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Contract Packaging Market Size 2018-2023 | In-depth Study, Global Industry Size, Scope, Future Expectations, Market Overview and Forecast Research | 360 Market Updates

Contract Packaging

Contract Packaging Market (2018 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Contract Packaging market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

Contract Packaging Market report is anticipated to register a CAGR of 11.51% over a five years forecast period (2018 – 2023).”

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List of Major Key players operating in the Global Contract Packaging Market are –

  • Aaron Thomas Company
  • CCL Industries
  • Multipack Solutions
  • Pharma Tech Industries
  • Reed Lane
  • Sharp Packaging Services
  • Unicep Packaging
  • Green Packaging Asia
  • Jones Packaging
  • Gardan Packaging
  • Stamar Packaging
  • And Genco (Fedex Supply Chain)

The Global Contract Packaging Market was valued at USD 40.65 billion in 2017, and is expected to reach a value of USD 78.14 billion by 2023 at a CAGR of 11.51%, over the forecast period (2018 – 2023). Growth in the global contract packaging market is mainly determined by the changing preference of manufacturing firms toward contract packagers, as they are increasingly focusing on cost optimization, and their core business. The operational costs can be reduced by 7% to 9% through this strategy, due to the reduced machinery-maintenance and labor-costs. The global contract packaging market is highly fragmented, with the presence of many small and large vendors. The entry of third-party logistics companies in the contract packaging market is one such trend, which helps in reducing the total delivery-cycle time and also the combined cost of packaging, transportation, and distribution. Globally, there is an increase in the number of e-commerce companies, and contract packagers are experiencing the growing demand from these companies.

Growing Consumption of Pharmaceuticals is Driving 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.

Food End-user Industry has the Largest Market Share

The contract packaging industry serves diverse functions, furnishing solutions for FMCG across nearly every consumer sector, with the food industry being a major beneficiary. As a result, packaging reflects a range of influences, from personal consumer preferences to larger economic forces, like free-market competition and mass marketing. Food products continue to furnish a large share of contract packagers’ business, and it won’t shift dramatically in the coming years. Consumers are becoming increasingly demanding and with short of time are seeking out convenience food solutions that display a progress from the more traditional processed foods. The expectations of food quality is increasing, and the growing awareness presents new challenges to retailers, packers, and packaging suppliers. Rising sales of convenience-foods and developments in convenience-food packaging have been a major feature of the packaging markets, recently. In order to cope with the rising demand, major food industry players are depending on contract packagers to package their products, so that they can focus on providing more quality food, to satisfy the consumer. These factors are set to boost the growth of the contract packaging market in the food industry.

North America to Dominate the Market over the Forecast Period

North America holds the major share in the contract packaging market. The United States holds majority share in this region. 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.

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Scope of the Report:

The report analyses Contract Packaging market, which includes –

  • Analysis of the growth of Contract Packaging market in global and regional level including Asia-Pacific, Americas, and EMEA.
  • The report provides Contract Packaging market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
  • The report offers country level Contract Packaging market volume and value by end-user segment for the period 2012-2023.
  • Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Contract Packaging market are discussed.
  • The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.

Highlighted points of Contract Packaging Market Report:

  • Varying dynamics of the Contract Packaging industry.
  • Prospective changes in sales volumes and worldwide share growth in upcoming years (2018-2023).
  • Contract Packaging market report recognizes the key drivers of growth and challenges of the key industry players.
  • Competitors profiles along with product description, overview, and business data.
  • A complete analysis of market risks, opportunities, limitations, and growth of the market.
  • Market driving and restraining factors.
  • Delivers information on the historical and current market size and the future potential of the market.
  • Contract Packaging market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.

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Reasons to Purchase Contract Packaging Market Report:

  • The report analyses how stringent emission control norms will drive the global Contract Packaging market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major Contract Packaging market players.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel).

In this study, the years considered to estimate the market size of Contract Packaging:

History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023

Look into Table of Content of Contract Packaging Market Report @ https://www.360marketupdates.com/TOC/12885982#TOC

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Mr. Ajay More

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