Mounting concerns regarding ubiquity of plastic in the industry along with the increased spending of consumers on sustainable and environment friendly packaged products are encouraging manufacturers to use bespoke packaging formats.
DUBAI, UAE / ACCESSWIRE / March 17, 2020 / The growth of the bespoke packaging market is poised to ascend at a CAGR of 6% over the forecast period 2019-2029. Rapid e-commerce expansion coupled with consumers' increased preferences for luxury goods are the major growth prospects that are augmenting the bespoke packaging market. In addition, exponential increase in the high-end materials and demand for innovative premium products to communicate essential brand values is expected to boost the demand for bespoke packaging, globally.
"Companies are catering to emerging demands of conscious consumer clusters, sustainability being the top parameter. Adoption of recycled or green packaging materials is thus gaining prominence recently. Bespoke packaging market also remains influenced by favorable government initiatives regarding the reduction of carbon footprint," says the FMI report.
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Global Bespoke Packaging Market Study - Key Takeaways
- In 2019, boxes and cartons accounted for 36% of the global revenue share.
- Bottles are set to experience higher demand than bags and totes during the forecast period.
- Adoption of bespoke packaging continues to spur in fashion accessories & apparel, and personal care & cosmetics sectors.
- Consumer goods & durables reflect lucrative opportunity for investors.
- Paper & paperboards remain preferred material choices for bespoke packaging.
- Europe holds a major revenue share of the global bespoke packaging market.
Global Bespoke Packaging Market Study - Key Growth Factors
- Advent of digital printing and sensor technologies, and expanse of Internet of things (IoT) uplift the prospects of market.
- Notable increase in demand for kids' and women's products, and luxury footwear will bolster demand for bespoke packaging solutions.
- Personal care & cosmetics, confectionary, and alcoholic & non-alcoholic beverage manufacturers are entering premium segments, boosting market growth, particularly in developing economies.
Global Bespoke Packaging Market Study - Key Challenges
- Maintaining balance between high-end appeal and sustainability remains a major challenge for bespoke packaging market players.
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Key manufacturers in the bespoke packaging market are focusing on adopting technological advancements such as IoT along with cross-boundary expansion. Moreover, they are also striving to increase their presence by entering into e-commerce or online platform to enhance their brand image. Some of the leading players profiled in the report are Gatto Astucci Spa, Burt Rigid Box Inc., DS Smith Plc, Diamond Packaging Corporation, and GPA Luxury.
More About the Report
This Future Market Insights study of 300 pages provides all-inclusive insights on the global bespoke packaging market. The market analysis is based on product (mailers & envelopes, boxes & cartons, bags & totes, pouches, bottles, and others (composite cans, wraps, & others)), material (glass, plastic, metal, textile, leather, and wood), application (fashion accessories & apparels, food, beverages, consumer goods & durables, personal care & cosmetics, and others), and region (Latin America, North America, Europe, APEJ, Japan, Oceania, and MEA).
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SOURCE: Future Market Insights