With an estimated value of US$ 14 billion in 2022, the worldwide bespoke packaging Industry is on a growth trajectory, poised to achieve US$ 21.2 billion by 2029, driven by a steady 6.1% compound annual growth rate (CAGR) from 2022 to 2029.
The U.S. has solidified its position as the global leader in bespoke packaging, a feat attributed to the thriving consumer technology industry. Projections from the Consumer Technology Association reveal that the U.S. consumer technology sector is on track to surpass a remarkable US$ 400 billion in sales in 2022, with a 3.9% year-on-year growth. This substantial market size is a testament to the country’s status as a hub for consumer goods, particularly electronics. The influx of innovative market players introducing technologically advanced gadgets further amplifies this dominance.
Focusing on bespoke packaging, a sector poised for substantial growth, sales are anticipated to reach US$ 2.9 billion in 2022 and are projected to soar to US$ 4.1 billion by 2029, as analyzed by FMI. The surge is driven by the expanding consumer base of Generation Z and the widespread trend of embracing cutting-edge devices, solidifying the U.S. as a pivotal market for diverse bespoke packaging products.
As per the Consumer Technology Association, The U.S. consumer technology industry is expected to reach sales of more than US$ 400 billion in 2022, with a projected year-on-year growth of 3.9% in the current year. According to the above-mentioned factors the U.S. is estimated as one of the largest markets for all types of consumer goods including electronics, fueled by the entry of newer market players offering technologically advanced and innovative electronic gadgets.
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Key Takeaways
- 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 Industry, on the back of growing E-commerce penetration and intense competition in this industry.
Competitive Landscape
Major players across global market are focusing upon offering explicitly designed packaging solutions to various end user industries by collaborating with industry leaders:-
- In March 2021, WestRock designed an innovative paperboard multipack for Heinz UK to remove single-use plastic from supermarket shelves.
- In September 2020, DS Smith Plc partnered with Solarenn Cooperative to develop a customized packaging made up of 100% cardboard with maximum flexibility and visibility of the product.
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
Product Development – Key Strategy of Manufacturers
Key manufacturers in the bespoke packaging Industry 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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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 Bespoke Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global bespoke packaging market, analysing historical demand from 2014-2018 and forecast statistics for 2019-2029. The study offers growth projections of the bespoke packaging market on the basis of product (mailers & envelopes, boxes & cartons, bags & totes, pouches, bottles, and others (composite cans, wraps, & others)),
material (paper & paperboard, glass, plastic, metal, textile, leather, and, wood), and end-use industry (fashion accessories & apparels, food, beverages, consumer goods & durables, personal care & cosmetics, and others) across seven major regions.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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