Global Consumer Goods Contract Packaging Market 2018-2022
About Consumer Goods Contract Packaging
Contract packaging is a service provided by vendors specialized in packaging products. Consumer goods manufacturers often outsource their product packaging to contract packagers or co-packers. This service includes packaging and assembling goods and providing labor and other facilities with automated machines.
Technavio’s analysts forecast the global consumer goods contract packaging market to grow at a CAGR of 7.68% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global consumer goods contract packaging market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Consumer Goods Contract Packaging Market 2018-2022
Technavio recognizes the following companies as the key players in the global consumer goods contract packaging market: Deufol Group, FedEx, Sonoco, Stamar Packaging, and Unicep.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is incorporation of contract packaging in logistics. Consumer goods manufacturers outsource secondary or tertiary packaging activities to a pure play contract packager, that results in increased time taken and incurs additional transportation costs.”
According to the report, one driver in the market is growth in consumer goods manufacturing market. Owing to the equal contribution from developed and developing countries, the consumer goods manufacturing market is growing on a global level. China and the US are the leading manufacturers of consumer goods, followed by the UK, Japan, and China.
Further, the report states that one challenge in the market is emerging threats of substitute. The eco-friendly reusable pallet wraps are the prominent substitutes for conventional contract packaging. The eco-friendly reusable pallet wraps are available in different sizes depending upon the load capacity of the single pallet.
Deufol Group, FedEx, Sonoco, Stamar Packaging, and Unicep.