Rise in consumer spending, increased preferences for luxury goods, and rapid E-commerce expansion are shaping up the global bespoke packaging market. On back of these factors, the global bespoke packaging market is estimated to register a CAGR of 6% during the forecast period of 2019-2029. Brand differentiation, shelf-to-basket conversion, and customer attachment are marking the significant trends in bespoke packaging market.
Companies are focusing on personalization and differentiation of their brands by using unique packaging. New startups, such as Lumi, Packlane, and Packhelp, are disrupting the bespoke packaging business by offering online platforms to design and order customized packaging. Small- to medium-scale businesses are expected to be benefited by internet-enabled packaging platforms.
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Key Takeaways – Bespoke Packaging Market Study
- Due to the ongoing premiumization and personalized solution trend, bespoke packaging has been identified as 35-40% more costly in terms of price as compared to standard packaging across the globe.
- Rising preference towards sustainable packaging is expected to propel the demand for bespoke boxes & cartons during the forecast period. Paper & paperboard has been identified as a prominent material used for bespoke packaging, owing to its sustainability and high printability.
- The market share held by the glass bespoke packaging segment is expected to reduce by the end of 2029, attributable to the entry of bag-in-box, cartons, and paper bottles in the global market.
- The fashion accessories and apparels industry is expected to be the most lucrative end-use industry in the bespoke packaging market, on the back of growing E-commerce penetration and intense competition in this industry.
Product Development – Key Strategy of Manufacturers
Key manufacturers in the bespoke packaging market focus on product development, adoption of IoT, and on geographical & capacity expansion. Moreover, key manufacturers strive to increase their presence through the use of online sales platforms to improve brand recognition.
- In January 2020, James Cropper group developed COLOURFORM™, a moulded fibre bespoke packaging solutions for premium brands.
- In November 2019, DS Smith Plc collaborated with Bloom & Wild and developed a new bespoke decorative box for hand-tied flowers.
- In July 2019, WestRock’s Nestlé Purina PetCare’s Friskies® Lil’ Soups™ Floor Stand/Powerwing won the Budget Award for maximizing resources in a creative and impactful way at the 2019 OMA awards.
Brand owners strive to invest aggressively in packaging, driven by the rise in adoption of premium and customized packaging, and increasing consumer focus on sustainable and environment-friendly products. Manufacturers can gain substantial profits by offering more diversified packaging solutions in terms of technology and design to aid brand owners to cater to consumer preferences for uniquely packaged goods.
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FREQUENTLY ASKED QUESTIONS ABOUT GLOBAL BESPOKE PACKAGING MARKET
What is the global status of the bespoke packaging market?
The global bespoke packaging market is estimated to register a substantial CAGR during the forecast period of 2019-2029. The bespoke packaging market is expected to grow 1.8x its current market value by 2029.
What are the key factors shaping the dynamics of the bespoke packaging market?
Growing demand for personalized and sustainable packaging from the e-Commerce and food industries are expected to be a key driver shaping the growth of the bespoke packaging market. Moreover, the ongoing premiumization trend in packaging of apparels is anticipated to offer lucrative opportunities to players in the bespoke packaging market in the foreseeable future.
Which end-use industry is expected to the most lucrative?
As per FMI research, the fashion accessories & apparels industry is expected to be a highly attractive end user for players in the bespoke packaging market during the forecast period of 2019-2029, followed by consumer goods & durables, and personal care & cosmetics industries.
Which countries offer substantial growth opportunities for players in the bespoke packaging market?
The U.S., China, Italy, France, and Japan are estimated to be leading countries in the bespoke packaging market, while Germany, China, and Switzerland are expected to register impressive growth during 2019-2029.
Which region is expected to generate the highest sales in the bespoke packaging market?
Europe is expected to be the most prominent region in the bespoke packaging market, and is projected to generate highest sales during the forecast period of 2019-2028. This is attributable to the growing demand for premium packaging from fashion, apparels, electronics, and cosmetics industries in this region.
What is the degree of competition in the bespoke packaging market?
Global bespoke packaging market is fragmented. Regional companies are also involved in the bespoke packaging market and have the potential to offer customization options. Top 10 players with advanced designing and technology resources are anticipated to lead the bespoke packaging market, some of which include WestRock Company, DS Smith Plc, KOLBUS GmbH & Co. KG, McLaren Packaging Limited, and Burt Rigid Box Inc.