The global contract packaging market size is slated to expand substantially during the forecast period of 2024-2030.
This information is provided by Fortune Business Insights, in its report titled, “Contract Packaging Market, 2024-2030.”
Contract packaging, also known as co-packaging, is a packaging service provided by packaging firms to manufacturers. It includes product packaging, package design, and in some cases storage and distribution of products as well.
The packaging of a product plays an essential role in ensuring product safety while travelling and maintaining its shelf life. However, packaging can be expensive as it involves the usage of lots of resources and machinery. To counter these issues, manufacturers opt for co- packaging services.
Request Sample PDF: https://www.fortunebusinessinsights.com/enquiry/sample/contract-packaging-market-106869
Segmentation:
Based on material, the global market is divided into plastic, glass, metal, and paper & paperboard. Among these, the plastic segment captured majority of the global market share in the recent past due to the low cost of plastic and its lightweight nature.
As per end use industry, the global market is split into pharmaceuticals, personal care, food & beverages, electronics, and others. The food & beverage segment held the largest share in the global market in the past years owing to growing spending on packaged food & beverages as a result of higher per capita income.
Regionally, the industry is fragmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Report Coverage:
The report examines the global market thoroughly by dividing it into regions and segments. Detailed information regarding key drivers propelling market augmentation is given as well. Furthermore, market share held, growth rate, and valuation of each segment and region is provided in the document.
Drivers and Restraints:
Surging Small and Medium Scale Businesses to Propel Market
The growing number of small and medium scale businesses worldwide will facilitate the contract packaging market growth over the analysis timeframe. The growth of e-commerce industry has also boosted the demand for contract packaging thus contributing to market expansion. Moreover, the demand for pharmaceutical, electronics, and food & beverages consumer goods is increasing, which, in turn, will facilitate market expansion.
On the other hand, surging adoption of in-house packaging to ensure timely delivery of products to consumers will likely hamper market proliferation in the upcoming years.
Regional Insights:
North America to Lead Owing to Growing Industrialization
North America held the largest contract packaging market share due to presence of leading players and rising industrialization in the region. Growing income of population in tandem with higher consumer spending will aid market proliferation as well.
Meanwhile, Asia Pacific is anticipated to register the highest growth rate over the forecast timeframe owing to rising per capita income and increasing population. Moreover, governments in this region are promoting small and medium scale industries resulting in rapid urbanization and industrialization.
The Middle East & Africa and Latin America are expected to register substantial expansion owing to growth of food & beverage and pharmaceutical sectors and increasing adoption of western lifestyle.
Ask For Customization: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/contract-packaging-market-106869
Competitive Landscape:
Increased Production Capacity to Raise Profits
Industry leaders often make strategic decisions such as mergers & acquisitions, partnerships, and product launches to generate higher revenues and maintain their foothold in the market. One such move is increasing production capacity by establishing new manufacturing facilities, expanding old ones, or using advanced technologies.
Key Industry Development:
April 2024: Tjoapack doubled its production capacity by increasing the size of its Netherlands-based facility from 8,400 square meters to 11,500 square meters.
List of Key Players Mentioned in the Report:
- Accu Tec Inc.
- Aaron Thomas Co. Inc.
- Bernard Laboratories Inc.
- AmeriPac Inc.
- CCL Industries Inc.
- Deufol SE
- Hanzo Logistics
- Marsden Packaging Ltd.
- Hollingsworth
- Pharma Tech Industries
- UDG Healthcare
- Unicep Packaging LLC
Related Blogs: