- Rising demand for online shopping, and added layer for packaging protection for online purchases are key drivers of growth in the contract packaging market
- Growing demand for natural products in cosmetics, food products, agriculture, and pharmaceuticals promises to create new opportunities for innovative packaging
ALBANY, New York, Feb. 20, 2020 /PRNewswire/ -- The rising demand in e-commerce, and growing international trade promises contract packaging market to rise at a robust CAGR of 7.0% during 2019-2029. Revenue from bottling services will likely remain the major highlight in the market with a share of 32%.
"The demand for labelling is expected to result in higher growth in near future, as demand for labelling for marketing continues to go up. Moreover, the demand for brad differentiation, and delivering information to consumers also continues to rise."
Key Findings of the Contract Packaging Market Study
- According to TMR study, increased complexity in packaging is expected to emerge as a key driver for growth in the contract packaging market.
- The additional requirements, and innovation due to technological advancement will help the market reach US$56 bn by end of 2027.
- The rising demand for serialization is also a major plus for players in the contract packaging market. The push for serialization has become prominent in relation to pharmaceutical products, which is riding a new wave of changed regulations.
- The rising demand for technical know-how of pharmaceutical products will reap major rewards for players in the contract packaging market. The increasing investments in expertise for packaging pharmaceutical products will remain a major trend during the forecast period.
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Contract Packaging Market: Key Driving Factors
- Postponement packaging has become a major trend in the contract packaging market. The packaging makes way for late-stage customizations, and leaves ample scope for innovation to suit preferences for a wide range of distribution needs. The packaging also is ideal for small volume products, which provide high margins, and require high-level of expertise.
- Brand leaders continue to report significant potential in brand-valuation through packaging. However, the high-costs of packaging remain a concern for most leaders. The rising demand for complex packaging puts further pressure on fixed costs. Hence, moving forward, a more flexible understanding on pricing will likely benefit players in the contract packaging market. The rising demand for productivity, and trends like e-commerce will provide the necessary flexibility for pricing.
- Third-party logistics continue to emerge as a lucrative opportunity for manufacturing companies. The necessity to outsource non-core activities, and rising level of expertise will make way for more opportunities in the contract packaging market in near future. The demand for reliable and credible supplies of pre-requisite material will likely become a key differentiator among contract packaging firms during the forecast period.
- Pharmaceutical sector continues to outsource its marketing, and packaging activity to focus on core innovation of new drugs. Expiry of several important patents, rise in subsidies for innovative new drugs, and growing demand for drug innovative for chronic illnesses are expected to drive this trend further in near future.
- Rise in population, and disposable incomes are expected to emerge as key driver for food and beverage sector. Additionally, rising demand for natural products, and innovative packaging for supporting trends like organics, will create new opportunities for growth. Stringent regulations in Europe, and North America also pose various challenge for players in the contract packaging market. However, rising demand for high-standardized packaging, and postponement in production continue to make way for new growth opportunities.
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Key Impediments for Contract Packaging Market
Rising demand for adoption of 3D technology presents a major challenge for players in the contract packaging market. The technology is widely touted as the next-big thing, and promises opportunities for high-brand packaging unlike any other. However, the potential of the technology is yet untested. Contract players face an uncertainty in investment due to high costs of adoption, and low contract terms in general.
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Contract Packaging Market: Region-wise Analysis
The contract packaging market will register significant growth in Asia pacific, thanks to rising disposable income, and large population in the region. The changing lifestyle in the region, and growing access to healthcare will also drive growth for the cosmetic, and pharmaceutical industry in near future.
The contract packaging market will register more than average growth in North America, and Europe, despite growing regulatory challenges. The rising demand for food and beverages, and promising economic growth in North America will drive major gains for players in the contract packaging market. Rising demand for wearable gadget technology will also be a major driver in the region.
Contract packaging market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The competition in the contract packaging market globally remains robust, and scaling up promises the biggest opportunity for players during 2019-2029. This is expected to result in major acquisitions, and expansion in new regions during the forecast period. Some key players in the contract packaging market AmeriPac, Aaron Thomas Company, UniCep Packaging, Reed-Lane, Inc., Jones Packaging, Stamar Packaging Inc., Multi-Pack Solutions LLC., Pharma tech industries, Sonoco Products Company.
- Bags & Pouches
- Sachets & Stick Packs
- Boxes & Cartons
- Blisters & Clamshells
- Vials & Ampoules
- Flow Wraps
- Bottling & Filling
- Lot/Batch & Date Coding
- Boxing & Cartoning
- Wrapping & Bundling
- Clamshells & Blisters
- Food & Beverages
- Personal Care
- Others (Automobile Parts, etc.)
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
Explore Transparency Market Research's award-winning coverage of the Global Packaging Industry:
Cosmetic and Perfume Glass Packaging Market – Cosmetic and Perfume Glass Packaging Market is expected to reach a value of ~US$ 7.2 Bn by 2027, Cosmetic and Perfume Glass Packaging Market driven by rising consumer expenditure on beauty treatments industry
Flexible Packaging Market – The global flexible packaging market is projected to expand at a CAGR of ~5% during the forecast period, due to several factors, about which, TMR offers detailed insights and forecast in this report.
Rigid Packaging Market – The demand in the global rigid packaging market has been increasing in past few years. One of the important factors behind this increasing demand is because of the advancements in sector of consumer goods manufacturing.
Underfill Material Market – The Asia Pacific region is a highly lucrative market for players offering underfill material, as it is a noteworthy manufacturing hub. The growing interest in smartphones and automotive MCUs boosts the growth of the underfill market in this region.
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