Contract Packaging Industry Is Set to Boom in 2019 And Coming Years
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Contract packaging refers to the services associated with packaging for clients, by outsourced partners for various packaging solutions that they offer. Contract Packaging companies are basically third party vendors that specialize in packaging activities. In recent times, manufacturing companies have started to outsource the packaging related activities and other such non-core services to third party vendors. Companies usually opt for this outsourcing since they might lack the necessary skills or expertise or manpower or the infrastructure that is required for such activities. The advantage of this can be that the company can focus more on its core activities without having the unnecessary overhead of packaging related activities. This can help a company in being more efficient and productive.
Ever increasing technological advancement has been one of the key drivers for the contract packaging market. The contract packaging companies are well-equipped with the necessary infrastructure as well as the skills required for the efficient packaging of the products. The advanced automation and the machines required for packaging activities can help in strengthening the business of the company. The other factors that influence the global contract packaging market are development of various retail chains across the globe, the growth of e-commerce businesses and so on. The various challenges for the global contract packaging market is the cost factor. Managing costs involved in the contract packaging is a cumbersome job. Also, manufacturing companies initially might outsource the packaging related activities to contract packaging companies but with the progress of the time such companies might start their own in-house packaging unit for their products. This might prove more beneficial to them rather than the third party vendors. So this can act as a hurdle in the growth of the contract packaging market.
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The contract packaging market can be broadly classified into two segments such as services it provides and the various verticals or domains it covers.
By services, the contract packaging market can be classified as follows:
- Primary packaging
- Secondary Packaging
- Tertiary Packaging
By verticals or domains, the contract packaging market can be classified as follows:
- Home products and fabrics
- Cosmetics and beauty care
The Food and the Beverage industry leads the market of contract packaging whereas the pharmaceutical industry follows next. For the manufacturers of the products such as foods and beverages, the brand reputation entirely depends upon the packaging of the product available at the time of purchase. This can be a critical factor with respect to the sales of the product. Therefore contract packaging plays a vital role for the manufacturing companies. As far as pharmaceutical products are concerned, the contract packaging companies have to align with the rules and regulations of the government. For this purpose, the contract packaging companies need to have proper infrastructure and the skills to perform such activities.
On the basis of geographies, the market is segmented across 7 key regions:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East & Africa
The global contract packaging market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). North America is supposed to be the largest for contact packaging. On the other hand, India is the fastest growing market owing to its cost competitiveness and quality packaging capabilities. The European region has witnessed a steady growth in the market of contract packaging.
The Key players in the Contract Packaging market are as follows:
- Unicep Packaging
- Summit Container
- Stamar Packaging
- Sharp Packaging
- Jones Packaging
- Aaron Thomas Company Inc.
- Green Packaging Asia
- Co-Pak Packaging
- Assemblies Unlimited Inc.
- AmeriPac Inc.
- Nulogy Corporation
- Wepackit Inc.
- Sterling Contract Packaging Inc.
- Kelly Products Inc.
- Sonic Packaging Industries
- CWS Contract Packaging Services
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MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
The report provides the following information:
- Tailwinds and headwinds molding the market’s trajectory
- Market segments based on products, technology, and applications
- Prospects of each segment
- Overall current and possible future size of the market
- Growth pace of the market
- Competitive landscape and key players’ strategies
The main aim of the report is to:
- Enable key stakeholder’s in the market bet right on it
- Understand the opportunities and pitfalls awaiting them
- Assess the overall growth scope in the near term
- Strategize effectively with respect to production and distribution
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