Yahoo Finance Contract Packaging Market to Reach US$ 63 Bn by 2026, as per TMR Study
Rise in consumer preference for carbonated beverages and ready-to-eat food products in developed economies supports market expansion
Wilmington, Delaware, United States, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a recent market report by Transparency Market Research, the global market for contract packaging solutions is projected to grow from market value of US$ 42 Bn in 2020 and reach US$ 63 Bn by 2026. The study also predicts that the global industry would grow at a CAGR of 6.6% during the forecast period from 2021 to 2026. Increase in consumer awareness regarding personal care, food and beverages, and consumer goods that feature advanced and sustainable packaging solutions bolsters market growth. Furthermore, expansion of the global nutraceuticals market also favors market development.
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Contract Packaging Market: Key Findings of Report
Increase in Demand for Medical Packaging Solutions during COVID-19 Pandemic: Surge in number of individuals suffering from the COVID-19 infection in the past three years has considerably increased the demand for various medical products and equipment. This, in turn, resulted in heightened market demand for contract packaging solutions, such as stick packs and sachets, clamshells and blisters, ampoules and vials, and cartons and boxes. Apart from this, increase in demand for advanced medical devices in the healthcare industry is also anticipated to offer attractive business growth opportunities for market players in the next few years.
Growth in Demand for Blisters & Clamshell Packaging Solutions: According to the market report by TMR, the Blisters & Clamshells product type segment is anticipated to record the highest growth rate from 2021 to 2026, expanding at a CAGR of 8% during this period. This trend can be ascribed to rise in awareness among customers regarding the benefits of using environment-friendly and sustainably produced packaging solutions. Clamshells and blisters are used in the secondary and tertiary packaging of products in various end-use industries.
Contract Packaging Market: Growth Opportunities
Increase in demand from food & beverage industry as well as fast moving consumer goods (FMCG) industries bolsters market growth
Rise in online sales of personal care and cosmetic products creates lucrative business opportunities for market players operating in the labeling sector
Rapid expansion of the global nutraceuticals industry boosts market demand for innovative contract packaging solutions
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Contract Packaging Market: Key Players
Key companies operating in this global market are Sonoco Display and Packaging, UniCep Packaging, Inc., Stamar Packaging, Inc., Aphena Pharma Solutions, Inc., AmeriPac, Inc., Reed-Lane, Inc., Multi-Pack Solutions, LLC, Aaron Thomas Company, Jones Packaging, Inc., and Marsden Packaging Ltd. The global industry houses a large number of small, medium, and large-sized manufacturers and companies, making the competitive landscape highly fragmented. Furthermore, the frequent entry of new players results in fierce competition among industry players. Leading players adopt strategies such as expansion of product inventories and regional presence to stand out from their competitors. Additionally, manufacturers are also focused on adopting recyclable and renewable materials, such as metal, glass, and paper, to manufacture their products in order to achieve their sustainability goals.
Contract Packaging Market: Regional Growth Assessment
Asia Pacific is anticipated to offer several business growth opportunities to market players in the near future. The market report projects that this region would expand at a CAGR of 8.2% during 2021-2026. One of the key drivers of market growth in Asia Pacific is the rapid development of the pharmaceutical sector. Other notable drivers include increase in consumer consciousness about healthcare as well as the rapid development of the food and beverage industry in this region. Apart from Asia Pacific, Europe and North America are also expected to witness substantial growth in market size in the next few years, owing to rise in demand for ready-to-consume food and beverage products.
Contract Packaging Market: Segmentation
Contract Packaging Market, by Product Type
Bottles
Bags & Pouches
Sachets & Stickpacks
Boxes & Cartons
Blisters & Clamshells
Vials & Ampoules
Flow Wraps
Others
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Contract Packaging Market, by Service
Bottling
Bagging/ Pouching
Lot/ Batch & Date Coding
Boxing & Cartoning
Wrapping & Bund
Labelling
Clamshell & Blister
Others
Contract Packaging Market, by End-use Industry
Food & Beverage
Pharmaceuticals
Cosmetics
Agriculture
Personal Care
Others (Automobile, etc.)
Contract Packaging Market, by Region
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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