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.
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.”
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.
Drivers and Restraints:
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.
Browse Detailed Summary :