The Contract Packaging Market is estimated to be valued at US$ 60.5 Bn in 2022 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Contract packaging involves outsourcing packaging activities to specialized companies that provide packaging services. These companies offer a wide range of packaging solutions, including primary packaging, secondary packaging, and tertiary packaging. The market provides flexible and cost-effective solutions for manufacturers who want to focus on their core business operations. The use of contract packaging services helps companies reduce costs, improve efficiency, and enhance their supply chain management. It also allows manufacturers to access specialized packaging technologies and expertise without making significant investments in infrastructure.
Market Dynamics:
The market is driven by two key factors. Firstly, the rising demand for outsourced packaging solutions is fueling market growth. Companies across various industries, such as food and beverages, pharmaceuticals, and consumer goods, are increasingly outsourcing packaging activities to contract packaging service providers. This enables them to focus on their core competencies while leveraging the expertise and capabilities of contract packaging companies.
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