Contract Filling & Packing Service can be classified as the outsourcing of packaging activities to third party vendors. This is mostly done when a company does not have expertise in packaging. Substantial costs savings, about 7% to 9%, can be made on operational costs by outsourcing the packaging to contract filling & packing services experts.
The contract filling & packing services market is highly fragmented. The market is marked with the presence of several small and large scale vendors. Companies operating in the contract filling & packing service market are involved in a lot of consumer research and development to develop packaging technology and designs. Among the major developments in the contract filling & packing service market include the entrance of third-party logistics companies like DHL which has drastically improved the delivery time and reduced costs on distribution and transportation. Also, the market entities are trying to widen their application areas. With the aforementioned developments in the contract filling & packing service market, the sale of contract filling & packing services is expected to surge and provide positive push for the market in the years to come.
The global Contract Filling & Packing Service market has been segmented as follows –
On the basis of packaging, the global Contract Filling & Packing Service market has been segmented as –
On the basis of end-use industry, the global Contract Filling & Packing Service market has been segmented as –
- Consumer Goods
- Personal care
- Food & Beverages
The title “Contract Filling & Packing Service Market” has been chosen owing to their growing perceived value. More and more industries are utilizing contract filling & packing services. In addition to that, the contract filling & packing service market is expected to present multi-million dollar incremental opportunity in the forecast years. For the contract filling & packing service market study, various parameters of demand and supply side have been taken into account. Among the major factors, their manufacturing has been tracked. Import-Export data for the same has been analyzed to arrive at the market size. Moreover, individual companies and major market players in the contract filling & packing service market are also studied to triangulate the market size. The competition and innovations in the contract filling & packing service market have also been taken into account in addition to the investments made in the contract filling & packing service market. Moreover, the market numbers have also been validated by industry experts.
Global Contract Filling & Packing Service Market: Key Players
Some of the key players operating in the global Contract Filling & Packing Service market are Signode, Sharp Packaging Services, Co-Pak Packaging, DHL, Reed-Lane, Stamar Packaging, Multipack Solutions, Jones Packaging, Green Packaging Asia, Aaron Thomas, Pharma Tech Industries, Summit Packaging, Unicep Packaging, GENCO, CCL Industries, Gardan, Deufol, FedEx, Stamar Packaging and Sonoco.
The growth in technological implementation is expected to entice the demand for contract filling & packing services. The implementation of fast-paced solutions has cut the leakage among many processes, thereby resulting in considerable savings and company bottom line. Moreover, the influx of logistics companies in the market has increased the competition and resulted in changing the business model for many traditional packers and has pushed the market further. Furthermore, with rising internet penetration, companies providing contract filling & packing services can pitch to a larger audience. While the market is expected to ascend in the next few years, there are certain challenges too. The market is hindered by the growth of In-house packaging as companies look to integrate backwards. This backward integration provides manufacturers total control over production cycle. Many market opportunities exist with embedded design services.
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