Dublin, April 30, 2024 (GLOBE NEWSWIRE) -- The "Global Contract Packaging Market Report by Packaging Type, Material, Service, End Use Industry, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The industry analysis reveals an upward trajectory for the global contract packaging market, with projections indicating a reach of US$ 127.7 billion by 2032, from US$ 68.1 billion in 2023.
An impressive CAGR of 7.24% during the forecast period is a testament to the dynamic nature of the sector. The surge is attributed to the rise in e-commerce, sustainable packaging preferences, and the incorporation of technological advancements, including AI and IoT, to streamline packaging operations.
Drivers of Market Expansion
Contract packaging, serving the vital role of a third-party packager for businesses, is experiencing heightened demand. This trend is driven by its flexibility to accommodate rapidly changing packaging requirements and enable expedited market entry for new products.
Additionally, businesses increasingly pursue external packaging expertise to minimize errors and optimize time efficiency – practices that ultimately support their growth and expansion initiatives. The integration of modern technologies like AI and IoT further accelerates the market growth, by enhancing packaging precision and operational cost-effectiveness.
Moreover, the growing emphasis on sustainable packaging materials reflects the evolving consumer consciousness towards environmental impact. The global shift towards eco-friendly packaging solutions is creating ample opportunities for contract packaging companies to diversify and innovate in their service offerings. This coincides with the increasing appetite for customization and personalized packaging, signifying a burgeoning market for contract packagers adept in delivering tailored packaging experiences.
Market Segmentation Insights
The market is predominantly led by primary packaging types, with plastic materials holding the lion's share due to their versatility and durability. Bottling services dominate among the various services provided, indicating a strong preference across several industries for efficient liquid product packaging solutions.
The food and beverage segment claims the major market share within end-use industries, benefiting largely from the cost-efficiency and flexibility offered by contract packaging.
Geographically, North America remains the preeminent region, commanding the largest market share. The investment in technology and infrastructure, along with the region's inclination towards packaging outsourcing, are marked contributors to its dominant position. Meanwhile, the Asia Pacific region is demonstrating significant growth potential, propelled by the burgeoning online commerce sector and a heightened focus on product quality.
Competitive Landscape and Market Innovations
The competitive landscape is being shaped by key players investing in advanced technology to meet the growing market demands. A commitment to sustainable practices and collaborative approaches towards creating distinctive packaging designs are indicative of the industry's direction towards personalization and differentiation. Recent acquisitions and facility expansions signify the strategic intent of leading companies to solidify their market positions and expand their service offerings.
The findings underscore the contract packaging market's resilience and adaptability, hinting at a transformative phase that aligns closely with broader consumption trends and technological integration.
Evidently, the market is poised to continue its robust growth trajectory, offering significant opportunities for businesses looking to leverage the efficiencies of contract packaging.
Companies Featured
- Aaron Thomas Company Inc.
- AmeriPac
- Assemblies Unlimited Inc.
- Co-Pak Packaging Corporation
- Hollingsworth
- Kelly Products Incorporated
- Marsden Packaging Ltd.
- Multi-Pack Solutions LLC
- Reed-Lane. Inc.
- Sonic Packaging Industries Inc.
- Sterling Contract Packaging Inc.
- Unicep Packaging LLC (Silgan Holdings Inc.)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $68.1 Billion |
| Forecasted Market Value (USD) by 2032 | $127.7 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Report Segmentation
Breakup by Packaging Type:
- Primary
- Secondary
- Tertiary
Breakup by Material:
- Plastic
- Metal
- Glass
- Paper and Paperboard
Breakup by Service:
- Bottling
- Bagging/Pouching
- Lot/Batch and Date Coding
- Boxing and Cartoning
- Wrapping and Bund
- Labelling
- Clamshell and Blister
- Others
Breakup by End Use Industry:
- Food and Beverage
- Pharmaceutical
- Electronics
- Personal Care
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/o9l4kb
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
