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Contract packaging is a service offered by the companies to manufacturing companies. Packaging of the product is essential to store and protect it during its shelf-life. Packaging of the products involves labor, machinery, packaging, which is costlier and time consuming. Therefore to avoid these issues and focus on core operations, the packaging companies are hired by the manufacturers. Contract packagers also called as co-packers offer structural design & testing, print & graphic services, production labor, and in some cases even full-service fulfilment. Contract packagers can be specialized in packaging of specific consumer products like electronics, automotive, foods, beverages, pharmaceuticals, personal care products, etc.
Increasing trend amongst the established companies to focus on core operation and increasing number of small & medium scale industries are driving the contract packaging market. Number of companies engaged in manufacturing of consumer goods, food and beverages, pharmaceuticals, electronics, etc. are outsourcing the packaging products. Governments across the globe especially in developing countries are promoting the growth of the marginal, small and medium scale industries in different sectors. It is expected to propel the growth of the contract packaging market in the near future. For instance, Government of India has launched Production Linked Incentive (PLI) scheme in 2021 for different industries which is expected to drive the contract packaging market during the forecast period.
Increasing demand for in-house packaging for timely delivery of the product to consumers is the key challenge for the global contract packaging market growth. Contract packaging involves the transport of product among manufacturer and co-packer, which is sometimes time consuming and costlier. This has led to the demand for in-house packaging recently. However, the advanced means and ways of transportation are expected to help sustain the growth of the contract packaging market in the near future.
COVID-19 pandemic resulted in the decrease or complete stoppage of the production by different end-user industries involved in the contract packaging and significantly lowered the growth of the global contract packaging market. However, after uplifting lockdowns and vaccination, spread & cases of the COVID-19 have lowered significantly. This has resulted into revamp of major end-use industries and contract packaging companies. These manufacturers started production with their full capacity after first quarter of 2022 and is expected to significantly boost the global contract packaging market during the forecast period.
The report will cover the following key insights:
Based on the type of materials used, global contract packaging market is segmented into plastic, glass metal and paper & paperboard. Among all these material, plastic material holds the largest share of the contract packaging market ad is expected to retain its position over the forecast period owing to its lower cost. This has resulted in higher demand for the plastic for contract packaging. However, glass and paper & paperboard also contribute significantly to the growth of the contract packaging market.
By end-use Industry, the contract packaging market is segmented into food & beverages, pharmaceuticals, personal care, electronics and others. Among these, food & beverages industry holds the highest share of the global contract packaging market and will retain its share during the forecast period. Increase in the per capita income has resulted into increased spending on packaged food & beverages across the globe. This is expected to further boost the growth of the global contract packaging market. However, pharmaceutical industry holds the significant share of the global market and is expected to rise at steady rate in the near future.
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The global contract packaging market has been categorized into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America holds the largest share of the contract packaging market owing to the greater industrialization and large number of players involved in the contract packaging market. Apart from that higher income leading to the higher consumer spending is the significant factor contributing the growth of the market in the region. Europe contributes significantly to the global contract packaging market owing to high demand for the packaged food and beverages and pharmaceutical products.
Asia Pacific holds the significant portion of global contract packaging market owing to the increased consumer spending. The region is the fastest growing market owing to the increased per capita income and growing population. Apart from that regional governments are promoting marginal, small and medium scale industries, resulting into rapid industrialization and urbanization. This is expected to boost the contract packaging market in the region over the forecast period.
Latin America, Middle East & Africa are expected to witness significant growth due to adoption of western lifestyle, and rising food and beverage and pharmaceutical industries in these regions.
The report will include the profiles of key players such as Accu Tec Inc., Aaron Thomas Co. Inc., Bernard Laboratories Inc., AmeriPac Inc., CCL Industries Inc., AmeriPac Inc., Deufol SE, Hanzo Logistics, Marsden Packaging Ltd., Hollingsworth, PHARMA TECH INDUSTRIES, UDG Healthcare, Unicep Packaging LLC. and others.
By End-Use Industry
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