The global contract packaging market size is anticipated to grow at a healthy CAGR during the forecast period.
For those who prefer traditional shopping experiences, the ability to physically buy cigarettes from local stores is still widely available. Numerous convenience stores and tobacco retailers across Canada cater to smokers who prefer in-person purchases. This ensures accessibility for individuals who may not be tech-savvy or simply enjoy the act of browsing in-store.
A service offered by the companies to manufacturing companies is contract packaging. The product to long last packaging is essential for the products. To increase the shelf-life of the product, the packaging is essential. It is required in all consumer packaging types in various industries, such as food & beverages, electronics, automotive, personal care products, pharmaceuticals, etc.
Fortune Business Insights presents this information in its report titled “Contract Packaging Market, 2023-2030.”
The Report Lists the Key Players Profiled in the Market Report:
- Accu Tec Inc. (U.S.)
- Aaron Thomas Co. Inc. (U.S.)
- Bernard Laboratories Inc. (U.S.)
- AmeriPac Inc. (U.S.)
- CCL Industries Inc. (Canada)
- AmeriPac Inc. (U.S.)
- Deufol SE (Germany)
- Hanzo Logistics (IN)
- Marsden Packaging Ltd (U.K.)
- Hollingsworth (USA)
Based on material type, the market is classified into plastic, glass, metal, paper & paperboard.
On the basis of the end-use industry, the market is split into food & beverages, pharmaceuticals, personal care, electronics, and others.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Growing Demand from Various Industries to Boost Market Growth
Increasing demand from industries such as automotive, personal care products, pharmaceuticals, food & beverages, and electronics. Contract packagers, also called co-packers, give services such as print & graphic services, production labor, sometimes full-service fulfillment, and even structural design and testing.
Rising demand from small, medium, and large-scale industries in different sectors. Various companies have invested in contract packaging, consumer goods, electronics, food & beverages, etc.
Increasing Demand with Growing Industrialization to Drive Market during the Forecast Period
North America is the largest share of the contract packaging market due to the increase in industrialization.
Europe stands second in contract packaging as the demand for the packaging is increasing from the pharmaceuticals industry and packaged food & beverages.
Asia Pacific holds a reasonable portion of the contract packaging market growth due to increased consumer spending. The rising demand for packaging is because of the growing population and increase in per capita income.
Surging demand for the product is because the government promoted marginal, small, and large-scale industries, gaining pace into industrialization and urbanization. Because of this reason, the market is expected to uplift contract packaging market growth.
Leading Players adopt Acquisition Strategies to Stay Competitive
Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions.
Notable Industry Development:
- April 2022: Tjoapack has upgraded its production capacity by growing the scope of its facility in the Netherlands from 8,400 square meters to 11,500 square meters.