Wilmington, Delaware, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global contract packaging market is projected to flourish at a CAGR of 6.6% from 2021 to 2026. As per the report published by TMR, a valuation of US$ 63 billion is anticipated for the market in 2026. As of 2023, the demand for contract packaging is expected to close at US$ 50.8 billion
The increasing trend of outsourcing their packaging operations to specialized contract packaging firms to reduce costs and focus on their core competencies in the pharmaceutical, food, beverage, and consumer goods industries will likely drive the contract packaging market during the forecast period.
Contract packaging companies often have economies of scale and specialized equipment, which can lead to cost savings for their clients thus, the demand for contract packaging is high in industries where efficient packaging is critical for product success.
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Competitive Landscape
The contract packaging market is highly fragmented among the global giants, medium, and small-sized manufacturers. The global contract packaging market is highly competitive, owing to consistent efforts of manufacturers to expand their geographical reach and product portfolio to capture maximum market share.
- Sonoco Display and Packaging
- AmeriPac Inc.
- Aaron Thomas Company
- UniCep Packaging Inc.
- Reed-Lane, Inc.
- Jones Packaging Inc.
- Stamar Packaging Inc.
- Multi-Pack Solutions LLC
- Marsden Packaging Ltd.
- Aphena Pharma Solutions, Inc.
Growing consumer awareness and regulatory pressure for sustainable and eco-friendly packaging solutions are driving companies to seek out contract packaging providers with expertise in this area. These providers can help clients meet sustainability goals and reduce their environmental impact.
The rapid expansion of e-commerce has increased demand for packaging services tailored to online retail. Contract packagers are well-positioned to provide the right packaging for shipping and customer experience.
Key Takeaways from the Market Study
- As of 2022, the contract packaging market was valued at US$ 47.7 billion
- Based on the end-use industry, the food & beverage segment is the largest market for contract packaging across the globe.
- Based on service, the bottling segment has been identified as the most prominently used service in the contract packaging market.
- In terms of product type, blisters & clamshells are projected to be the fastest growing segment with forecast.
Contract Packaging Market: Key Trends and Opportunistic Frontiers
- The drastic growth of the pharmaceutical industry, is anticipated to drive the contract packaging market as contract packaging solutions are widely used for primary and secondary packaging of pharmaceutical products.
- Contract packers are moving toward specialization, innovations, and value added services. These trends represent that contract packaging industry is growing.
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Contract Packaging Market – Regional Analysis
- North America is the strong players in the contract packaging market, with a strong focus on the pharmaceutical, food and beverage, and consumer goods sectors.
- The region places a significant emphasis on sustainable and eco-friendly packaging, customization, and compliance with strict regulatory standards. The growth of e-commerce has led to increased demand for specialized e-commerce packaging solutions. Automation and technology adoption are on the rise to improve efficiency and cost-effectiveness.
- The Asia-Pacific is expected to account for significant share of the market. The countries like China, Japan, and India, is experiencing rapid growth in the contract packaging market, driven by the increasing middle-class population and urbanization.
- The pharmaceutical and food industries are major contributors to the growth, with a focus on contract manufacturing and packaging. Customization and branding are gaining importance as consumers in the region seek unique and premium packaging experiences. Cost-effective contract packaging solutions are in high demand, but competition is also fierce.
Key Developments in the Contract Packaging Market
- Sonoco is a global provider of consumer packaging, industrial products, protective packaging, and packaging supply chain services. They offer a range of contract packaging solutions, including custom packaging, fulfillment, and display and packaging services.
- Packaging Corporation of America provides a wide range of packaging solutions, including contract packaging services. They work with clients in various industries, such as food and beverage, consumer goods, and industrial products.
- Delkor Systems Inc. specializes in innovative packaging solutions, particularly in the food and beverage sector. They offer contract packaging services and equipment to automate packaging processes.
Contract Packaging Market – Key Segments
Product Type
- Bottles
- Bags & Pouches
- Sachets & Stick packs
- Boxes & Cartons
- Blisters & Clamshells
- Vials & Ampoules
- Flow Wraps
- Others
Service
- Bottling
- Bagging/Pouching
- Lot/Batch & Date Coding
- Boxing & Cartoning
- Wrapping & Bund
- Labelling
- Clamshell & Blister
- Others
End Use Industry
- Food & Beverage
- Pharmaceuticals
- Cosmetics
- Agriculture
- Personal Care
- Others (Automobile, etc.)
Region
- North America
- Latin America
- Europe
- APAC
- Middle East & Africa
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