The food and beverage segment is expected to dominate the global Contract Packaging market by the year 2024, with projections suggesting it will hold a substantial market share of approximately 70.1%.
NEWARK, Del., Nov. 8, 2023 /PRNewswire/ — In 2023, the market for contract packaging was expected to be valued at US$ 47.2 billion. It is anticipated that the industry will be valued at US$ 49.6 billion by the end of 2024. The global contract packaging market is expected to expand at a 5.10% CAGR over the course of the forecast period, reaching a valuation of US$ 81.6 billion by 2034.
The increasing need for individualized and customized packaging solutions is a major factor propelling the contract packaging industry. Since customers want personalized product experiences, manufacturers are working with contract packagers to develop distinctive, custom packaging designs that improve consumer engagement and brand identity.
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Key Takeaways from the market Analysis
- Contract packaging demand in the United States is likely to expand at a 3.30% CAGR over the course of the forecast year.
- From 2023 to 2033, the contract packaging market in the United Kingdom is expected to flourish at a 4.5% CAGR.
- Contract packaging demand in Germany is anticipated to expand at a 2.2% CAGR over the forecast period.
- Contract packaging sales in China are anticipated to surge at a 6.8% CAGR between 2023 and 2033.
- Over the course of the forecast period, the contract packaging market in India is projected to expand at a 7.7% CAGR.
- In 2024, the bottles category is projected to reach a market share of 42.6%.
- The food and beverage industry is projected to reach a global market share of 70.1% by 2024.
“Using contract packaging services to streamline production, improve product quality, and effectively handle the packaging needs of various markets and product categories is a significant opportunity for manufacturers,” Says, Ismail Sutaria, Principal consultant at Future Market Insights
Competitive Landscape
Several firms concentrate on catering to specialty markets or sectors, providing innovative packaging solutions for products like organic foods, cosmetics, or handcrafted goods.
Startups can get a competitive advantage in the market by using cutting-edge technology like data analytics, automation, and digital quality control systems to improve operational efficiency, cut costs, and offer creative packaging solutions.
Contract packaging manufacturers understand how critical it is to be at the forefront of packaging innovation. In order to produce and implement innovative package designs and materials, they make research and development investments. Numerous factors, such as shifting consumer preferences, concerns about sustainability, and technological breakthroughs, are driving these innovations.
Manufacturers can improve the aesthetic appeal, usability, and sustainability of their products by adopting innovative packaging methods. By maintaining their competitiveness and ability to adjust to changing market conditions and industry demands, firms can establish themselves as market leaders through constant innovation.
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Key Developments
- In 2021, Sharp, a pioneer in clinical supply services and contract packaging globally, has invested $17 million in its Conshohocken, Pennsylvania location, including the purchase of new land. The new 4 acre site is the most recent addition to an extended capacity expansion project at the Conshohocken campus. It is situated directly next to Sharp’s two existing industrial pharmaceutical packaging buildings, which together form the organization’s Blistering Centre of Excellence.
- Summit Container was closing in on an expansion project at its European Headquarters in Almere, Netherlands, in 2021. The additional space will be utilized for customer support, product development, and localizing supply chain components. There will be a 35% increase in molding capacity, improved capabilities in a newly constructed mold maintenance facility, and more capacity in addition to capabilities for injection molding valve components and actuators. In addition, a state-of-the-art research and development facility will be part of the 30% more production area the extension will offer.
Segmentation Analysis of the Contract Packaging Market
By Services:
- Primary
- Secondary
- Tertiary
By Vertical:
- Food
- Beverages
- Pharmaceuticals
- Home Products and Fabrics
- Cosmetics and Beauty Care
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global contract packaging market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global contract packaging market, the market is segmented on the basis of services (primary, secondary, tertiary), by vertical (food, beverages, pharmaceuticals, home products and fabrics, cosmetics and beauty care, others) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa).
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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SOURCE Future Market Insights
