Global Contract Packaging Market was valued at US$ 27.22 Bn in 2019 and is expected to reach US$ 61.3 Bn by 2027, at a CAGR of 10.68% during a forecast period.
Contract packaging signifies the services related to packaging for customers, by outsourced associates for various packaging solutions that they offer. Contract Packaging enterprises are basically “third-party vendors” that has a specialty in packaging activities.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Contract Packaging Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Contract Packaging Market.
Based on the packaging type, secondary packaging segment is estimated to hold the largest share in the global contract packaging market during the forecast period owing to rising demand for secondary packaging from the consumers across the globe. Secondary packaging is beneficial for packaging materials, branding, and marketing of the product is also projected to fuel the global contract packaging market growth in the forecast period. Primary packaging segment is expected to generate the highest CAGR in the global contract packaging market during the forecast period.
On the basis of the end user, the food & beverages industry is expected to lead the global contract packaging market growth in the forecast period owing to the rising supply of food products across globally. Growing food & beverages industries is anticipated to surge the global contract packaging market growth in a positive way. Personal Care & Cosmetics segment is expected to generate the highest CAGR in the global contract packaging market during the forecast period due to the increased spending power of consumers and rising usage of cosmetic products across the globe.
Major driving factors of the global contract packaging market are increasing technological advancement and cost optimization. Rising e-commerce trend in the market across the globe is growing the global contract packaging market in a positive way. The growing penetration of the internet and the increasing popularity of e-commerce websites will boom the global contract packaging market during the forecast period. The development in progression and research in the pharmaceutical industry has brought about the presentation of new medications, with more prominent execution contrasted with their antecedents.
Growing older age population, increasing consumer’s interest towards the innovative packaging, and various government making strict regulations regarding packaging solutions are also expected to boost market growth. The contract packaging market growth is influenced by the growing cosmetic & personal care industries. Growing technological implementation is expected to lead the market growth in the near future. However, fluctuation in prices of raw materials and a wide gap between demand & supply chain acts as restraints to the global contract packaging market growth during the forecast period.
In terms of region, North America is expected to dominate the global contract packaging market growth during the forecast period owing to increased demand from various end-use industries such as food & beverages and personal care and cosmetic industry. A developed economy is also projected to drive the contract packaging market growth during the forecast period. The US is expected to hold the largest market share in this region. Asia Pacific is anticipated to generate the highest CAGR in the contract packaging market during the forecast period. Growing disposable income of the middle-class population, rising industrialization, and improving living standards of the consumers are expected to propel the contract packaging market growth during the forecast period in a positive way. India and China are projected to boom the contract packaging market growth during the forecast period owing to increased demand for the contract packaging as growing exporting power in these countries.
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Scope of the Report Contract Packaging Market
Global Contract Packaging Market, by Packaging Type
• Primary Packaging
• Secondary Packaging
• Tertiary Packaging
Global Contract Packaging Market, by End User
• Food & Beverages
• Personal Care & Cosmetics
Global Contract Packaging Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Global Contract Packaging Market
• Green Packaging Asia
• Co-Pak Packaging
• Assemblies Unlimited Inc.
• AmeriPac Inc.
• Nulogy Corporation
• Wepackit Inc.
• Unicep Packaging
• Summit Container
• Stamar Packaging
• Sharp Packaging
• Jones Packaging
• Aaron Thomas Company Inc.
• Sterling Contract Packaging Inc.
• Kelly Products Inc.
• Sonic Packaging Industries
• CWS Contract Packaging Services
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