Contract packagers provides variety of packaging services which includes secondary packaging, kitting and assembly.They help manufacturers focus on core manufacturing activities while handling packaging efficiently. This trend of outsourcing non-core activities has been a major driver for contract packaging market.
The global Contract Packaging Market is estimated to be valued at US$ 66.37 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The trend of outsourcing packaging services to contract packagers has accelerated market growth over past few years. Manufacturers across industries such as pharmaceuticals, food and beverages, cosmetics and personal care have been relying on contract packagers who utilize their specialized packaging equipment and infrastructure to provide value added packaging solutions in an efficient and cost effective manner. This allows brand owners to focus on core business activities while contract packagers handle packaging related processes. The outsourcing model has proven beneficial for businesses of all sizes driving increased demand in contract packaging market.
Segment Analysis
The Global contract packaging market Size is segmented based on by service type (primary packaging, secondary packaging, and tertiary packaging) primary packaging is dominant segment as it holds the largest share due to increase in demand of small packing size. Primary packaging includes packing in form of bottles, jars, bags, pouches, boxes etc. which directly comes in contact with the product and provides containment and protection from environment factors. This packaging type has major demand from food, beverage, pharmaceutical and cosmetics industry.
Key Takeaways
The global contract packaging market is expected to witness high growth. Regional analysis related content comprises Regionally, North America accounts for the largest market share in the contract packaging market owing to presence of major pharma and food companies in the US and Canada. However Asia Pacific region is expected to register highest CAGR during the forecast period due to emergence of pharmaceutical, food and consumer goods companies in emerging economies like China and India.
The key players operating in the contract packaging market are Hindalco Industries Ltd.; Arconic Corp.; Norsk Hydro ASA; Constellium N.V.; Kaiser Aluminum; Alupco; Gulf Extrusions Co. LLC; Balexo Bahrain Aluminium Extrusion Company; QALEX. Contract packaging provides benefits of reducing operational costs and focusing on core competencies which has attracted these key aluminium product manufacturers to venture into contract packaging business.
The global contract packaging market is expected to witness high growth. Regional analysis related content comprises Regionally, North America accounts for the largest market share in the contract packaging market owing to presence of major pharma and food companies in the US and Canada. However Asia Pacific region is expected to register highest CAGR during the forecast period due to emergence of pharmaceutical, food and consumer goods companies in emerging economies like China and India.
The key players operating in the contract packaging market are Hindalco Industries Ltd.; Arconic Corp.; Norsk Hydro ASA; Constellium N.V.; Kaiser Aluminum; Alupco; Gulf Extrusions Co. LLC; Balexo Bahrain Aluminium Extrusion Company; QALEX. Contract packaging provides benefits of reducing operational costs and focusing on core competencies which has attracted these key aluminium product manufacturers to venture into contract packaging business.
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