Forecasting Growth: Sales Projections for the Contract Packaging Industry
Contract packaging, also known as co-packing or outsourcing packaging services, refers to the practice of hiring a third-party company to package products on behalf of a brand or manufacturer. Contract packaging companies specialize in providing packaging solutions tailored to the specific needs and requirements of their clients.
The contract packaging market plays a pivotal role in the broader supply chain and manufacturing landscape, providing specialized packaging services to companies that may not have the in-house capabilities or resources to handle packaging processes themselves. This dynamic sector encompasses a wide range of services, including packaging design, assembly, labeling, and distribution. Contract packaging firms are engaged by diverse industries such as food and beverage, pharmaceuticals, cosmetics, consumer goods, and more.
The projected size of the contract packaging market was estimated to be US$ 47.2 billion in 2023, with expectations to further ascend to a valuation of US$ 49.6 billion by the conclusion of 2024. Throughout the forecast period, the global contract packaging market is anticipated to experience a steady Compound Annual Growth Rate (CAGR) of 5.10%, culminating in a market size of US$ 81.6 billion by 2034. This trajectory underscores a consistent and positive growth trend in the contract packaging industry.
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e-Commerce vertical has also been rising, which is actually playing a vital role in upscaling demand for third level of packaging, i.e. tertiary packaging. This factor is bound to take the entire contract packaging market at a greater stride in the near future.
key points to consider about contract packaging:
- Scope of Services: Contract packaging companies offer a wide range of services, including primary packaging (such as filling bottles or pouches), secondary packaging (such as labeling and assembly), and tertiary packaging (such as palletizing and shrink-wrapping). They can also provide services such as warehousing, distribution, and logistics management.
- Customization and Flexibility: Contract packaging services are highly customizable to accommodate different product types, sizes, and packaging formats. Whether it’s food and beverage products, pharmaceuticals, cosmetics, or consumer goods, contract packagers can tailor their services to meet the unique requirements of each client.
- Cost-Effectiveness: Outsourcing packaging to a contract packaging company can be cost-effective for brands and manufacturers. It eliminates the need for investing in packaging equipment, facilities, and labor, allowing businesses to focus on their core competencies while leveraging the expertise and resources of the co-packer.
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Key Players
- Unicep Packaging
- Summit Container
- Genco
- Stamar Packaging
- Sharp Packaging
- Jones Packaging
- Aaron Thomas Company Inc.
- DHL
- Green Packaging Asia
- Co-Pak Packaging
- Assemblies Unlimited Inc.
- Deufol
- AmeriPac Inc.
- Nulogy Corporation
- Wepackit Inc.
Segmentation
By Services:
- Primary Contract Packaging
- Secondary Contract Packaging
- Tertiary Contract Packaging
By Vertical:
- Food
- Beverages
- Pharmaceuticals
- Home Products and Fabrics
- Cosmetics and Beauty Care
- Others
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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.
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