Contract Packaging Market Expected to Reach $102.8 Billion, Growing at a CAGR of 6.9%

The contract packaging market has experienced robust growth over the past decade, driven by increased manufacturing activities and a rise in the number of small and medium-sized manufacturers. To strengthen their presence in the global market, several companies within the contract packaging industry are expanding their operations. By material, the plastic segment led the market in 2021, largely due to the ease of manufacturing plastic packaging. By type, the primary packaging segment generated the most revenue in 2021, fueled by the growth in both global and domestic trade. The personal care segment is projected to grow at the highest CAGR during the forecast period, attributed to the rising population and increasing disposable income.

According to a report from Allied Market Research titled "Contract Packaging Market," the market was valued at $52.1 billion in 2021 and is estimated to reach $102.8 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/A08302

Contract packaging companies commonly offer primary, secondary, and tertiary packaging services. In 2021, primary packaging held the largest market share due to the expansion of global trade. The market is segmented by material type, including plastic, glass, metal, and paper & paperboard, and is primarily driven by the growth of the e-commerce and manufacturing sectors. However, concerns over the environmental impact of packaging materials present a constraint on market growth.

In 2021, Asia-Pacific dominated the contract packaging market in revenue, followed by North America and Europe. Asia-Pacific is also expected to continue growing at a high CAGR, primarily due to increased use of contract packaging in the pharmaceutical and consumer goods sectors.

Advancements in eco-friendly packaging materials have spurred their adoption across multiple industries, particularly in food processing. In addition, improvements in IT have provided new opportunities for contract packers and manufacturers to optimize operations more efficiently.

By end user, the food & beverage segment is expected to grow rapidly during the forecast period, due to the rise of eco-friendly packaging solutions and the increase in e-commerce sales.

Co-packers are employing various strategies to strengthen their market positions and remain competitive. For example, in January 2022, Sharp Services, LLC., a global provider of contract packaging and clinical supply services, opened a facility in Heerenveen, The Netherlands, to support the packaging, storage, and distribution of gene therapies.

𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/contract-packaging-market-A08302

Key Findings of the Study
The report provides a comprehensive analysis of current and emerging trends and dynamics within the global contract packaging market.
By type, the primary segment led the market in revenue in 2021.
By material, the paper and paperboard segment is expected to grow significantly over the forecast period.
By end user, the food & beverage segment recorded the highest revenue in 2021.
North America is projected to achieve the highest growth rate in the coming years.
The report profiles key players in the contract packaging market and analyzes their strategies, providing insight into the competitive landscape.
The report highlights current trends and emerging opportunities in the contract packaging market.
In-depth market analysis is conducted for key segments from 2022 to 2031.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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