The projected size of the contract packaging market was predicted to be worth US$ 47.2 billion in 2023, and by the end of 2024, it is anticipated to be worth US$ 49.6 billion. The global contract packaging market is expected to grow at a consistent Compound Annual Growth Rate (CAGR) of 5.10% over the course of the forecast period, reaching a peak market size of US$ 81.6 billion by 2034. This trajectory highlights the contract packaging industry’s steady and encouraging growth pattern.
The rise of global industries and the creation of startups in several sectors have led to an increasing need for packaging solutions that are methodical and well-organized. This has led a lot of companies to use contract packaging services, which provide them the freedom to customize packaging procedures to meet their unique demands.
It is common knowledge that packaging extends the shelf life of products and keeps them safe during transit. Packaging is necessary for all tangible products, but it’s important to acknowledge that initial investments are somewhat costly. This calls for third-party packaging firms, better known as ‘contract packaging firms’.
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Key Industry Trends
Emphasis on product diversification has become a pivotal strategy for contract packagers, particularly in sectors like pharmaceuticals, food and beverage, and cosmetics. These industries witness a growing array of services from contract packagers, who are adept at delivering customized packaging solutions tailored to meet specific requirements. The flexibility and specialized expertise exhibited by these contract packagers are not only driving expansion but also offering clients unique and tailored services to enhance their product presentation.
In response to the rising significance of sustainability in the market, contract packaging firms are actively addressing the demand for eco-friendly packaging options. Recognizing the environmental concerns of both businesses and consumers, these firms are pioneering creative and sustainable packaging solutions. The integration of eco-friendly options into their service offerings not only aligns with market trends but also showcases a commitment to responsible packaging practices in the modern business landscape.
Key Developments
In 2021, Summit Container was in the final stages of an expansion project at its European Headquarters nestled in Almere, The Netherlands. The forthcoming additional space is earmarked for localizing component supply chains, bolstering customer support capabilities, and spearheading innovative product development initiatives.
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Sharp has recently completed the construction of purpose-built production suites tailored for the packaging, storage, and distribution of gene therapies at its facility located in Heerenveen, the Netherlands.
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Key Players
- Unicep Packaging
- Summit Container
- Genco
- Stamar Packaging
- Sharp Packaging
- Jones Packaging
- Aaron Thomas Company Inc.
- DHL
- Green Packaging Asia
- Co-Pak Packaging
- Assemblies Unlimited Inc.
- Deufol
- AmeriPac Inc.
- Nulogy Corporation
- Wepackit Inc.
Key Segments Covered in the Contract Packaging Industry Survey
By Services:
- Primary Contract Packaging
- Secondary Contract Packaging
- Tertiary Contract Packaging
By Vertical:
- Food
- Beverages
- Pharmaceuticals
- Home Products and Fabrics
- Cosmetics and Beauty Care
- Others
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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