According to the latest report by IMARC Group, titled "Contract Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global contract packaging market size reached US$ 63.0 Billion in 2022. Contract packaging is a process of outsourcing the packaging of a company's products from an external provider. This type of service is typically utilized by companies who either lack the resources or expertise to do the packaging themselves or need to reduce the cost of production. It involves the provider taking care of the entire process from design, production and delivery, ensuring that the products are packaged in a way that meets the customer specifications and expectations. The provider will also assist with labeling, palletizing, and other services that may be required for the product to reach its destination. As a result, it helps to reduce costs, streamline processes, and eliminate the need for a company to maintain its own production facilities.
Global Contract Packaging Market Trends:
The escalating demand for contract packaging from the industrial sector majorly drives the global market. This can be supported by the increasing service utilization across the food and beverage, pharmaceutical, FMCG, and personal care industries to help meet the demand of the rapidly growing global population. Additionally, numerous leading players are providing child-resistant, serialization, and tamper-evident features in packaging solutions that meet the stringent standards set by several government organizations, which is propelling the market. Along with this, the widespread adoption of contract packaging in the retail industry to minimize costs and improve product presentation, including bulk packaging, assembly, labeling, and packaging design, is also significantly supporting the demand. In addition, the shifting preference for online shopping and the advent of home delivery models are also acting as major driving factors. Moreover, the introduction of environment-friendly packaging options on account of the growing awareness regarding the ill effects of plastic materials among the masses is creating a positive market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 103.0 Billion by 2028, exhibiting a CAGR of 8.05% during 2023-2028.
- On the basis of the packaging type, the market has been segmented into primary, secondary and tertiary.
- Based on the material, the market has been classified into plastic, metal, glass, paper and paperboard.
- On the basis of the service, the market has been segregated into bottling, bagging/pouching, lot/batch and date coding, boxing and cartoning, wrapping and bund, labelling, clamshell and blister and others.
- Based on the end use industry, the market has been bifurcated into food and beverage, pharmaceutical, electronics, personal care and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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. and Unicep Packaging LLC (Silgan Holdings Inc.).
|Base Year of the Analysis
||Packaging Type, Material, Service, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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. and Unicep Packaging LLC (Silgan Holdings Inc.)
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