September 13, 2022 10:15 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Contract Packaging Market finds that the ability to adapt to a sustainable model and an extreme increase of pharmaceutical companies across the globe because of the pandemic is anticipated to augment the growth of the Global Contract Packaging Market during the forecast period. The Global Market revenue was valued at USD 42.1 Billion in 2021.
The Global Contract Packaging Market Size is forecast to reach USD 61.4 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period; states Vantage Market Research, in a report, titled “Contract Packaging Market Size, Share & Trends Analysis Report by Packaging Type (Primary, Secondary, Tertiary), by Material (Plastic, Metal, Glass, Paper & Paperboard), by End User Industry (Food & Beverage, Pharmaceutical, Electronics, Personal Care), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
List of Prominent Players in Contract Packaging Market:
Increase in Pharmaceutical Industry Due to COVID-19 Outbreak to Drive Market Growth
The pharmaceutical industries sustained throughout the pandemic and witnessed excessive growth due to the pandemic. The increasing research and development in the pharmaceutical industry have led to the introduction of novel drugs with more exceptional performance than their predecessor. In addition, different pharmaceutical industries outsourced the job of packaging end-products to companies trained labor those specialized in handling the packaging of medicines. So, pharmaceutical packaging is essential, as the product should be safe for patient consumption. Moreover, advancements in medical sciences and additions to medicines are now available for various diseases and deficiencies, which is influencing the Global Contract Packaging Market industry positively, as the need for drug packaging has rapidly increased. Hence, the Contract Packaging Market is driven by the substantial escalation of the pharmaceutical industry because of the pandemic.
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Ability to Adapt to a Sustainable Model to Stimulate the Market Growth
The success rate of the e-commerce channels has turned out to be the benchmark for determining the Global Contract Packaging Market's expansion prospects lately. Additionally, several industries, including pharmaceuticals, cosmetic items, food products, and agriculture, are shifting increasingly to online distribution channels to widen their global exposure. Furthermore, and simultaneously, the Contract Packaging Market industry players are under the requirement to augment their time efficiency and customizable approach to make higher their clientele's brand representation. Therefore, key participants are now competing to utilize renewable and recyclable packaging materials, such as paper, metal, and glass, to achieve sustainable ends.
The COVID-19 outbreak has affected various industries worldwide, and the Global Contract Packaging Market is no exception. Governments worldwide implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Contract Packaging Market suffered as the manufacturing units worldwide were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the backbone technology providers to the Contract Packaging Market industry, were directly affected due to the epidemic. Furthermore, the rollout for the Contract Packaging Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Contract Packaging Market has considered the impact of COVID-19 on the Contract Packaging Market globally and the subsidiaries for the Contract Packaging Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Contract Packaging Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Contract Packaging Market highlights:
Asia Pacific Dominated the Global Contract Packaging Market
Asia Pacific is leading the Global Contract Packaging Market in 2021 and is expected to continue the same during the forecast period. The region’s expansion is due to the demand for packaging in pharmaceuticals, beauty care, food and beverages, and other segments. Also, this region's high consumption of ready-to-eat food products and carbonated beverages, and the presence of upgraded dispersion are driving the industry expansion. Moreover, the government has issued several standards and regulations for pharmaceutical labeling and packaging drugs in the U.S. region, which is likely to fuel market growth in the future. Besides, many Contract Packaging Market participants in Canada and the U.S. are learning to adjust to the demanding business conditions.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Contract Packaging Market Size, Share & Trends Analysis Report by Packaging Type (Primary, Secondary, Tertiary), by Material (Plastic, Metal, Glass, Paper & Paperboard), by End User Industry (Food & Beverage, Pharmaceutical, Electronics, Personal Care), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
June 2020: Jones Healthcare Group, the world-class provider of advanced packaging & medication dispensing solutions, made a significant investment in its packaging services, including an integrated two-lane Uhlmann blister packaging line. In addition, this highly automated equipment will advance the firm’s capacity to manage surges relating to the demand and unique blister combinations as more complex pharmaceutical dosage forms & regimes are evolving clinically and commercially.
Key Questions Answered in The Report:
This market titled “Contract Packaging Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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