons, wrapping/bundling, labeling, and more. As a result of not having to invest in costly packaging machinery and materials, businesses can save a large amount of money by contracting out their packaging activities to outside packaging companies.
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Competitive Dynamics:
The key players of the market are:
- WestRock (US)
- FM Logistics (India)
- GXO (US)
- CEVA Logistics (France)
- Sonoco (US)
- FedEx (US)
- DB Schenker (Germany)
- UPS (US)
- Kuehne + Nagel Logistics (Switzerland)
- DSV (Denmark)
- Geodis (France)
- Deufol (Indiana)
- Menasha (WI)
- Solistica (Nuevo Leon)
- IPS (UK)
- Hopi (Czech Republic)
- Marvinpack (Switzerland)
- Truvant (North Carolina)
Market USP:
Market Drivers
Governments in developing nations are establishing critical industrial hubs and expanding their packaging product imports and exports. Guidelines for general product packaging have been issued by public agencies in a variety of countries. In both rich and emerging countries, the packaging business is becoming increasingly important to the economy. In order to compete on the global market, governments in many nations have increased packaging requirements, calling for more advanced techniques like blow molding, injection molding, roto molding, thermoforming, extrusion, etc. Moreover, the use of cutting-edge machinery and materials like plastic, metal, glass, paper, and paperboard ensures the greatest level of quality and aesthetic appeal for the intended market.
Contract packagers have a lot of room to expand thanks to the industry's rapidly expanding innovation landscape. Food and beverage, pharmaceutical, personal care, consumer good, spare part, e-commerce, and other end-use industries generate new demand and growth prospects as a result of market innovation. Consumers today benefit from convenient packaging that is simple to use, dispose of, and store thanks to advancements in resealability, reusability, shape customization, flexible/rigid pack materials, and creative design. There is room for expansion in the market thanks to the introduction of novel packaging formats and materials such date coding labels, clamshells, boxes & cartons, blister packs, wrappers, and so on.
Market Limitation
Manufacturing new packaging products is now more cost-effective than recycling for most small and medium-sized contract packaging firms. Contract packagers will have to spend more money on recycling and sorting packaging materials. . Therefore, the future growth of the worldwide contract packaging industry will be stymied by factors such as high recycling costs and strict government regulations.
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COVID-19 Analysis:
The introduction of COVID-19 had an effect on the packaging industry, as it did on many others. The first few months of the pandemic were marked by a slowdown in the packaging business, with sales falling and the supply chain being disrupted and factories running with a reduced workforce. The worldwide packaging market showed signs of a solid rebound in the year's final months, indicating optimism about the future of the industry. However, supply chains continue to be a major challenge for businesses in the packaging sector.
In all likelihood, sales won't get back to pre-COVID levels until 2023. As a result of the pandemic's effects on the market, analysts forecast growth in the worldwide contract packaging business to be slightly slower from now through 2030 compared to their predictions before the COVID-19 epidemic. The contract packaging sector has suffered worldwide as a result of the epidemic. As a result of factories being shut down or operating at reduced capacity and a slowdown in the supply of components and raw materials as a result of lockdown restrictions, contract packaging demand has dropped as the pandemic has spread over the world. As the markets for food, drink, medicines, personal care, consumer products, spare parts, e-commerce, and other industries contract packagers have seen a reduction in demand for packaging.
Market Segmentation:
Based on Service
Foreseen to grow at the fastest rate and capture the lion's share of the market is the boxing and cartoning subsector.
Based on End-use industry
We anticipate that the food and beverage subsector will grow at the fastest rate and account for the lion's share of the market during the next years.
Based on End-User
During the projection period, the HVACR sector is anticipated to grow at the fastest rate, resulting in a lion's share of the market.
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Regional Analysis:
Over the course of the predicted time period, Asia-Pacific is expected to have the largest share of the revenue market. It is anticipated that EMEA will continue its ascent as one of the world's fastest-growing regions over the forecast horizon.
Businesses in Europe are increasingly turning to third-party contract packers so they can concentrate on their core competencies, reduce costs, and increase market share. The contract packaging market in Europe has expanded rapidly in recent years, driven by increased demand and a shift in manufacturer preference for contract packagers.
Contract packaging services, especially bottling and filling services, have increased across the Middle East and Africa. During the COVID pandemic, businesses outsourced their packaging for improved safety due to the demand for contract packaging of food, beverage, and pharmaceutical products.
The North American region dominated in terms of revenue in 2021, thanks in large part to the high quality of service offerings from CPOs and CDMOs operating in the region. Additionally, to facilitate entry into the US market, most pharmaceutical companies outsource their packaging responsibilities to North American firms. The patent protection for nearly 50 commonly prescribed drugs in North America is expected to expire by the end of 2020, creating an opportunity for contract packagers. Consequences of noncompliance or nonadherence to prescribed medications include extended hospital stays and a worsening of health.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
