Market Highlights

The global contract packaging market is expected to grow from USD 72.45 billion in 2023 to USD 171.15 billion by 2033 at a CAGR of 8.98%.

Contract Packaging Market CAGR

2023-2033

CAGR OF

8.98%

Contract Packaging Market

Global contract packaging has suffered sluggish growth in 2023 because of the spread of the COVID-19 pandemic owing to which the impact on contract packaging companies was mixed. Contract packaging industries supplying to groceries and at-home entertainment industries have seen a massive surge in demand while the industry providing foodservice packaging for restaurants has witnessed a decline in demand. However, the global contract packaging market is anticipated to witness significant growth during the forecast period due to the booming e-commerce market. 
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the overall market. The historic years considered for the study are 2018-2021, the base year is 2022, the estimated year is 2023, and the forecast period is 2023-2033.

Contract Packaging Market: Market Dynamics

Contract Packaging is also referred to as co-packing which defines the process of assembling a product into a final packaging product. The growth of the market is mainly influenced by the increasing preferences of manufacturing firms towards outsourcing the packaging activities to packaging contractors to shift focus on cost optimization and their core business. 
Furthermore, the growing population coupled with rising demand for ready-to-eat and packaged food from the food & beverage sector and technological advancement and safe pharmaceutical product packaging are compelling for contract manufacturing and packaging.
Moreover, rising environmental concerns resulting in a growing need for sustainable packaging, and stringent regulation by the government for packaging are also the driving factors that fuel the overall market.
However, challenges like the high cost of R&D expenditure for developing eco-friendly alternatives and increasing the price of elastomer raw material used in packaging are the major factors restraining the growth of the global contract packaging.

Contract Packaging Market: Segmental Analysis

Contract Packaging Market

By Packaging

Primary

Secondary

Tertiary

The Market will Grow

At the CAGR of:

8.98%

The Forecast Market

Size for 2033 in USD:

$171.15B

Global contract packaging market is classified by packaging, end-user, and region.
Based on packaging, the market is segmented into primary, secondary and tertiary. The secondary packaging held the largest market share in 2023 which is anticipated to witness sustainable growth rate during the forecast period owing to rising demand for the secondary packaging from the consumers, globally. However, primary packaging segment is anticipated to generate the highest CAGR during the forecast period.

Contract Packaging Market

By End-User Sector

XX%

Agriculture

Pharmaceutical

Food & Beverage

Household

72.45

Total Market Size

USD (Billion), 2023

8.98%

CAGR

2023 - 2033

Based on end-user, the market is segmented into agriculture, pharmaceutical, food & beverages, household, personal care, and others. The food & beverages segment is anticipated to witness largest share of the market during the forecast period due to rise in demand for packaged foods. The pharmaceutical segment is expected to hold the second largest share in the market during the forecast period.

Contract Packaging Market: Regional Analysis

Contract Packaging Market

By Region

The Market will Grow

At the CAGR of:

8.98%

The Forecast Market

Size for 2033 in USD:

$171.15B

Geographically, the market is classified into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America is anticipated to dominate the market during the forecast period due to prevalence in demand from various end-user industries such as food & beverages, cosmetics, personal care, and other industries. However, Asia Pacific is expected to witness the highest CAGR during the forecast period owing to an increase in disposable income, rising industrialization, and improved living standards of the consumers.

Contract Packaging Market: Competition Scenario

Key players of global contract packaging market are Aaron Thomas Company, Inc., Sonoco Products Company, AmeriPac, Unicep, Reed-Lane, Pharma tech industries, Multi-Pack Solutions LLC, Jones Healthcare group, and Stamar Packaging.

Critical Questions Answered in the report

•    What are the key trends in the market?
•    How the market (and its various sub segments) has grown in the last four years and what would be the growth rate in the next five years?
•    What are the key strategies adopted by the major vendors to lead the market?
•    What is the market share of the top players?

Research Methodology

The research study extensively uses both secondary and primary research methodologies. More than 200 industry leaders from various phases of the value chain (demand side, supply side, resellers/distributors, and other independent consultants) were interviewed to gain crucial insights about this market and validate the research findings. Secondary sources referred for the research study include company websites, annual reports, paid database tools, investor presentations, webinars, blogs, news/journals, whitepapers, survey papers, associations, and government websites. All the collected data and insights were then processed using our proprietary data mining software that executes various algorithms to make projections for the forecast period.

Contract Packaging Market Scope: