SWOT Analysis

Strength: Growing pharmaceutical and food and beverage industries are generating high demand for contract packaging services. Contract packaging offers lower operational costs and higher flexibility. It allows companies to focus on their core business.
Weakness: Dependence on third party manufacturers can pose quality and compliance related risks. Lack of control over production processes is also a limitation.
Opportunity: Emerging markets in Asia Pacific and Latin America are driving packaging needs. Rising preference for eco-friendly and sustainable packaging presents new opportunities.
Threats: Intense competition among contract packagers can squeeze profit margins. Changes in regulations can significantly impact operations and costs.

Key Takeaways

The Global Contract Packaging Market Size is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period, due to increasing demand from the pharmaceutical industry. The pharmaceutical sector relies heavily on contract packagers for manufacturing, packaging and labeling services.

Regional analysis
The North American region dominates the global contract packaging market currently. North America is expected to retain its leading position owing to large pharmaceutical players and wide acceptance of contract packing services. Asia Pacific is poised to be the fastest growing market for contract packaging during the forecast period. The growth can be attributed to expanding pharmaceutical manufacturing sector, rising income levels, and growth in the food industry across developing countries.

Key players
Key players operating in the contract packaging market are Aaron Thomas Company, Multipack Solutions, Pharma Tech Industries, Reed-Lane Inc., Sharp Packaging Services, UNICEP Packaging, Green Packaging Asia, Jones Packaging Inc., Stamar Packaging, Budelpack Poortvliet BV, and Complete Co-Packing Services Ltd. These players provide a wide range of packaging, labeling and fulfillment solutions.

For more insights, read-  https://medium.com/@leena.cmi01/contract-packaging-market-is-estimated-to-witness-high-growth-owing-to-increasing-outsourcing-dfd6174325a2