Published: Nov, 2019
Transparency Market Research delivers key insights on the contract packaging market, in its published report, which includes global industry analysis, size, share, growth, trends, and forecast for 2019–2027. In terms of revenue, the global contract packaging market is projected to expand at a CAGR of ~7% during the forecast period, due to several factors, about which, TMR offers detailed insights and forecasts in this report.
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Contract Packaging Market- An Overview
Contract packers provide brands and manufacturers with better results as far as packaging and overall channel fulfilment are concerned. Contract packers are becoming the rising stars in the distribution channel. Contract packaging companies are uniquely positioned in the value chain, and can extend their offerings to cater to the various demand from end users. Contract packaging companies offer services starting from creative packaging to last-minute optimization. For instance, Coregistics, an Atlanta-based company, acquired Cano Packaging Corporation, to allow itself to better access and dominate POP packaging services. Contract packaging services ensure better integrated and managed services, and allow flexibility for manufacturers who are facing production postponement and other issues that can impact the overall cost of production. Contract packaging companies generally help in cost savings, relieve channel management issues, and are full service marketing fulfillment companies.
The most significant trend shaping the contract packaging industry is moving from a tactical role to a strategic imperative for companies. Contract packers are now involved in strategic supply chain decisions, such as vendor selection and qualification; as well as product development, formulation, and quality assurance. Also, contract packaging firms are adopting the omni-channel distribution strategy to gain the attention of customers from both, the online and in-store sales of products. Moreover, contract packaging industries are moving towards specialization, innovation, and value-added services. These trends represent that, the contract packaging industry is growing, and contract packagers are arguably more important today than they were in the past.
Developing Countries to Gain Maximum Ground
Emerging countries of Asia Pacific such as China and India are anticipated to have great potential in the contract packaging market. China is expected to represent more than quarter of the total market share by value, in the contract packaging market. This is accredited to the increasing demand from processed food companies in the region. High manufacturing value added in China, which was around US$ 1.4 trillion in 2018, according to the World Bank, can also be one of the factors boosting the growth of the contract packaging market in the region. However, the United States is expected to remain on the top, due to a mature pharmaceutical market, as well as the growing manufacturing sector in the region.
Pharmaceutical Industry to Represent Healthy CAGR
Pharmaceutical companies are focusing on product capabilities rather than packaging, which is pushing them to opt for contract packaging. China and Japan are ranked among the top five pharmaceutical markets in the world, thereby creating greater opportunities in the contract packaging market. The contract pharmaceutical packaging industry is expected to expand 1.4X of its current value in the coming 5 years. Moreover, increasing population and growing demand from the cosmetic industry are expected to surge the growth of the contract packaging market in the coming years. Furthermore, regulations pertaining to various end users, such as pharmaceuticals, cosmetics, food, and chemicals, keep changing constantly. Contract packaging firms ensure legible code prints with all the required information, to increase transparency in the supply chain.
Global Contract Packaging Market: Competition Landscape
Manufacturers in the contract packaging industry are expanding through extending the scope of their services and by increasing the number of manufacturing facilities. Furthermore, new players entering the market will certainly outbid traditional players because of the increased strategic value that they attract. All these factors will lead to a significant increase in the number of contract packaging firms in the coming years, and, as such, driving the growth of the contract packaging market.
In the global market report on contract packaging, a detailed competition landscape is discussed. Some of the key players in the global contract packaging market included in the report are AmeriPac, Aaron Thomas Company, UniCep Packaging, Reed-Lane, Inc., Jones Packaging, Stamar Packaging Inc., Multi-Pack Solutions, LLC., Pharma Tech industries, and Sonoco Products Company.
Global Contract Packaging Market: Classification
Contract Packaging Market by Product
- Bags & Pouches
- Sachets & Stick Packs
- Boxes & Cartons
- Blisters & Clamshells
- Vials & Ampoules
- Flow Wraps
Contract Packaging Market by Service
- Bottling & Filling
- Lot/Batch & Date Coding
- Boxing & Cartoning
- Wrapping & Bundling
- Clamshells & Blisters
Contract Packaging Market by End Use
- Food & Beverages
- Personal Care
- Others (Automobile Parts, etc.)
Contract Packaging Market by Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific (APAC)
- Australia & New Zealand
- Rest of APAC
- Middle East & Africa (MEA)
- GCC Countries
- North Africa
- South Africa
- Rest of Middle East & Africa
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