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Contract Packaging Market Size
Contract Packaging Market size was valued at over USD 45 billion in 2022 and is anticipated to grow at a CAGR of over 6% between 2023 and 2032.
Many companies are opting to outsource non-core activities including packaging to focus on their core competencies. Outsourcing packaging allows companies to leverage the expertise and resources of contract packaging providers, leading to cost savings, increased efficiency, and improved productivity. Outsourcing also provides flexibility and scalability, enabling companies to adapt quickly to changing market demands. It allows businesses to tap into global talent pools and leverage economies of scale. Overall, the outsourcing trend helps companies streamline operations, increase competitiveness, and drive business growth.
Contract packaging refers to the process of outsourcing packaging services to specialized companies or service providers. In this arrangement, manufacturers or retailers entrust their packaging needs to contract packaging providers, who offer expertise in packaging design, assembly, labeling, and other related services. Benefits of contract packaging include cost savings, improved efficiency, access to specialized packaging expertise, and the ability to focus on core business activities. It also allows companies to meet customer demands for customized packaging, comply with regulations, and adapt to Contract Packaging Market changes.
In the current scenario, growing inclination toward environment-friendly packaging is driving the contract packaging market. As consumers and regulators prioritize sustainability, companies are seeking contract packaging providers that offer eco-friendly solutions. Contract packaging providers with expertise in sustainable materials, recycling initiatives, and eco-conscious practices are in high demand. This increased interest in environment-friendly packaging has created opportunities for contract packagers to differentiate themselves in the market and attract clients who value sustainable packaging options.
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.