FMI says personalised packaging market to grow to USD 60.39 bn in a decade

As per Future Markets Insights (FMI), the personalised packaging market is projected to have a CAGR of 5.28% by 2033. According to FMI, the market is expected to expand from USD 36.10 billion in 2023 to UDS 60.39 billion by 2033. As per a report by Ismail Sutaria the market has shown a significant growth, with a CAGR of 6.6% from 2018 to 2022.

30 Jan 2024 | By Charmiane Alexander

Medium-sized business holds share in the Asia-Pacific region

According to a FMI press note, "Demand for personalised packaging has expanded as a result of the tremendous applications from different industries. For the purpose of improving the consumer impression of their brand, manufacturers are utilising personalised packaging frequently." The press note added, "The secondary packaging of goods and businesses is routinely updated to give them a unique personality in the marketplace. Even if major organisations have already established notable trends through innovative packaging solutions, emerging businesses are expected to respond to shifting trends in the global market for customisable packaging."

The report cites examples of global brands for cookies and chocolates which deployed personalised packaging to boost their market share. There is likely to be a rising demand for luxury packaging, which is especially evident in the APAC region. Manufacturers in the region are expanding their capabilities and production capacity to strengthen their position in the steadily expanding market.

Also, the rise in worldwide eRetail usage over the past 10 years has also contributed to the surging opportunities in the personalised packaging market. The usage of bottled water is increasing globally, which may offer a variety of possibilities, whereas the use of carbonated beverages has dropped over the previous few years.

These ongoing personalisation packaging projects are likely to serve as a model for other companies looking to differentiate themselves from the competition. Personalised packaging manufacturers come up with creative and innovative ways to incorporate personalisation, as long as doing so increases sales and appeals to customers.

The FMI note attributed the rise in personalised packaging to two trends. One is the increased demand in electronic companies - since electronic companies use distinctive packaging designs for their products, in order to entice and keep customers throughout the buying process and ensure good product quality. Also, mobile enterprises need individualised packaging that is strong, tamper-evident, and very secure. Customer brands, from those in fast-moving consumer goods to those at the forefront of high-end luxury items, are pulling the levers of personalised packaging.

Second, there are branding campaigns wherein businesses have become more cognizant of consumers' thoughts as a result of branding campaigns, the demand for personalised packaging is likely to grow. FMI said, "The beverage and food industries have shown the strongest inclinations toward personalisation packaging."

In addition, there is the possibility to check manufacturing costs; and be up to date with trends.

FMI said, in addition to the USA and UK, the Asia-Pacific region, especially China is seeing sizable growth. The reports said, "The desire for personalised packaging solutions is being fueled by the country's growing eCommerce industry, which needs specialised packaging to set its items apart from its competitors. This trend is accelerated by the expanding usage of packaging technology, such as virtual reality and 3D printing, to produce distinctive and eye-catching containers."

Moreover, the desire for more appealing packaging to be supplied with orders is also increasing due to the growing popularity of online shopping, which is further boosting the market expansion for customised packaging in China.

The market is expanding as a result of the rising demand for personalised packaging. These packaging solutions give the product a distinctive appearance and aid in building a solid brand identity. The rise of small and medium-sized personalised packaging enterprises also contributes to the APAC industry's expansion.

Another trend is, the usage of linked packaging to reach clients from a digital marketing perspective has presented an innovation potential for the leading players in the personalised packaging industry.

Moreover, personalised packaging with NFC- and RFID-enabled tags is anticipated to be the next generation of intelligent packaging due to its anti-counterfeiting and anti-theft qualities. The use of unusual shapes and sizes for bespoke packaging, together with the typography and glossy or matte printing on luxury boxes, are additional advancements in the global market for the packaging of alcoholic beverages.

Latest Poll

The packaging industry is confused by recycling and sustainability rules in India. What is the biggest challenge?

Results

The packaging industry is confused by recycling and sustainability rules in India. What is the biggest challenge?

Shortcomings in EPR policy

 

22.22%

Inadequate infrastructure

 

11.11%

Shortage of recycling firms

 

16.67%

Lack of consumer awareness

 

50.0%

Total Votes : 18

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