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Global Contract Packaging Market 2019-2024:Market Overview:
The Global Contract Packaging Market was valued at USD 45.33 billion in 2018 and is expected to reach a value of USD 103.13 billion by 2024 at a CAGR of 15.33%, over the forecast period 2019 - 2024. Growth in the contract packaging market is mainly determined by the changing preference of manufacturing firms toward contract packagers, as they are increasingly focusing on cost optimization, so as to focus more on their core business. The operational costs can be reduced by 7% to 9% through such strategy, due to the reduced maintenance costs of machines and labor costs.
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- The entry of third-party logistics companies in the Global Contract Packaging Market is one of the key trend, which helps in reducing the total delivery cycle time and also the combined cost of packaging, transportation, and distribution. Moreover, rising environmental concern, preference is given to sustainable packaging. Manufacturers are finding it difficult to focus on packaging, in addition to their core business areas. Therefore, the manufacturers are selecting contract packagers to assist them in packaging by using sustainable packaging solutions. This is also expected to boost the contract packaging market.
- However, an increase in the price of elastomer raw materials used for contract packaging components has caused a considerable increase in the expenses of packaging companies. The increasing need for R&D expenditure to develop not just cheaper but also eco-friendly alternatives is taking a considerable toll on the contract packaging companies and is becoming a major challenge to the market.
Competitive Landscape:
The Global Contract Packaging Market is highly fragmented with the presence of many small and large vendors. Some of the key players include Aaron Thomas Company, CCL Industries, Multipack Solutions, Pharma Tech Industries, Reed Lane, UNICEP Packaging, Sharp Packaging Services, Berkeley Contract Packaging (Summit Container Corporation ), GENCO(FedEx Supply Chain), among others.
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- April 2019 - CCL Industries Inc., a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small business, and consumers, confirmed the acquisition of Hinsitsu Screen (Vietnam) Company Limited.
Scope of the Report:
Contract packaging is the process of assembling a product or good into its final finished packaging. Depending on the product, the final packaging constitutes a variety of forms, such as thermoformed/ plastic clamshell or blister packaging, a plastic bag, a standing corrugated retail point-of-sale display or a transport tray. Sometimes, contract packagers are tasked with something as simple as adding a bar code sticker to a product or as complex as planning, designing, producing, and fulfilling the entire package.
Key Market Trends
Growing Consumption of Pharmaceuticals is Driving the Market Growth
- The growth in advancement and research in the pharmaceutical industry has resulted in the introduction of new drugs, with greater performance compared to their predecessors. Recent improvements in medical sciences and additions to medicines already available for numerous diseases and deficiencies is driving the contract packaging market, indirectly, as the necessity of packaging the medicines has multiplied rapidly.
- Pharmaceutical organizations are now outsourcing the job of packaging end-products to organizations skilled labor specialized in handling the packaging of medicines. Pharmaceutical packaging of drugs is a vital aspect, as the product should be safe for patient’s consumption. This may not be a forte in the pharmaceutical organization, but for contract manufacturing.
- The need to create specialized packaging has boosted contract manufacturing. Furthermore, increasing old population, stringent regulations by governments for packaging and escalating public interest toward innovative packaging are some of the factors that are driving the pharmaceutical contract packaging segment.
- Moreover, the growth of prescription drug sales worldwide is directly impacting the rise in production of pharmaceutical drugs which is driving the contract packaging market.
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North America to Account for the Largest Share
- The contract packaging sector in the United States is rapidly growing due to the increasing demand for packaging in segments, like food & beverages, pharmaceuticals, beauty care, and others. Contract packaging companies in the United States have learned to adapt to challenging business conditions.
- The companies are also becoming aware of the intense global competition, cost pressures, and highly variable demand from OEMs. This environment is rapidly boosting the contract packaging market in the United States. Many European companies, like the Langen Group and Persson Innovation, are invested in the United States segment.
- Owing to the stability, rising demand, and changing the preference of manufacturing firms toward contract packagers, the US contract packaging market is expected to witness steady growth.
- Also, the US government has placed various laws and regulations on the labeling and packaging of the drugs. This could lead to an increase in the demand for contract packaging, owing to the inability of an in-house packaging facility for few pharmaceutical companies in this region.
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