LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global contract packaging market predicts a CAGR of around 10% during the period 2017-2021.
The report segments the global contract packaging market by end-user (food and beverage, consumer goods, personal care, and pharmaceutical) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global contract packaging market, according to Technavio transportation and logistics researchers:
- Growing demand for packaged products: a major market driver
- The global contract packaging market by food and beverage is expected to exceed USD 30 billion by 2021
- The Americas dominated the global contract packaging market with close to 43% share in 2016
- Deufol, FedEx, Stamar Packaging, Unicep, Sonoco, and Multi-Pack Solutions are some of the leading players in the market
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Market growth analysis
Growing demand for packaged products is one of the major factors driving the global contract packaging market. With a continuously growing consumer demand for packaged products, there is a strong need for fast-paced solutions for customers. Since contract packaging providers have the required skill and expertise, they can offer the manufacturers with efficient packaging services promptly. This helps manufacturers in aligning with the continuously changing packaging needs of customers, which in turn, will lead to the growth of the global contract packaging market.
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Geographical analysis
Technavio researchers anticipate high growth for the global contract packaging market in the Americas due to the high demand from the US and Canada. The US was the major contributor to the market in the Americas in 2016 with a share of more than 50%. The flexible labor market and solid infrastructure of the US are the major factors for the high contribution from the US. Canada experienced the highest growth rate in the Americas, with an expected CAGR of 11% during forecast period.
According to Shakti Jakhar, a lead analyst at Technavio for research on packaging, “The food and beverage and pharmaceutical sectors are the major end-users of the market in the US, contributing nearly 60% of the total market in 2016. The contract packaging market in the Americas will witness growth during the forecast period because of the rapidly growing e-commerce trade in the region. E-commerce saw a robust growth of around 15% in the US. These factors are generating demand for contract packaging services in the Americas, thereby leading to the growth of the market in the Americas.”
Competitive vendor landscape
The global contract packaging market is competitive because of the presence of several key vendors such as Deufol, FedEx, Stamar Packaging, Unicep, Sonoco, and Multi-Pack Solutions. These vendors are investing in the latest facilities to grow and gain an edge in the market. For instance, in February 2017, Sonoco, a packaging and contract packaging service provider, announced an investment of nearly USD 20 million for the development of a packaging center to enhance its operations in North America. This will feature state-of-the-art primary packaging equipment along with packaging materials. Such pro-active initiatives are expected to boost the growth of the market during the forecast period.
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