Demand for longer shelf life to drive contract packaging

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NEWARK, Del, Nov. 15, 2022 (GLOBE NEWSWIRE) — The global contract packaging market currently stands at US$45.2 billion and is expected to reach US$75.04 billion by 2032 with a CAGR of 5.2% between 2022 and 2032.

It is a known fact that packaging is essential to ensure the safety of the product at the time of transport and also to increase the shelf life. Every tangible product needs packaging, but the fact that the initial investments are important cannot be ignored. This uses third-party packaging companies, commonly known as “contract packaging companies”.

The e-commerce vertical is also on the rise, which actually plays a vital role in increasing the demand for third-tier packaging, i.e., tertiary packaging. This factor is sure to drive the entire contract packaging market forward in the near future.

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Major players in the market are entering into collaborations and joint ventures to hold their own amid fierce competition. For example – Nulogy Corporation, in March 2022, entered into a partnership with The Blackrock Group with the aim of providing better go-to-market service to contract packers through complementary digital platforms. Additionally, Silgan Holdings Inc. in October 2021 acquired Unicep Packaging (a provider of packaging and filling services). The name of the merger is ‘Silgan Unicep’.

Advances in packaging technology include antimicrobial packaging, smart packaging, corn starch packaging and water soluble packaging. These advancements have a low carbon footprint. They are expected to give way to lucrative opportunities for the contract packaging market over the forecast period.

Future Market Insights has scaled these facts with future insights in its latest market research titled “Contract Packaging Market”. Analysts and consultants are all aware of these findings.

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Key Takeaways from Contract Packaging Market

  • North America holds 21% market share. This could be attributed to an ever-increasing demand for ready-to-eat food products as well as soft drinks.
  • Europe ranks second with the focus on contract packaging companies for outsourcing packaging requirements. This in turn would reduce operational costs. CPG (Consumer Packaged Goods) is turning to vertical integration to provide packaging solutions, including logistics and raw material sourcing. Europe holds 16% market share.
  • Asia-Pacific is poised to grow voraciously in the contract packaging market owing to the growing awareness of the benefits of contract packaging.

Competitive packaging

  • Jones Healthcare Group in June 2020 invested in packaging service offerings that include a fully integrated 2-way Uhlmann blister packaging line. This equipment would strengthen the company’s ability to handle the surges associated with proprietary blister combinations, with complex regimens and dosage forms evolving commercially and clinically.
  • Sharp (UDG Healthcare PLC), in May 2020, completed the acquisition of a pharmaceutical packaging facility from QPSI (Quality Packaging Specialists International LLC). It encompasses an area of ​​160,000 square feet and has regulatory approval. There are 12 primary production manufacturing sites for multiple packaging lines to offer secondary and primary pharmaceutical packaging, including blistering, bottling, medical device kitting and vial labeling, as well as serialization services.
  • Jones Healthcare Group, in June 2020, made notable investments in offering Consolidation Administrations, which would incorporate a well-coordinated two-way Uhlmann rank consolidation process.
  • Plenish Drinks in December 2019 was announced as a customer by none other than Boughey Distribution Ltd.

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“With an increasing number of start-ups and industries associated with an organized and systematic packaging line, the global contract packaging market is expected to witness tremendous growth during the forecast period,” says an analyst. from Future Market Insights.

How does the report unpack?

  • The research study is based on Services (Primary Contract Packaging, Secondary Contract Packaging, and Tertiary Contract Packaging) and by Vertical (Food, Beverage, Pharmaceutical, Home Goods & Fabrics, Cosmetics & Beauty Care, and others).
  • Contract packaging saves time and money. With the aim of delivering products safely to retail outlets, that too, in attractive and high-quality packaging, the global contract packaging market is expected to hold a strong position in the coming period.

Key segments covered by the contract packaging industry survey

By Services:

  • Packing under master contract
  • Packaging under secondary contract
  • Tertiary contract packaging

By vertical:

  • Food
  • Beverages
  • Medications
  • Home Products and Fabrics
  • Cosmetics and beauty care
  • Others

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis of the technology roadmap

1.5. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Market context

3.1. Market dynamics

3.1.1. Drivers

3.1.2. Constraints

3.1.3. Opportunity

3.1.4. Tendencies

3.2. Scenario forecast

3.2.1. Demand in the optimistic scenario

3.2.2. Demand in Likely Scenario

3.2.3. Demand in the conservative scenario

3.3. Opportunity Map Analysis

3.4. Investment Feasibility Matrix

3.5. PESTLE and Porter’s analysis

3.6. Regulatory landscape

3.6.1. By key regions

3.6.2. By key countries

3.7. Regional Parent Market Outlook

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