Contract Filling and Packaging Market Proposed to Strike the Value of Over $70 Billion by 2026 End

  • 09 Apr 2019

Every business strives to focus on delivering the best and thus chooses to closely observe the manufacturing of its core products. Most firms want to develop their product and improve it with the help of new technology and thus do not want to spend their resources or time on the logistics of the product. Hence they outsource these services. Services like transportation and packaging are outsourced to third-party vendors. These chores are imperative for production, however, they do not require specialization thus the firm focuses on the primary product while hiring these other parties to take care of the logistics and outsourcing. These third-party vendors fall under contract services category.
An upsurge in food and beverage, pharmaceutical, personal care industry, rapid urbanisation, fast-paced technological advancements, growing online sales and safer e-commerce platforms are the factors positively stimulating the packaging industry and thus favourably impacting the contract filing and packaging market.

The global contract filling and packaging market is poised to witness the value of over US $70 billion by 2026 end and register a CAGR of 12% during the forecast period of 2019-2026. 

An increasing number of consumers are considering options for alternate dietary and healthcare products which requires specialised packaging to ensure containment, quality, stability and of course branding needs. Technological advancements have paved the way for automation that ensures quick turnaround time for completing the packaging in an efficient manner.
The major challenge faced by contract filling and packaging market is providing bio-friendly and cost-effective packaging services. 

Global Contract Filling and Packaging Market: Restraints

•    Stringent rules and norms set by the government
•    Abrupt loss of business if the firm chooses to perform the same activities in-house
 

Contract packaging companies need to abide by changing rules and norms set by the government from time to time and hence have to keep track of future policies to create market differentiation as well as implement latest legal norms especially for life affecting products. Furthermore, another risk associated with any outsourcing, in general, is the loss of business when the businesses providers start taking care of outsourced tasks, in-house.

Global Contract Filling and Packaging Market: Segmentation

By Packaging Type: 
•    Primary Packaging 
•    Secondary Packaging 
•    Tertiary Packaging 
Tertiary packaging will see a trending requirement during the forecast period owing to its characteristics such as lightweight, space-saving and recyclable/reusable materials.  

By End User: 
•    Pharmaceutical 
•    Food & Beverage 
•    FMCG 
•    Personal Care 
•    Others 
Edible items that are directly consumed from the packets entirely rely on packaging quality and if contaminated can cause serious harm to the consumer thus impacting the brand. Hence packaging plays an essential role in food and beverage as well as the pharmaceutical industry. Since both industries as expected to rise at skyrocketed speed across the globe, they remain major shareholding segment amongst end-users during the forecasted period.

By Region:  
•    Europe  
•    North America  
•    APAC  
•    Latin America 
North America, and the U.S. in particular estimated to account for the majority share of the global contract packaging market.

Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants 

 

FutureWise Takeaways  
•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data points affecting market growth
 

Objectives of the Study: 
•    To provide with an exhaustive analysis on the global contract filling and packaging market by packaging type, by the end user, industry analysis, market share, revenue opportunity, competition, and region 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East and   Africa 
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials, and core competencies 

 

Get unlimited analyst support and customise this study further to your requirements, contact [email protected]