Advancements in packaging materials that have enabled packaging to be more environmentally friendly have increased its usability in many industries, which has driven the growth of the global contract packaging market.
PORTLAND, Oregon., August 15, 2022 /PRNewswire/ — Allied Market Research has released a report titled “Contract Packaging Market by Type of Packaging (Primary, Secondary, Tertiary), by Material (Plastic, Metal, Glass, Paper and Paperboard), by Industry (Food & Beverages, Pharmaceuticals, Electronics, Personal Care, Others): Global Opportunities Analysis and Industry Forecast, 2021-2031. According to the report, the global contract packaging industry was estimated at $52.1 billion in 2021, and should reach $102.8 billion by 2031, registering a CAGR of 6.9% from 2022 to 2031. The report offers explicit analysis of changing market trends, major segments, major investment pockets, value, the competitive scenario and the regional landscape.
Predeterminants of market growth:
Advancements in packaging materials that have enabled packaging to be more environmentally friendly have increased its usability in many industries, which in turn has driven the growth of the global contract packaging market. The negative impacts associated with packaging materials are hampering growth to some extent. Developments in the e-commerce and manufacturing sector further complemented the growth. Additionally, advancements in the IT industry have opened up new opportunities for packagers and contract manufacturers around the world.
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- The economic downturn and restrictions on manufacturing activities have had a purely negative impact on the global contract packaging market.
- Disruptions in the supply chain, on the other hand, led to reduced production in various end-user industries of contract packaging companies, which further aggravated the market situation.
- However, as the global situation gradually gets back on track, contract manufacturing and packaging businesses have also reopened at full capacity.
The first segment to dominate by 2031:
Based on packaging type, the primary segment held more than half of the global contract packaging market revenue in 2021 and is expected to take the lead by 2031, owing to the growing need for primary packaging to prevent the degradation of products. The tertiary segment, nevertheless, would show the fastest CAGR of 7.4% from 2022 to 2031. Advances in goods and logistics services and increase in global trade are driving the growth of the segment.
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The plastic segment to carve out the lion’s share:
On the basis of materials, the plastics segment generated more than two-fifths of the global contract packaging market revenue in 2021 and is expected to take the lead by 2031. Its versatility and profitability propel the growth of the segment. The paper and paperboard segment, on the other hand, would show the fastest CAGR of 7.5% from 2022 to 2031, owing to growing environmental awareness.
The food and beverage segment in the lead:
By end-user industry, the food and beverage segment contributed more than two-fifths of the global contract packaging market share in 2021 and is expected to lead by 2031. Developments in the he food processing and packaging industry is fueling the growth of the segment. The personal care segment, on the other hand, is expected to show the fastest CAGR of 7.9% from 2022 to 2031. This is attributed to the rising demand for personal care products in emerging economies.
Asia Pacific raised the bulk in 2021:
Based on the region, Asia Pacific held the major share in 2021, generating almost half of the global contract packaging market, owing to the presence of large manufacturing industries in countries such as India and China. LAMEA, simultaneously, would achieve the fastest CAGR of 7.8% by 2031, due to the rapid growth of the manufacturing industry in Latin America.
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Key industry players:
- AmeriPac Inc.
- Co-Pak packaging
- Assured Edge Solutions
- Company Aaron Thomas Inc.
- Asia green packaging
- Jones packaging
- Kelly Products Inc.
- Sonic packaging industries
- Wepackit Inc.
- Unlimited Assemblies Inc.
- Sharp packaging
- Stamar packaging
- Sterling Contract Packaging Inc.
- Silgan Holdings Inc.
The report analyzes these key players in the global contract packaging market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in evaluating the operating segments, their business performance and product portfolio, etc.
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