Contract Packaging Market to reach $90 Bn by 2032, Says Graphical Research Powered by GMI

8 June 2023

Contract Packaging Market is expected to surpass USD 90 billion by 2032, as per a recent study by Global Market Insights Inc.

With rapid globalization and the popularity of e-commerce are boosting the industry growth. the businesses are increasingly seeking contract packaging services to meet the diverse packaging requirements of different regions. These service providers adapt packaging designs, languages, labeling, and regulations to comply with local market needs and facilitate product distribution worldwide. In addition, many companies are outsourcing their packaging operations to specialized contract packaging providers as it allows them to focus on their core competencies while leveraging the expertise & resources of contract packaging companies.

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Flexibility and cost-effectiveness to augment secondary contract packaging demand

With respect to packaging type, the contract packaging market is divided into primary, secondary, and tertiary. The secondary segment held a substantial industry share in 2022 as leveraging these services enable companies to focus on their core competencies, such as product development, marketing, and distribution. Further, introduction of new products, expansion of their product lines, or limited-time promotions require additional secondary packaging services. This has encouraged companies to collaborate with contract packagers to quickly adjust their operations to meet the fluctuating demands.

Food & beverage sector to contribute substantially to industry value

Based on end use, the contract packaging market is divided into personal care, pharmaceutical, food & beverage, electronics, and others. The industry size from food & beverage segment will grow remarkably from 2023 to 2032. The F&B sector is subject to stringent regulations regarding packaging materials, labeling, and food safety. Contract packaging companies are experienced in navigating these regulatory requirements and can help ensure compliance, reducing the risk of non-compliance penalties and recalls. Higher disposable income, coupled with increasing trend of online food delivery is boosting the demand for contract packaging from F&B segment.

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Preference for sustainable packaging to favor European market landscape

Europe contract packaging market is set to witness considerable growth over 2023-2032. The growing demand for sustainable packaging solutions in Europe due to environmental concerns and consumer preferences is fueling the need for contract packaging services. Moreover, strong investments by market players in eco-friendly packaging materials and sustainable practices are complementing the business scenario, while supporting their clients in meeting the sustainability goals. They can provide innovative packaging solutions that enhance product visibility, shelf life, and consumer appeal.

Contract Packaging Market Key Players

Top players profiled in the contract packaging industry report include Deufol SE, Aaron Thomas Company Inc., Assemblies Unlimited Inc., Ameripac Inc., and DHL. These companies engage in a range of strategic partnerships and launch & commercialization of advanced packaging solutions to stay ahead in the industry.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

 

Source: globenewswire.com