Newark, April 24, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 75 Billion Contract Packaging market will reach USD 233 Billion by 2033. Digitization and Automation in the Contract Packaging Market and rapidly growing technological advancements in the Contract Packaging Market may fuel the growth of the Contract Packaging Market. The packaging industry is experiencing rapid growth, driven by continuous advancements in products and technologies. To remain competitive, packaging companies must adapt to the evolving preferences of their customers. Trends in the packaging market are influenced by factors like urbanization, increasing disposable incomes, and the demand for convenient and accessible packaging solutions.
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In recent years, there has been a significant increase in innovations in packaging technology, including smart packaging, antimicrobial packaging, water-soluble packaging, and packaging made from cornstarch. These innovations prioritize features such as low-carbon footprints, eco-friendliness, and sustainability, presenting promising opportunities for growth for contract packaging firms in the foreseeable future.
Contract Packaging Market Size by Packaging (Primary, Secondary, Tertiary), End User (Food, Beverage, Pharmaceutical, Household, Personal Care), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest global Contract Packaging market, accounting for 54.6% of the total market. Owing to increasing investments and government funding and increasing collaborations between the market players. Whereas Asia Pacific exhibits the highest growth rate in the market owing to the rapidly growing demand for Contract Packaging from the end-user industries.
The secondary Package Segment dominates the market. Thereby acquiring 46% in the year 2023. The secondary Package Segment dominates the market. Thereby acquiring 46% in the year 2023. Owing to increasing demand for Contract Packaging from various end-user industries. With secondary packaging serving as a protective layer for commuting from the place of production to the place of consumption. Further, rising demand for contract packaging to enhance the visual appeal of the product is another major factor boosting the growth of the Secondary Package segment in the Contract Packaging Market.
The pharmaceutical segment has dominated the Contract Packaging market. Thereby acquiring 46.56% in the year 2023
The pharmaceutical segment has dominated the Contract Packaging market. Thereby acquiring 46.56% in the year 2023. Owing to rising government funding and rapidly growing investments in R&D by different market players. The food segment is the fastest-growing in the Contract Packaging Market, owing to rising strategic developments in the market: product launches, partnership agreements, collaboration and joint ventures.
Latest Development:
• In November 2023, Sealed Air, a prominent player in the industry, introduced its "SmartLife" packaging solution. This innovative system incorporates RFID tags to deliver product details to consumers and ensure authenticity tracking. This forward-thinking approach not only boosts brand interaction but also serves as a deterrent to counterfeiting.
• In September 2023, ProAmpac, a top-tier contract packaging provider, unveiled its "Connected Packaging" platform. This innovative solution harnesses IoT sensors to monitor products in real time across the supply chain. By offering enhanced visibility and control, this technology benefits both brands and retailers.
• In July 2022, CMA CGM Group finalized the acquisition of GEFCO. As a major presence in sea, land, air, and logistics services, CMA CGM Group operates in over 420 ports across five continents worldwide. This strategic acquisition is poised to bolster the company's logistics offerings on a global scale.
Market Dynamics
Drivers: Increasing demand from the e-commerce industry
The rapid advancement of modern technology has propelled the expansion of e-commerce packaging enterprises, which have become increasingly essential in fulfilling client demands within the industry. This escalating need for packaging solutions has been amplified by the widespread proliferation of e-commerce ventures worldwide. Over the past decade, there has been notable growth in contract packaging, fostering innovation for major Consumer Packaged Goods (CPG) corporations and providing comprehensive services to startups capitalizing on the e-commerce distribution channel.
Within the e-commerce domain, co-packers assume pivotal roles as procurement arms, storage facilities, and packaging production hubs, effectively streamlining the supply chain process. The velocity of the supply chain holds paramount importance in the e-commerce sector, as it directly influences the delivery of prompt and efficient client experiences.
Restraint: Strict government policies, and procedures
The process of recycling packaging materials, including plastic containers, bottles, jars, boxes, cans, bags, pouches, and others, demands substantial capital investment due to procurement expenses, energy consumption, and the value of scrap materials. Recycling plastics, such as bottles, jars, clamshells, and similar items, entails multiple stages, including post-consumer collection, reimbursement of scrap value to consumers, transportation to recycling facilities, and cleaning and crushing processes. For many small and medium-sized contract packaging firms, manufacturing new packaging materials has become more cost-effective than recycling.
The additional expenses associated with recycling and segregating packaging materials pose challenges for contract packagers. Consequently, the high costs of recycling and stringent governmental regulations are expected to hinder the global contract packaging market in the foreseeable future
Opportunity: Rapidly growing technological advancements in the Contract Packaging Market
The packaging industry is experiencing rapid growth, driven by continuous advancements in products and technologies. To remain competitive, packaging companies must adapt to the evolving preferences of their customers. Trends in the packaging market are influenced by factors like urbanization, increasing disposable incomes, and the demand for convenient and accessible packaging solutions.
In recent years, there has been a significant increase in innovations in packaging technology, including smart packaging, antimicrobial packaging, water-soluble packaging, and packaging made from cornstarch. These innovations prioritize features such as low-carbon footprints, eco-friendliness, and sustainability, presenting promising opportunities for growth for contract packaging firms in the foreseeable future.
Challenge: Rising complexities in the packaging design market
The increasing complexities in the packaging design market present significant hurdles for contract packagers. They must continually adjust to evolving client preferences, technological advancements, regulatory standards, and sustainability criteria while upholding operational efficiency and quality benchmarks.
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Some of the major players operating in the Contract Packaging market are:
• Aaron Thomas Company
• Multipack Solutions LLC
• Pharma Tech Industries Inc
• Reed Lane Inc
• Sharp Packaging Services
• Unicep Packaging LLC
• Green Packaging Asia
• Jones Healthcare Group
• Stamar Packaging Inc
• Budelpack Poortvliet BV
Key Segments cover in the market:
By Packaging:
• Primary
• Secondary
• Tertiary
By End-User:
• Food
• Beverage
• Pharmaceutical
• Household
• Personal Care
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About the report:
The global Contract Packaging market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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