April 12, 2024

Sales Projection: Forecasting Growth in the Contract Packaging Market

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.

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.

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.

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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 Drivers

With the pharmaceutical sector prioritizing serialization and traceability to combat counterfeiting and ensure patient safety, the demand for contract packaging manufacturers with expertise in pharmaceutical packaging compliance is skyrocketing.

Similarly, the burgeoning e-commerce industry is fueling a need for specialized packaging solutions tailored for online retail, including eco-friendly, protective, and visually appealing packaging. This surge in demand is driving the growth of contract packaging services tailored to meet the unique requirements of online retailers.

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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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About Future Market Insights (FMI)

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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