Regulatory Landscape and Compliance Standards in the Bespoke...

Regulatory Landscape and Compliance Standards in the Bespoke Packaging Sector by 2029

Posted 2023-11-22 10:37:51

With an estimated value of US$ 14 billion in 2022, the worldwide bespoke packaging Industry is on a growth trajectory, poised to achieve US$ 21.2 billion by 2029, driven by a steady 6.1% compound annual growth rate (CAGR) from 2022 to 2029.

The U.S. has solidified its position as the global leader in bespoke packaging, a feat attributed to the thriving consumer technology industry. Projections from the Consumer Technology Association reveal that the U.S. consumer technology sector is on track to surpass a remarkable US$ 400 billion in sales in 2022, with a 3.9% year-on-year growth. This substantial market size is a testament to the country’s status as a hub for consumer goods, particularly electronics. The influx of innovative market players introducing technologically advanced gadgets further amplifies this dominance.

Focusing on bespoke packaging, a sector poised for substantial growth, sales are anticipated to reach US$ 2.9 billion in 2022 and are projected to soar to US$ 4.1 billion by 2029, as analyzed by FMI. The surge is driven by the expanding consumer base of Generation Z and the widespread trend of embracing cutting-edge devices, solidifying the U.S. as a pivotal market for diverse bespoke packaging products.

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Key Takeaways

Due to the ongoing premiumization and personalized solution trend, bespoke packaging has been identified as 35-40% more costly in terms of price as compared to standard packaging across the globe.
Rising preference towards sustainable packaging is expected to propel the demand for bespoke boxes & cartons during the forecast period. Paper & paperboard has been identified as a prominent material used for bespoke packaging, owing to its sustainability and high printability.
The market share held by the glass bespoke packaging segment is expected to reduce by the end of 2029, attributable to the entry of bag-in-box, cartons, and paper bottles in the global market.
The fashion accessories and apparels industry is expected to be the most lucrative end-use industry in the bespoke packaging Industry, on the back of growing E-commerce penetration and intense competition in this industry.

Competitive Landscape

Major players across global market are focusing upon offering explicitly designed packaging solutions to various end user industries by collaborating with industry leaders:-

In March 2021, WestRock designed an innovative paperboard multipack for Heinz UK to remove single-use plastic from supermarket shelves.
In September 2020, DS Smith Plc partnered with Solarenn Cooperative to develop a customized packaging made up of 100% cardboard with maximum flexibility and visibility of the product.

The Key Players Are: