Report says global contract packaging market to be USD 168.22-bn by 2032

Towards Packaging, a global consulting firm, says in its report that the global contract packaging market is projected to experience growth over the next decade. In 2022, the market size was valued at USD 76.84 billion. 2032 it is expected to reach USD 168.22 billion, reflecting a CAGR of 8.2% from 2023 to 2032.

04 Jul 2024 | By Disha Chakraborty

According to Towards Packaging, contract packaging companies, also known as co-packers, are in several industries, from food and beverages to cosmetics and apparel. Businesses can outsource packaging requirements like supply management and shipping to co-packers. These companies can handle various packaging requirements like barcode stickers and custom designs.

The contract packaging market is a means of outsourcing packaging needs, allowing the business to save on resources and the time needed to maximise the activity.

The key market trend for contract packaging is e-Commerce development, which requires higher volumes of contract packaged services. Contract packagers are transforming their systems to be able to pack for online orders, including kitting, bundling, and package customisation for direct-to-consumer shipment.

Also, sustainability has become a vital element of the contract packager's scope as brands and consumers give importance to environment-friendly packaging solutions. Packaging contractors are introducing sustainable packaging practices, like adopting recyclable materials, decreasing packaging wastes and optimising packaging designs to avoid environmental impacts.

In addition, two factors hold the key. One is how contract packaging is being used by the brands to create customised and personalised packaging solutions that will blend in with the needs of their target market. The second is how contract packagers are integrating the technology to create more efficient mechanisms, increase the quality of packaging control and be less vulnerable to production challenges.

The report focuses on plastic contract manufacturing which presents a solution for end-to-end plasma production, offering bespoke services from contract manufacturers upon request. Often, product companies require contract manufacturers as these guys handle plastic production tasks.

Therefore, it becomes a common thing for these companies to be involved in projects that may involve multiple stakeholders. According to a forecast by Towards Packaging, the output value of the global plastics market will be USD 457.73-billion in 2022. Approximately 40% of the production of plastics is also required in the production of plastic packaging.

Some of the contract packaging players are the Aaron Thomas Company, Unicep Packaging, Green Packaging Asia, Multi-Pack Solutions, Reed Lane, CCL Industries, Stamar Packaging, Sharp Corporation, DHL, Wepackit Inc., Kelly Products, Sonic Packaging, Genco, Budelpack Poortvliet BV, Driessen United Blender, Cygnia Logistics, Complete Co-Packaging Services, and Harke Packserve GMBH.


 

Latest Poll

Which is the sustainable packaging product among MSMEs that is most popular?

Results

Which is the sustainable packaging product among MSMEs that is most popular?

Bagasse and biodegradable boxes

 

20.69%

Corrugated boxes

 

48.28%

Paper bags

 

27.59%

Recyclable plastic (bubble wraps, bio-plastic)

 

3.45%

Total Votes : 29

Events

Sign India 2024

Aug 09 - Aug 11 2024
Sign India 2024 is a meeting ground....