Advancements in packaging materials that have enabled the packaging to be more eco-friendly have increased their usability in many sectors, which in turn has driven the growth of the global contract packaging market.
PORTLAND, Ore., Aug. 15, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Contract Packaging Market by Packaging Type (Primary, Secondary, Tertiary), by Material (Plastic, Metal, Glass, Paper and paperboard), by End-User Industry (Food and Beverage, Pharmaceutical, Electronics, Personal Care, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global contract packaging industry was estimated at $52.1 billion in 2021, and is anticipated to hit $102.8 billion by 2031, registering a CAGR of 6.9% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
Pre-determinants of market growth:
Advancements in packaging materials that have enabled packaging to be more eco-friendly have increased their usability in many sectors, which in turn has driven the growth of the global contract packaging market. Negative impacts associated with the packaging materials restrain the growth to some extent. Developments in the e-commerce and manufacturing sector have supplemented the growth yet more. Moreover, advancements in the IT sector have opened up new opportunities for contract packers and manufacturers across the world.
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- The economic slowdown and restrictions on manufacturing activities had a sheer negative impact on the global contract packaging market.
- Disruptions in the supply chain, on the other hand, gave way to reduced production in various end-user industries of contract packaging firms, which in turn worsened the market condition even more.
- However, as the global situation is gradually getting back on track, the manufacturing and contract packaging companies have also reopened at their full-scale capacities.
The primary 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 lead the trail by 2031, owing to the growing necessity of primary packaging to prevent the degradation of products. The tertiary segment, nevertheless, would manifest the fastest CAGR of 7.4% from 2022 to 2031. Advancements in goods and logistics services and rise in global trade drive the growth of the segment.
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The plastic segment to maintain the lion’s share:
Based on material, the plastic segment generated more than two-fifths of the global contract packaging market revenue in 2021, and is expected to lead the trail by 2031. Its versatility and cost-effectiveness propel the segment growth. The paper and paperboard segment, on the other hand, would manifest the fastest CAGR of 7.5% from 2022 to 2031, due to increasing environmental awareness.
The food & beverage segment to lead the trail:
By end-user industry, the food & beverage segment contributed to more than two-fifths of the global contract packaging market share in 2021, and is expected to lead the trail by 2031. Developments in the food processing and packaging industry fuel the segment growth. The personal care segment, on the other hand, is expected to exhibit the fastest CAGR of 7.9% from 2022 to 2031. This is attributed to rise in demand for personal care products in emerging economies.
Asia-Pacific garnered the major share in 2021:
Based on region, Asia-Pacific held the major share in 2021, generating nearly 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 garner 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 players in the industry:
- AmeriPac Inc.
- Co-Pak Packaging
- Assured Edge Solutions
- Aaron Thomas Company Inc.
- Green Packaging Asia
- Jones Packaging
- Kelly Products Inc.
- Sonic Packaging Industries
- Wepackit Inc.
- Assemblies Unlimited 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 assessing the operating segments, their business performance & product portfolio, and so on.
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