Contract packaging is gathering steam among meeting the needs of packaging tailored to the requirements of industries such as in food, electronics, pharmaceuticals, and automotive. Also, there is a widespread demand for contract services for meeting the needs of packaging such as for corrugated packaging. Several benefits drive the business propositions in the contract packaging market. Salient benefits include new packaging designs, flexibility, industry expertise, savings in OPEX and CAPEX. All these need dedicated infrastructure and massive initial funding, just to mention the operational aspects of the packaging. Thus, the overall demand for contract packaging is rising.
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Rise in demand for contract packaging in consumer packaged industries over the past two decades in developing countries. The need for access to specialty packaging has become indispensable.
Trend Of Packaging Customization High In Numerous Industries
The trend of packaging customization is high in retail, commercial, and trade industries is high. Hence, with the number of contract packaging rising, the companies had a cost-effective access to new technologies and equipment used in packaging. The growing complexity of packaging is a key trend in the expansion of the contract packaging market. The growing demand for new partners who can tackle the complexity of contract packaging sequence is boosting the business propositions. This has enabled numerous businesses across end-use industries to gain flexibility.
The changing needs of product development lifecycle has also fueled the market proposition of contract packaging. The growing demand for in-house design team is a key trend bolstering the expansion of the contract packaging market. The food and beverages industry in several parts of the world is characterized by high-volume nature of packaging fulfilment. Another promising application area is the packaging of electronics equipment and devices.
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Some of the key players in the contract packaging market are Sonoco Products Company, Multi-Pack Solutions LLC., Pharma tech industries, and Stamar Packaging Inc.