Recently, B.-Y. Chen studied warped products which are CR-submanifolds in Kaehler manifolds and established general sharp inequalities for CR-warped products in Kaehler manifolds. Afterwards, I. Hasegawa and the present author obtained a sharp inequality for the squared norm of the second fundamental form (an extrinsic invariant) in terms of the warping function for contact CR-warped products isometrically immersed in Sasakian manifolds. In this paper, we improve the above inequality for contact CR-warped products in Sasakian space forms. Some applications are derived. A classification of contact CR-warped products in spheres, which satisfy the equality case, identically, is given.