Los Angeles, December 19, 2019 - QY Research has recently added a report titled, “Global Contract Packaging Market Size, Status and Forecast 2019-2025”, according to the report, the global contract packaging market was worth US$26.2 bn in 2018 and is expected to rise to US$36.7 bn by the end of 2025, registering a CAGR of 4.7% during the forecast period of 2019 to 2025.
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Ability to Provide Simple to Complex Packaging Services to Boost the Global Market
Contract packaging is rising in popularity as it provides overall assembling of a product into the final packaging. It can be customized according to the different needs and scope of the product. This can vary according to the trade, commercial, and retail industries as final packaging can take forms such as pouches, blister packs, plastic bottles, glass containers, and others.
The packaging activity demands planning, designing, producing, and fulfilling other requirements. The experts in this field offer short to high volume of product packaging demands. The degree of contract packaging services depends on product’s scope and development. The services they provide are design, inventory control, component and printing production, plastic or thermoform packaging production, package assembly and fulfilments, and warehousing and distribution. The biggest advantage of contract packaging is that is allows businesses to focus on their core activities and ensures cost optimization by cutting out labor and machinery cost. All of the aforementioned factors are expected to boost the demand for contract packaging in the coming years.
Blister Packs Segment Expected to Flourish as they Provide Rigid Substrate
The blister packs segment is expected to lead the market as it is the most widely used packaging method. It is extensively used for various household items, cosmetics, tools, and retail items. It is preferred over other packaging methods due to its flexibility. Today, it is an indispensable part of nutraceutical goods, pharmaceutical goods, dietary supplements, and cold remedies.
North America to Thrive Owing to High Number of Manufacturing Industries
North America is likely to flourish in the global market as this region has the highest number of manufactured personal care and pharmaceutical products. This region is also witnessing rising of investment in research and development activities.
Companies are setting up new facilities to expand their base and increase manufacturing products. Key players are engaged in bringing innovative products in the market to compete with trends.
The key players operating in the global contract packaging market are Jones Packaging Inc., Baxter BioPharma Solutions, Unicep Packaging, Pharma Packaging Solutions, TricorBraun, Berlin Packaging, Sharp Packaging Services, PCI Pharma Services, CCL Industries, and Cardinal Health.
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