The global contract packaging market is forecast to grow at a CAGR of 10.62% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend which will boost market growth is the growing focus on sustainable packaging. Consumers and manufacturers will give more importance to sustainable packaging during the forecast period because of it is recyclable, sustainable, and environmentally friendly. There is a growing demand for sustainable packaging solutions, and manufacturers are finding it difficult to focus on packaging in addition to their core business areas. Therefore, these manufacturers are choosing contract packagers to assist them in packaging by using sustainable packaging solutions.
According to the report, a key growth driver is the need to reduce operational costs. One of the major advantages of contract packaging is the overall reduction of operational costs for manufacturers. Machines used for packaging are costly, and in the long run, the operational and maintenance costs for these machines are high. Therefore, many manufacturing industries are opting for contract packaging.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?