Contract Packaging Market - Size, Global Share, Growing Trends, Industry Analysis and Report 2023-2028

How Big Is the Contract Packaging Market?

The global contract packaging market size reached US$ 63.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 103.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.05% during 2023-2028.

What is Contract Packaging?

Contract packaging, also referred to as co-packing or third-party packaging, is a strategic business arrangement in which a company outsources its packaging needs to a specialized packaging service provider. It comprises primary packaging, such as placing items in bottles, cans, or blister packs, and secondary packaging, which encompasses the grouping of primary packages into larger units, often for retail display. It focuses on the protection and efficient handling of products during transit, like palletizing and shrink-wrapping for transportation. It enables companies to concentrate on product development and marketing while experts handle the intricacies of packaging. It employs specialized equipment and processes to facilitate faster and more efficient packaging, reducing time to market. It conducts through quality assurance, ensuring high-quality packaging and adherence to industry standards. It also enables companies to adapt to market fluctuations, seasonality, and evolving preferences without investing in additional packaging infrastructure. It can significantly reduce capital and operational expenses and allow companies to avoid investing in expensive packaging equipment and maintenance. It also allows businesses to adapt quickly to changing market demands, efficiently handling both high and low-volume production. It reduces the hassle of in-house packaging operations, which in turn lower risks associated with equipment breakdowns, workforce management, and compliance issues. Contract packaging can facilitate the expansion into new markets or product lines without the burden of owning and maintaining infrastructure.

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Global Industry Trends and Drivers:

At present, the increasing awareness about the importance of focusing on core competencies of business while entrusting specialized packaging providers to efficiently manage the packaging needs of businesses represents one of the crucial factors impelling the growth of the market. Besides this, the rising pressure on businesses to streamline their operations and reduce costs is resulting in a growing inclination towards contract packaging services as a cost-effective and flexible solution. In addition, contract packaging providers are offering versatile solutions that enable businesses to swiftly adapt to changing market demands and launch new products. Apart from this, the increasing popularity of online or e-commerce platforms and direct-to-consumer (DTC) sales channels is driving the demand for packaging solutions that are not only visually appealing but also optimized for efficient and secure shipping. Individuals are favoring products with environment-friendly packaging, leading companies to seek packaging providers that can offer sustainable alternatives. Contract packaging providers are also responding by investing in eco-friendly materials, recyclable packaging, and innovative packaging designs that reduce waste. Additionally, the rising automation of various operations associated with contract packaging is leading to increased efficiency, reduced errors, and lower labor costs. The integration of robotics, artificial intelligence (AI), and data analytics in packaging processes is also enabling providers to offer faster turnaround times and greater precision. Moreover, digitalization is fostering transparency and traceability throughout the supply chain, which is especially critical in industries with stringent regulations or heightened security concerns. Furthermore, the increasing demand for specialized packaging solutions that adhere to stringent regulations and quality standards is driving pharmaceutical companies to partner with contract packaging providers possessing the required expertise and certifications.

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What Is Included In Market Segmentation?

The report has been segmented the market into following categories:

Breakup by Packaging Type:
• Primary
• Secondary
• Tertiary

Breakup by Material:
• Plastic
• Metal
• Glass
• Paper and Paperboard

Breakup by Service:
• Bottling
• Bagging/Pouching
• Lot/Batch and Date Coding
• Boxing and Cartoning
• Wrapping and Bund
• Labelling
• Clamshell and Blister
• Others

Breakup by End Use Industry:
• Food and Beverage
• Pharmaceutical
• Electronics
• Personal care
• Others

Breakup by Region:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

The report provides a comprehensive analysis of the industry key players listed below:
• Aaron Thomas Company Inc.
• AmeriPac
• Assemblies Unlimited Inc.
• Co-Pak Packaging Corporation
• Hollingsworth
• Kelly Products Incorporated
• Marsden Packaging Ltd.
• Multi-Pack Solutions LLC
• Reed-Lane. Inc.
• Sonic Packaging Industries Inc.
• Sterling Contract Packaging Inc.
• Unicep Packaging LLC (Silgan Holdings Inc.)

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This release was published on openPR.