In recent years, significant growth of the luxury industry worldwide in line with increased disposable income of consumers has been influencing a growing market for bespoke packaging. Exponential increase in demand for innovative premium products and high-margin materials to communicate essential brand values is playing an instrumental role in growth of the bespoke packaging market. According to a detailed study published by Future Market Insights (FMI), global sales of bespoke packaging is estimated to reach in US$ 12.5 Bn in 2020, growing at 5.2% y-o-y over 2019.
“As global focus on sustainability continues to intensify, key players in the bespoke packaging market must find a way to tap into the new trend while maintaining high-end appeal of their products. In addition, personalization and customization are trends apparent in the industry, thereby compelling stakeholders to redefine their sales strategies,” say the FMI analyst.
Boxes & Cartons Remain Highly Preferred
The FMI study finds that boxes and cartons for bespoke packaging continue to witness relatively high demand than bottles, accounting for around 36% of the total revenue share. However, high average unit cost of boxes and cartons indicates lower volume sales over value gains. Given consideration to ever-evolving consumer demands and emergence of ‘convenience’ as prime factor fueling a new demand, manufacturers are set to capitalize on various formats such as bottles, composite cans, and wraps. As per the FMI study, sales of bottles for bespoke packaging are expected to register 6% CAGR during the forecast period (2019-2029).
Highly influenced boy sustainability and recyclability quotient, paper & paperboard continue to remain the material of choice for bespoke packaging. As the demand for luxury items weighs on a same scale as environmental concerns, manufacturers have centered their focus on this category. Moreover, environmental regulations aimed at reducing packaging waste and encouraging recycling are expected to boost demand for paper & paperboard-based bespoke packaging.
Opportunities Abound in Fashion Accessories & Apparels Sector
Fashion accessories & apparels remain key application area of bespoke packaging which contributes major share to manufacturers’ bottom lines. In the current scenario, e-commerce trends are increasingly altering packaging needs, and bespoke packaging is no exception. Significant shift to online shopping, especially for fashion accessories & apparels, among a growing number of consumers has been compelling luxury industry operators to tap into this sales channel. The result is expected to lead to increased demand for bespoke packaging. In order to stay ahead of the curve, market players are further exploring their potential in beverage and personal care & cosmetics packaging.
According to the FMI study, growth prospects of the bespoke packaging market continue to remain high in Europe, accounting for over 1/3rd of the global market value. Reducing gap between mass-market and luxury products in the region and increasing consumers’ inquisitiveness about the source of luxury packaging are emerging key growth influencer of the market. On the other hand, numerous brands keen on offering personal printed products to set their portfolio apart from the competition are leading to realignment of stakeholders’ strategies. Furthermore, as luxury brands are no more limited to affluent consumers in developed countries, market players are eyeing opportunities in mid- as well as low-income countries.
The FMI study provides comprehensive insights on the global bespoke packaging market for a 10-year forecast period (2019-2029). The market is projected to exhibit a CAGR of 6% during the predefined timeframe.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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