LONDON--(BUSINESS WIRE)--The global consumer goods contract packaging market is expected to grow at a CAGR of close to 8% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global consumer goods contract packaging market by end-user that includes consumer electronics, automobile spare parts, and household appliances. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rapid growth in global consumer goods manufacturing market
The global consumer goods manufacturing market is growing rapidly with equal contribution from developed and developing countries. In 2016, China and the US were the leading countries in the global consumer goods manufacturing market, followed by UK, Japan, and Canada. The increasing adoption of sustainable technologies and rising FDI are the key reasons for the rapid growth of the global consumer goods manufacturing industries.
According to a senior analyst at Technavio for packaging research, “The increase in R&D investment in the global consumer goods manufacturing will increase the volume of consumer products in the market. The rise in FDI in consumer goods manufacturing will attract new players to enter the market. The new player entry in consumer goods manufacturing will increase the production volume in global consumer goods manufacturing market.”
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Market trend: incorporation of contract packaging in logistics operation
Consumer goods manufacturing players usually outsource secondary/tertiary packaging activities to a pure play contract packager. This type of contract packaging is time-consuming and incurs transportation cost. Transportation of all the 'ready for final packaging' consumer goods to the contract packagers and returning the packaged goods to the distribution centers is time-consuming. Several logistics players are incorporating contract packaging in their product portfolio to avoid such process in the supply chain. The incorporation of contract packaging by the logistics players in its distribution centers is expected to reduce the overall logistics cost by 29%-31%. In addition to the logistics cost, it will also reduce the time of shipment.
Market challenge: fluctuating raw material price
The common types of raw materials used for packaging are plastic and corrugated paper. The cost of the raw material is one of the important factors in determining the end products' cost. Therefore, the fluctuation in raw material prices is a key challenge faced by vendors. The widening of the gap in the demand-supply chain in the last few years has also led to a considerable increase in the price of raw materials.
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