Source: Mordor Intelligence
A recent report from Mordor Intelligence projects the contract packaging market will leap from an estimated $73.32 billion in 2024 to a whopping $111.22 billion by 2029.
Mordor attributes a forecasted compound annual growth rate (CAGR) of 8.69% in the sector to brands’ appeal of outsourcing, as co-packers offer them benefits like consistent quality and cost savings, among other factors.
Look for growth particularly in the pharmaceutical and cosmetics sectors, where strict regulations continue to heighten the demand for co-packing services.
Growing consumer interest in eco-friendly solutions should also open doors for co-packers to provide sustainable packaging solutions for their partner brands during this period, Mordor predicts.
