Wilmington, Delaware, United States, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a recent market report by Transparency Market Research, the global market for contract packaging solutions is projected to grow from market value of US$ 42 Bn in 2020 and reach US$ 63 Bn by 2026. The study also predicts that the global industry would grow at a CAGR of 6.6% during the forecast period from 2021 to 2026. Increase in consumer awareness regarding personal care, food and beverages, and consumer goods that feature advanced and sustainable packaging solutions bolsters market growth. Furthermore, expansion of the global nutraceuticals market also favors market development.
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Contract Packaging Market: Key Findings of Report
- Increase in Demand for Medical Packaging Solutions during COVID-19 Pandemic: Surge in number of individuals suffering from the COVID-19 infection in the past three years has considerably increased the demand for various medical products and equipment. This, in turn, resulted in heightened market demand for contract packaging solutions, such as stick packs and sachets, clamshells and blisters, ampoules and vials, and cartons and boxes. Apart from this, increase in demand for advanced medical devices in the healthcare industry is also anticipated to offer attractive business growth opportunities for market players in the next few years.
- Growth in Demand for Blisters & Clamshell Packaging Solutions: According to the market report by TMR, the Blisters & Clamshells product type segment is anticipated to record the highest growth rate from 2021 to 2026, expanding at a CAGR of 8% during this period. This trend can be ascribed to rise in awareness among customers regarding the benefits of using environment-friendly and sustainably produced packaging solutions. Clamshells and blisters are used in the secondary and tertiary packaging of products in various end-use industries.
Contract Packaging Market: Growth Opportunities
- Increase in demand from food & beverage industry as well as fast moving consumer goods (FMCG) industries bolsters market growth
- Rise in online sales of personal care and cosmetic products creates lucrative business opportunities for market players operating in the labeling sector
- Rapid expansion of the global nutraceuticals industry boosts market demand for innovative contract packaging solutions
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Contract Packaging Market: Key Players
Key companies operating in this global market are Sonoco Display and Packaging, UniCep Packaging, Inc., Stamar Packaging, Inc., Aphena Pharma Solutions, Inc., AmeriPac, Inc., Reed-Lane, Inc., Multi-Pack Solutions, LLC, Aaron Thomas Company, Jones Packaging, Inc., and Marsden Packaging Ltd. The global industry houses a large number of small, medium, and large-sized manufacturers and companies, making the competitive landscape highly fragmented. Furthermore, the frequent entry of new players results in fierce competition among industry players. Leading players adopt strategies such as expansion of product inventories and regional presence to stand out from their competitors. Additionally, manufacturers are also focused on adopting recyclable and renewable materials, such as metal, glass, and paper, to manufacture their products in order to achieve their sustainability goals.
Contract Packaging Market: Regional Growth Assessment
Asia Pacific is anticipated to offer several business growth opportunities to market players in the near future. The market report projects that this region would expand at a CAGR of 8.2% during 2021-2026. One of the key drivers of market growth in Asia Pacific is the rapid development of the pharmaceutical sector. Other notable drivers include increase in consumer consciousness about healthcare as well as the rapid development of the food and beverage industry in this region. Apart from Asia Pacific, Europe and North America are also expected to witness substantial growth in market size in the next few years, owing to rise in demand for ready-to-consume food and beverage products.
Contract Packaging Market: Segmentation
Contract Packaging Market, by Product Type
- Bottles
- Bags & Pouches
- Sachets & Stickpacks
- Boxes & Cartons
- Blisters & Clamshells
- Vials & Ampoules
- Flow Wraps
- Others
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Contract Packaging Market, by Service
- Bottling
- Bagging/ Pouching
- Lot/ Batch & Date Coding
- Boxing & Cartoning
- Wrapping & Bund
- Labelling
- Clamshell & Blister
- Others
Contract Packaging Market, by End-use Industry
- Food & Beverage
- Pharmaceuticals
- Cosmetics
- Agriculture
- Personal Care
- Others (Automobile, etc.)
Contract Packaging Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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