The global contract packaging market is expected to grow at a significant CAGR of 11.7% during the year 2018-2027. It was worth USD 27.36 Bn in 2017 and is anticipated to reach USD 49.64 Bn by 2027.
new york, united states – October 12, 2018 —
The Contract packaging market can be segmented on the basis of services type and by verticals. Services segments primarily consist of primary, secondary and tertiary packaging. Secondary packaging anticipates the majority of demand of consumers as it is not only used for packaging materials but also used for marketing and branding of the product. By Verticals it is segmented into food, beverages, pharmaceuticals, home products and fabrics and Cosmetics and beauty care. Food and beverage market presently leads the market on the account of supply of food item across various distinct regions. Pharmaceutical companies are also using the contract manufacturing in order to increase their demand.
The global contract packaging market is expected to grow at a significant CAGR of 11.7% during the year 2018-2027. It was worth USD 27.36 Bn in 2017 and is anticipated to reach USD 49.64 Bn by 2027. Technological advancement is main factor the expansion of the market. The cost optimization by some of the major manufacturing units is also a factor for the expansion of the contract packaging market.
North America currently leads contract packaging market in comparison to other regions. The main reason for North America to dominate the market is huge demand from food and beverage industry which is followed by consumer goods which are spread on the platforms such as E-commerce and online retailing. High spending of the people of US is also a major growth factor in the region..GET IN TOUCH
Asia-Pacific countries such as China and India will also witness sharp rise in the demand for the contract packaging on the account of larger global exports by the nation. Increase in the disposable income is also a major factor for the expansion of the market in the region.
Technological Innovations in different industry will boost the Global contract packaging market
Technological innovation will boost the market growth in upcoming years. The technical innovation in the recent years includes ‘Surepharm Services’ a contract manufacturing organizations has installed Blister express center to improve its manufacturing capacity. It can pack minimum of 10 medicines of different size shape at one time. The machine is equipped with 3-D format changeover in the next 30 minutes. These types of innovations will increase the market size of global contract packaging market. The growing trend of E-commerce industry with increasing trend online shopping will also boost the market growth. Request for FREE Sample copy
Government Initiative in Pharmaceutical Industry Will Boost the Growth
The Pharmaceutical products, strict regulation implemented by the government needs them to perform the activities such as cleaning of rooms these activities are outsourced to contract packaging companies who have all the relevant infrastructure and proficiency to perform these activities.
The report titled, “Contract Packaging Market: Global Demand Analysis & Opportunity Outlook 2027”, delivers detailed overview of the global contract packaging market in terms of market segmentation by services type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global contract packaging market which includes company profiling of Unicep Packaging, Summit Container, Genco, Stamar Packaging, Sharp Packaging, Jones Packaging, Aaron Thomas Company Inc., DHL, Green Packaging Asia, Co-Pak Packaging, Assemblies Unlimited Inc., Deufol, AmeriPac Inc., Nulogy Corporation, Wepackit Inc., Sterling Contract Packaging Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global contract packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future…To Know More about This Report
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