Contract Packaging Market 2021 Global Outlook (CAGR 15.33 %) - Aaron Thomas Company, Multipack Solutions LLC, Green Packaging Asia, Jones Healthcare Group

MarketInsightsReports has published a report entitled Global Contract Packaging Market Research Report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances and various strategies implemented by the main current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.

The contract packaging market registered a CAGR of 15.33%, over the forecast period from 2021 to 2026.

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Key Players:

Aaron Thomas Company, Multipack Solutions LLC, Pharma Tech Industries Inc., Reed Lane Inc., Sharp Corporation, UNICEP Packaging LLC, Green Packaging Asia, Jones Healthcare Group, Stamar Packaging Inc., Genco (FedEx Supply Chain), Complete Co-Packing Services Ltd and others.

Key Market Trends

Pharmaceutical is Expected to Hold Significant Growth

- The growth in advancement and research in the pharmaceutical industry has resulted in the introduction of new drugs, with more exceptional performance compared to their predecessors. Recent improvements in medical sciences and additions to medicines already available for numerous diseases and deficiencies drive the contract packaging market, indirectly, as the necessity of packaging the drugs has multiplied rapidly. Various pharmaceutical companies are now outsourcing the job of packaging end-products to companies skilled labor specialized in handling the packaging of medicines. The pharmaceutical packaging of drugs is a vital aspect, as the product should be safe for patient's consumption.
- In North America, it is estimated that by the end of 2020, nearly 50 well-known, highly-prescribed drugs will go off-patent, which creates opportunities for contract packagers. Poor patient compliance or medication adherence can lead to increased hospitalization and worsening of the disease. Manufacturers' ongoing focus on drug safety and protection, and the latest government regulations, are the factors for the outsourcing packaging requirements. As per the Food and Drug Administration (FDA) regulations in the United States, pharmaceutical drugs need high barrier packaging materials and sealants that are impermeable and resistant to solvents, grease, chemicals, and heat for better security protection.
- In November 2019, Parsolex and Bosch Packaging formed a strategic partnership that provided an opportunity for Parsolex to use Bosch's pharmaceutical technologies and Bosch access to a manufacturing site in the U.S. to represent its technological capabilities. Parsolex has incorporated various technologies which include Bosch's granulation, fluid bed coating and drying, tablet compression, tablet drum coating, and capsule weight checking technologies to its latest expanded CGMP commercial manufacturing facility in Indiana, USA. Parsolex will now have a variety of robust dosage manufacturing technologies with these precision machines.
- Since late February 2020, U.S. pharmaceutical manufacturers, being dependent on China, have a high risk of supply shortages, which may continue over the next three months. In the meantime, the FDA asked U.S. pharmaceutical and medical device manufacturers to evaluate and plan for API sourcing alternatives. Concerning medical devices, FDA recognized 63 manufacturers and 72 facilities across China, which were contacted for essential devices inventory pileup, to avoid shortage in case of a supply disruption. However, contrary to such measures being taken, C2 Pharma, an API supplier outsourcing manufacturer, observed that the U.S. government's coronavirus response could realign the country's pharmaceutical supply chain.

North America to Account for the Largest Share

- The contract packaging sector in North America is rapidly growing due to the increasing demand for packaging in segments, like food and beverages, pharmaceuticals, beauty care, and other sections. Various contract packaging companies in the United States and Canada have learned to adapt to challenging business conditions. The companies are also getting awareness regarding the intense global competition, cost pressures, and highly variable demand from OEMs. This environment is significantly increasing the contract packaging market in the United States. Many European companies, such as Langen Group and Persson Innovation, have already invested in the United States.
- Owing to the stability, rising demand, and changing the preference of manufacturing firms toward contract packagers, the U.S. contract packaging market is expected to witness steady growth. Also, the U.S. government has placed various laws and regulations on the labeling and packaging of the drugs. This could create a positive impact on the demand for contract packaging, owing to the inability of an in-house packaging facility for few pharmaceutical companies in this region.
- In February 2020, Big Beverages Contract Manufacturing (BBCM) announced the opening of its new beverage co-packing facility in North Carolina. In their new facility, BBCM will begin with one highspeed can-line capable of producing 1,200 cans per minute with plans to add lines two and three over the next 18 months. BBCM plans to provide a variety of canned beverage products for large national and regional customers. BBCM will be fully operational in late Q2 2020, and its first production line is 80% sold out.
- In January 2020, MSI Express, backed by HCI Equity Partners, which is headquartered in the United States, has acquired Power Packaging. MSI Express is a provider of contract packaging and contract manufacturing services for well-known brands in the shelf-stable human and pet food space. The acquisition of Power Packaging further expands MSI Expresss geographical presence, capabilities, and customer relationships. Power also brings MSI Express into new food categories such as powdered beverages, soups and bases, baking mixes, beverage mixes, coffees and teas, foodservice beverages, dinner kits, pasta, rice, side dishes, and salad dressings.

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Important Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Contract Packaging Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Contract Packaging Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.

Finally, the Contract Packaging Market report is the believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure, and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.

Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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