Future Market Insights (FMI) has recently updated its report on the global bespoke packaging market after thoroughly analyzing prevailing consumer purchasing behavior trends. According to the findings, sales of bespoke packaging products are currently valued at US$ 14.7 billion in 2024.
Key Market Insights:
- Current Valuation: The bespoke packaging market holds a current valuation of US$ 14.7 billion in 2024.
- Projected Growth: Based on the current pattern, demand for bespoke packaging is expected to rise, reaching a market value of US$ 22.1 billion by 2034. This growth is anticipated to be driven by a Compound Annual Growth Rate (CAGR) of 4.3% from 2024 to 2034.
- Market Expansion: Analysts at Future Market Insights’ packaging division speculate that the bespoke packaging market would expand 1.5 times in the coming decade, reflecting the increasing demand and evolving consumer preferences.
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Standing Out from the Shelf:
The report identifies key trends driving the market:
- Customization Craze: The desire for personalized packaging experiences is a major growth factor, as customers seek unique ways to connect with brands.
- Premium Push: Luxury packaging solutions are gaining traction in industries like fashion, cosmetics, and electronics, propelling market innovation.
- Sustainability Shift: The growing focus on eco-friendly solutions is influencing the market, with bespoke packaging offering opportunities for sustainable materials and practices.
- Printing Powerhouse: Advancements in printing technology enable innovative and differentiated printing solutions, further fueling growth in the bespoke packaging market.
A Look Back, A Leap Forward:
The report analyzes the market’s historical performance and future outlook:
- Steady Rise: From 2019 to 2023, the market grew at a CAGR of 4.1%, driven by disruptions in the global packaging industry, particularly the e-commerce boom.
- Personalized Power: The increasing demand for personalized packaging solutions, driven by the desire for brand connection through attractive and customizable packaging, was another key driver during this period.
Drivers Fueling the Future:
The report explores factors propelling future market growth:
- Luxury Lure: The rising demand for premium products necessitates attractive packaging, which bespoke solutions can deliver.
- Rising Incomes, Rising Demand: Increasing disposable incomes are leading to a surge in demand for premium products and bespoke packaging across various industries, especially beverages like alcohol.
- Branding Brilliance: The emphasis on effective branding presents lucrative opportunities for the bespoke packaging market.
- Emerging Economies Emerge: The growth of emerging markets expands the reach of bespoke packaging solutions to new consumer segments.
Challenges and Considerations:
The report acknowledges some hurdles for the market:
- Skilled Workforce Shortage: The need for a highly skilled labor force for customized packaging production can be a challenge in emerging economies.
- Saturation Squeeze: A saturated market can restrict opportunities for new entrants.
Connecting Through Packaging:
The report highlights a growing trend:
- Connected Packaging: Organizations are increasingly adopting connected packaging solutions to leverage digital marketing and enhance consumer engagement.
A Sustainable Future for Bespoke Packaging:
With the growing demand for customization, premiumization, and sustainable practices, the bespoke packaging market is well-positioned for continued growth. As disposable incomes rise and new markets emerge, the potential for innovative and eco-friendly bespoke packaging solutions is vast. This market is poised to create a win-win situation for brands seeking to stand out on the shelf and consumers yearning for a more personalized packaging experience.
The Key Players Are:
- WestRock Company
- DS Smith Plc
- Burt Rigid Box Inc.
- Diamond Packaging Corporation
- Gatto Astucci Spa
- GPA Luxury
- GWP Group Ltd.
- K-1 Packaging Group
- KOLBUS GmbH & Co. KG
- Lil Packaging Limited
- Mayr-Melnhof Karton AG
- McLaren Packaging Limited
- Pollard Boxes Ltd.
- Quadpack Industries
- Robinson Plc
- Saxon Packaging
- Solutia Italia Srl
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Key Segmentations
By Product Type:
- Mailers & Envelopes
- Boxes & Cartons
- Bags & Totes
- Pouches
- Bottles
- Others
By Material Type:
- Paper & Paperboard
- Plastic
- Glass
- Metal
- Fabric
- Leather
- Wood
By End-use Industry:
- Fashion Accessories & Apparels
- Food
- Beverages
- Consumer Goods & Durables
- Personal Care & Cosmetics
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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