As we stand on the cusp of 2024, the contract packaging market is poised for significant growth, fueled by dynamic shifts within the food and beverage industry. A sneak peek into the forthcoming "State of the Industry Report" sheds light on the current state and projects a promising trajectory.
The Growth Trajectory for contract packaging
The recent report from Research and Markets, titled "Contract Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," unveils compelling insights. In 2022, the global contract packaging market size surged to US$ 63.0 billion, and projections indicate a robust growth to reach US$ 103.0 billion by 2028, with a noteworthy CAGR of 8.54%.
Driving Forces Behind the Surge
A substantial portion of this growth can be attributed to the evolving landscape within the food and beverage sector. Contract packaging companies are strategically aligning with product managers and manufacturers, providing consultancy, planning, customization, and seamless execution to meet stringent timelines.
Emergence of Trends in Food & Beverage Industry
The report underscores the increasing reliance on contract services within the food and beverage domain. As the demand for ready-to-eat (RTE) food products escalates to accommodate hectic and busy lifestyles, contract packaging becomes integral to ensuring the efficient delivery of these products. Moreover, the introduction of environmentally friendly packaging options further contributes to the market's upward trajectory.
Strategic Considerations for Manufacturers and Packagers
Manufacturers and packagers eyeing a transformation in their processes and industry focus are encouraged to consider certifications and facility enhancements. Becoming GMP-certified and FDA-approved not only ensures adherence to industry standards but also positions companies favorably in a competitive landscape.
Navigating the Competitive Landscape
The report delves into the competitive terrain of the industry, offering insights into key contract packagers' profiles. Understanding the competitive landscape is pivotal for businesses aiming to thrive in this dynamic market.
Anticipating the "State of the Industry Report"
An eagerly awaited release on the horizon is the "State of the Industry Report." Expected to hit the shelves soon, this report promises to provide additional information from the past year. This valuable resource is poised to offer a comprehensive understanding of the industry's current trajectory, empowering contract manufacturers and packagers in their decision-making for 2024.
Looking Ahead: Differentiating in a Crowded Market
For contract manufacturers and packagers seeking to differentiate themselves in a crowded market, a strategic focus on the end of the packaging process could be a game-changer. As the industry evolves, keeping pace with the latest trends and innovations becomes instrumental in carving a distinct identity.
In conclusion, the contract packaging market is on an upward trajectory, driven by the symbiotic relationship between industry trends, consumer demands, and innovative packaging solutions. The imminent "State of the Industry Report" is set to be a compass guiding businesses through the evolving landscape, enabling them to make informed decisions and capitalize on emerging opportunities. Stay tuned for further updates and insights as we navigate the exciting journey ahead.
Source:
State of the Contract Packaging Market
Projected growth at a CAGR of 8.54% is expected up through 2028 on account of changes within the food & beverage space.
Author: Melissa Griffen
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