July 13, 2023 09:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune,India, July 13, 2023 (GLOBE NEWSWIRE) -- The global custom packaging market size was valued at USD 42.01 billion in 2022 and is expected to be worth USD 43.88 billion in 2023. The market is projected to reach USD 63.07 billion by 2030, recording a CAGR of 5.32% during the forecast period. Rice Packaging Bag
Custom packaging refers to the using various packaging techniques and methods to make a product as per customers’ requirements. Such packaging solutions reduce the need to use additional packaging, thereby saving companies a lot of time and cost. Using custom packaging solutions can help organizations improve their customers’ shopping experience and boost their brand image and value in the market. Such features are expected to bolster the custom packaging market growth.
Fortune Business Insights™ displays this information in a report titled, "Custom Packaging Market, 2023-2030."
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List of Key Players Profiled in the Custom Packaging Market Report:
Report Scope & Segmentation:
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Paper & Paperboard Materials to be Widely Used to Create Attractive Packaging Solutions
Based on material, the custom packaging market is segmented into paper & paperboard, plastic, metal, and glass. The paper & paperboard material segment holds the largest global custom packaging market share as these materials are considered ideal for making attractive and personalized gift boxes and other packaging products.
Customized Boxes to Offer Eye-Catching Packaging and High Protection, Boosting Market Growth
In terms of packaging type, the custom packaging market is segmented into boxes, bottles, containers, jars, bags, pouches, corks, cartons, mailers, and others. The boxes segment is dominating the market as these products offer attractive packaging solutions and robust protection to a product against damage.
Food & Beverage Industry to be Major End-User of Customized Packaging Solutions
Based on end user, the market covers food & beverages, electrical & electronics, healthcare, personal care & cosmetics, consumer goods, fashion accessories & apparel, and others. The food & beverage end-use segment is estimated to hold a leading market share as end-users in this industry extensively use attractive packaging products to pack pre-cooked foods and beverages. This helps them attract more customers and increase their profit margins.
With respect to region, the custom packaging market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Pandemic Slowed Production of Custom Packaging Solutions
The COVID-19 pandemic had a severe effect on the functioning of several end-use industries across the globe as there were multiple supply chain disruptions, which slowed or halted the production process. This market experienced sluggish growth during the outbreak as there was a serious shortage of raw materials and labor. Governments had also imposed lockdowns and movement restrictions, which further reduced the demand for custom packaging.
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The report provides an in-depth analysis of the market and highlights important areas, such as key organizations, prevalent marketing strategies, porters five forces analysis, competition landscape, top product/service types, and leading applications of the product. The report also offers insights into the latest market trends and covers key industry developments. Besides the abovementioned factors, the report encompasses many factors that have contributed to the custom packaging market's growth in recent years.
Growing Preference for Attractive Packaging Solutions to Improve Market Growth
Many companies are opting for customized packaging solutions as they are considered the most ideal way to ship fragile products or items that have a unique design and shape. The market is witnessing notable growth as the demand for attractive packaging solutions is rising across the world. Such packaging solutions can not only make products look more appealing to customers but also help companies expand their customer base. Such factors are expected to drive the market growth.
However, the upfront investments in these products are quite high and designing and developing customized products consume a lot of time and effort. These aspects can restrain the market’s development.
North America Market to Record Strong Growth Due to Presence of Reputed Packaging Companies
North America is expected to dominate the market as the region has a vast presence of leading companies that specialize in personalized packaging solutions. The regional industry is constantly introducing innovative technologies, which will further fuel the regional market growth.
Europe is anticipated to be the fastest-growing region as the demand for attractive packaging solutions is rising from the region’s cosmetics sector.
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Key Market Players to Offer Innovative Packaging Solutions to Boost Market Presence
The market has a notable presence of a few key players that have held a dominant position in the market. These companies are providing advanced packaging solutions for the packaging industry. They are also trying to expand their customer base in different regions and upgrade their current product ranges to expand their market revenue.
Cosmetic Packaging Market to Reach USD 40.96 Billion by 2028 | Global Cosmetic Packaging Industry Trends, Size, Competitive Analysis & Forecast Report
August 2022: Hong Kong-based PackMojo introduced a new platform to customize, manage, and ship personalized packaging orders. Users can choose from over 40 packaging types, request a personalized quote, or receive instant quotes. They would also be allowed to choose how the packaging can be shipped, such as split across air and ocean or all at once, and they can also ship to many locations.
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