NEWARK, Del, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The global contract packaging market stands at US$ 45.2 Bn as of now and is expected to reach US$ 75.04 Bn by the year 2032 at a CAGR of 5.2% between 2022 and 2032.
It is a known fact that packaging is essential to keep product safe at the time of transportation and also to increase the shelf life. Every tangible product needs packaging, but the fact that a lot goes into initial investments can’t be ignored. This calls for third-party packaging firms, better known as ‘contract packaging firms’.
E-Commerce vertical has also been rising, which is actually playing a vital role in upscaling demand for third level of packaging, i.e. tertiary packaging. This factor is bound to take the entire contract packaging market at a greater stride in the near future.
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The key market participants are entering into collaborations and joint ventures for sustaining themselves amidst fierce competition. For example – Nulogy Corporation, in March 2022, entered into partnership with The Blackrock Group with the objective of providing better speed-to-market service for contract packers through complementary digital platforms. Additionally, Silgan Holdings Inc., in October 2021, did acquire Unicep Packaging (a provider of packaging and filling services). The merger’s name is ‘Silgan Unicep’.
The advancements regarding packaging technology include anti-microbial packaging, smart packaging, corn starch-based packaging, and water soluble packaging. These advancements do have low-carbon footprint. They are expected to make way for lucrative opportunities for contract packaging market in the forecast period.
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.
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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.
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.
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“With growing number of start-ups and industries coupled with organized and systematic packaging line, the global contract packaging market is bound to witness stupendous growth in the forecast period”, says an analyst from Future Market Insights.
How does the Report unpack itself?
- The research study is based on services (primary contract packaging, secondary contract packaging, and tertiary contract packaging), and by vertical (food, beverages, pharmaceuticals, home products and fabrics, cosmetics and beauty care, and others).
- Contract packaging saves on time and money. With objective of delivering product with safety to the retail locations, that too, in an attractive and high quality package, the global contract packaging market is expected to stand in a very good stead in the upcoming period.
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
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
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