Bespoke Packaging Market Set for Healthy Growth, Backed by Robust Sales of Luxury Items Worldwide, Says FMI

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.

Download sample copy with Table of Contents: https://www.futuremarketinsights.com/reports/sample/rep-gb-4833

About Us

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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Press Release Source: https://www.futuremarketinsights.com/press-release/bespoke-packaging-market

Report: https://www.futuremarketinsights.com/reports/bespoke-packaging-market

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