The “Contract Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, available at Research and Markets: The World’s Largest Market Research Store, reports that the global contract packaging market size reached US$ 63.0 billion in 2022 and is expected to grow to US$ 103.0 billion by 2028, with a CAGR of 8.54%.
Part of this growth the report attributes to how “contract packaging companies work with product managers and manufacturers to consult, plan, customize, and execute the process according to the timeline.”
The report further explains that contract services are being increasingly employed in the food & beverage industry, which is experiencing escalating demand for ready-to-eat (RTE) food products to accommodate lifestyles that are becoming more and more hectic and busy. Also noted is that the introduction of environment-friendly packaging options is also expected to strengthen the growth of the market.
Contract manufacturers and packagers seeking to make a change in their processes and industry focuses might consider certifications and further changes to their facility to become GMP-certified and FDA-approved.
The competitive landscape of the industry and the profiles of key contract packagers are also examined within the document.
Keep an eye out for the “State of the Industry Report,” soon to be released, which will have additional information for this last year to provide a better understanding of where the industry is headed and how it may affect contract manufacturers’ and contract packagers’ decision-making for 2024.
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