For those in the contract packaging/contract manufacturing industry, the Contract Packaging Association’s recently released 2018 State of the Industry Report is something to celebrate. According to the report, the market has been growing at an 11.9% CAGR for the past five years, an astonishing two- to four-times faster than the industries it supports. By 2020, the CPCM market is forecast to break the $75 billion mark—a conservative number, notes the report—rising from $53.6 billion at year-end 2017.
“The 11.9-percent growth is on top of two decades of slightly in excess of double-digit growth,” says Carl Melville, COO of The Melville Group, whose firm conducted the study. “We [CPCMs] are no longer an upstart industry. We’ve been growing at an incredibly fast rate for quite some time.”
