According to the latest report by Transparency Market Research, the global contract packaging market is moving towards achieving a stellar valuation. The global market is growing at an impressive CAGR of 7% for the course of the given forecast time frame of 2019 to 2027.
Mergers and Acquisitions are Imperative for Market Players
Contract packaging offers manufacturers and brands with improved results as far as the overall channel fulfillment and packaging of the brand is concerned. These contract packagers are slowly becoming the mainstay in the overall distribution channel. The companies operating in the global contract packaging market are placed quite uniquely in the overall value chain.
These companies are trying to expand their business offerings in order to cater to the several demands and changing needs of the end-use customers. The leading players in the global contract packaging market are providing a wide range of services such as last minute optimization to creative packaging. To state an example, Coregistics, a contract packaging company based out in Atlanta, announced that it has taken over Cano Packaging Corporation. This takeover allowed Coregistics to have a better and improved access the POP packaging services and lay down a strong foothold.
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Contract packaging services make sure of optimization of managed and integrated services. It also provides great scalability for the producers who are facing a problem of production postponement. It thus helps in saving the overall cost of the production. Naturally, with such benefits, there has been a growing demand for contract packaging across it end-use application industries. This has thus been one of the biggest driving factors for the growth of the global contract packaging market.
Shedding off the Old Passive Role
One of the emerging trends in the global contract packaging market has been of the movement from passive role to an active strategic role in the overall value chain. The leading companies in the global contract packaging market are now actively involved in the strategic decisions regarding value chain supply such as selection of vendor or vendor qualification. These companies are also involved in decisions regarding quality assurance, product formulation, product development, and branding among others.
In addition to this, the leading companies in the global contract packaging market are quickly adopting to the omni-channel distribution tactics in order to make themselves stand out in eyes of their customers from both online as well as offline channels. Furthermore, contract packaging companies are slowly shifting their focus on value-added services, product innovation, and product specialization. Such trends indicate that the global market for contract packaging is on course to achieve a stellar growth in the coming years of the forecast period.
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Some of the leading names in the global contract packaging market include names such as Sonoco Products Company, Pharma Tech Industries, Multi-Pack Solutions LLC, and Stamar Packaging Inc. among others.