Contract Packaging and Fulfillment Service Market - Global Growth, Trends, and Forecasts Report 2021-2026 Featuring Aaron Thomas Company, ActionPak Inc., Assemblies Unlimited - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Contract Packaging and Fulfillment Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Contract Packaging and Fulfillment Service Market is expected to register a CAGR of around 10% during the forecast period (2021 - 2026).
The expansion of end-user industries, like Food and Beverage and Pharmaceutical, the growing trend among these companies to outsource their packaging and fulfillment services to gain competitive advantage is expected to drive the market significantly.
In the recent years, the contract packaging and fulfillment market have witnessed significant growth owing to the changing preference of manufacturing firms toward contract packagers, as they are increasingly focusing on cost optimization, to enhance their core competency. Many industry experts claim that these services can reduce operational costs by 7%-10%, due to the reduced maintenance costs of machines and labor costs.
Many governments are also mandating stringent laws and regulations on the labeling and packaging of the drugs and food products, which is further expanding the scope of contract packaging. For instance, in the US, due to similar laws, the country witnessed an increase in the demand for contract packaging in the pharmaceutical industry, owing to the inability of an in-house packaging facility for few pharmaceutical companies in this region.
In developed markets such as Europe and North America, the need to enhance quality is also forcing companies to invest in the studied market. In these regions, the role of contract packaging and fulfillment service providers have shifted from temporary facility for external packaging to a strategic innovation partner, which ensures even shorter delivery times and can produce even smaller production batches.
Key Market Trends
Contract Packing is Expected to Witness Significant Growth
- The growing asset tracking applications and the emergence of smart labels are expected to drive the demand for contract packaging in multiple regions. Although contract packaging services are anticipated to dominate the studied market, however, the market is also witnessing a surge in demand for other services.
- In regions like Asia and Latin America, companies are opting for contract packaging and fulfillment service providers to gain competitive advantage. The recent COVID-19 outbreak has resulted in a surge in demand for the e-commerce sector and online-medicine purchase. This has also resulted in increased investment in the studied market, especially in Europe and Asia.
- Multiple organizations like Unilever, Mars, and Kraft are also opting for the full-service concept, where contract packaging company also purchase materials and raw materials and to take care of logistics in addition to contract packaging.
- The growth of the e-commerce sector, globally, is also emerging as one of the major factors driving the studied market growth. This trend is also motivating fulfillment and logistic company to utilize the packing opportunity to have control over the value chain. Many of the e-commerce fulfillment companies provide fast and easy integration between Web Stores and their in-house WMS (warehouse management system).
The Contract Packaging and Fulfillment Service Market is highly competitive owing to the presence of multiple players in the market operating their business in domestic and international markets. The market appears to be moderately concentrated with the major players adopting strategies like expansion among others in order to stay competitive and expand their reach.
Some of the major players in the market are Aaron Thomas Company, ActionPak Inc., Assemblies Unlimited among others.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Companies Looking to See Competitive Advantage by Outsourcing Non-core Operations
4.2.2 Steady Demand From Key Verticals Such as Food & Beverage Sector
4.3 Market Restraints
4.3.1 Rising Raw Material Costs
4.4 Industry Value Chain Analysis
4.5 Porters 5 Force Analysis
4.6 Assessment Of COVID-19 Impact On The Industry
5 MARKET SEGMENTATION
5.1 By Service Type
5.1.1 Packaging Design & Prototyping
5.1.2 Package Testing
5.1.3 Warehousing & Fulfillment
5.2 By End-user Type
5.2.4 Household & Personal Care
5.2.5 Other End-user Segments
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Aaron Thomas Company, Inc.
6.1.2 ActionPak Inc.
6.1.3 Assemblies Unlimited, Inc.
6.1.4 PAC Worldwide, Inc.
6.1.5 AmeriPac Inc
6.1.6 Kane Logistics
6.1.7 FW Logistics
6.1.8 Warren Industries, Inc.
6.1.9 Swan Packaging Fulfillment, Inc.
6.1.10 Multi-Pac Solutions LLC
6.1.11 Sharp (UDG Healthcare plc)
6.1.12 Harke packserv gmbh (HARKE GROUP)
6.1.13 Budelpack Poortvliet B.V
6.1.14 Wasdell Packaging Group
6.1.15 Sonoco Products Company
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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