IMARC Group has recently released a new research study “Contract Packaging Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Contract Packaging Composites Industry?
The global contract packaging composites market size reached US$ 63.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 103.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.05% during 2023-2028.
What Is A Contract Packaging Composites Market?
Contract packaging or co-packaging solutions refer to the process of managing the packaging and supply chain requirements of an organization by hiring third party companies. The co-packers provide the labor force, machinery, shipping, and thought leadership for successfully managing the primary, secondary, and tertiary packaging needs. Contract packaging services also include other services, such as inventory management, point-of-purchase (POP) display builds, distribution of the goods to the market or directly to the consumer, etc. They offer faster turnaround, comprehensive warehouse and logistics support, improved scalability, and enhanced productivity. Consequently, contract packaging systems find extensive applications across numerous sectors including personal care, pharmaceutical, retail, electronics, food and beverage (F&B), etc.
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What Are The Key Factors Driving In The Contract Packaging Composites Market:
The inflating demand for packaged and ready-to-eat (RTE) food products, owing to the hectic lifestyles and busy schedules of individuals, is among the key factors driving the contract packaging market. In addition to this, the increasing focus among major market players on providing serialization, child-resistant, and tamper-evident features in their packaging solutions to adequately meet the stringent standards set by government bodies across countries is acting as another significant growth-inducing factor. Furthermore, the shifting preferences toward contract packaging in the retail industry for minimizing costs and improving product presentation are also positively influencing the global market. Apart from this, the emerging trend of online shopping and the launch of home delivery models are further stimulating the market growth. Moreover, the introduction of environment-friendly packaging options, on account of the elevating awareness about the ill effects of plastic materials among the masses, is expected to propel the contract packaging market over the forecasted period.
Who Are The Key Players/Companies In The Global Contract Packaging Composites Market?
Aaron Thomas Company Inc., AmeriPac, Assemblies Unlimited Inc., Co-Pak Packaging Corporation, Hollingsworth, Kelly Products Incorporated, Marsden Packaging Ltd., Multi-Pack Solutions LLC, Reed-Lane. Inc., Sonic Packaging Industries Inc., Sterling Contract Packaging Inc. and Unicep Packaging LLC (Silgan Holdings Inc.).
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Packaging Type:
- Primary
- Secondary
- Tertiary
Breakup by Material:
- Plastic
- Metal
- Glass
- Paper and Paperboard
Breakup by Service:
- Bottling
- Bagging/Pouching
- Lot/Batch and Date Coding
- Boxing and Cartoning
- Wrapping and Bund
- Labelling
- Clamshell and Blister
- Others
Breakup by End Use Industry:
- Food and Beverage
- Pharmaceutical
- Electronics
- Personal Care
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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