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Contract Packaging Market Analysis
Based on end use, the contract packaging market is segmented into food & beverage, pharmaceutical, electronics, personal care, and others. The pharmaceutical segment held a market share of over 20% in 2022 and is expected to grow with the fastest growth rate during forecast period. This is due to the increasing demand for specialized packaging & labeling compliant with stringent regulations. Also, outsourcing of non-core activities allows pharma companies to focus on research & development, which is growing need for efficient & secure packaging solutions for pharmaceutical products.
Based on packaging type, the contract packaging market is divided into primary, secondary, and tertiary. The primary segment held over 45% market share in 2022 and is anticipated to grow at a CAGR of over 6% between 2023 to 2032. The increasing demand for customized & visually appealing packaging, the rise of e-commerce & direct-to-consumer channels, and the need for specialized packaging formats for specific products contribute to the growth of primary packaging services. Primary packaging providers design & produce packaging that ensures product safety, brand differentiation, and consumer satisfaction.
North America contract packaging industry with over 35% share in 2022. Market growth can be attributed to the presence of strong manufacturing and retail industries, high demand for efficient & customized packaging solutions, increasing outsourcing trends, and a focus on sustainability. North America has a well-established regulatory framework that requires compliance with packaging standards, which is propelling the demand for contract packaging services.
What is the contribution of pharmaceutical end-use segment in contract packaging industry revenue?
Pharmaceutical segment held a market share of over 20% in 2022 and is expected to grow at a significant rate through 2032, due to the increasing demand for specialized packaging & labeling that is compliant with stringent regulations.
How big is global contract packaging market?
Market size for contract packaging was valued at over USD 45 billion in 2022 and is anticipated to grow at a CAGR of over 6% between 2023 and 2032, owing to focus among enterprises to leverage the expertise & resources of contract packaging providers, leading to cost savings, increased efficiency, and improved productivity.
Who are the prominent contract packaging providers?
Aaron Thomas Company Inc., Ameripac Inc., Assemblies Unlimited Inc. Deufol SE, and DHL are some key players in contract packaging business.
Why is North America emerging as a major avenue for contract packaging market players?
North America dominated the global contract packaging industry with over 35% share in 2022, attributed to the presence of strong manufacturing and retail industries in the region, along with high demand for efficient & customized packaging solutions, increasing outsourcing trends, and a focus on sustainability.