by The global gift packaging market is poised for significant growth in the short term, according to a recent industry report. The report sheds light on the unfolding market dynamics and trends that are expected to shape the industrys growth in the coming years.
Emerging Minimalistic Design Trend to Re-shape Gift Packaging Market
Gift packaging has undergone a remarkable transformation in recent decades, with innovative designs replacing traditional ones. Manufacturers are now focusing on providing gift packaging designs that align with the nature, shape, weight, and fragility of the gift. The shift from vibrant and extravagant designs to minimalistic and clean aesthetics is a notable trend. This change emphasizes simplicity, essential values, and necessary information, resonating with modern consumers who prefer understated elegance.
Personalization and Customization Driving Customer Satisfaction
Customization has become a central aspect of gift packaging, allowing customers to add a personalized touch to their gifts. The demand for customized prints on packaging is on the rise, enabling long-lasting customer relationships. Consumers now have the flexibility to choose prints based on the type of gift, offering convenience and design possibilities.
Paper Packaging Gains Traction for Sustainability
Sustainability and eco-friendly practices are at the forefront of the gift packaging industry. With increasing concerns about environmental health and bans on plastics, there is a growing preference for paper and paperboard materials. The use of recycled paperboard and paper is on the rise, aligning with consumers awareness of environmental issues. Manufacturers are innovating their offerings to provide durability and an attractive appearance, making paper a popular choice for gift packaging.
Asia Pacific Emerges as a Key Market
Asia Pacific, particularly developing nations like India and China, is expected to play a significant role in the gift packaging market. The regions booming retail and e-commerce sectors provide ample opportunities, while cultural traditions and growing economies drive the demand for gift packaging. This trend has evolved from cultural gifting to expressing appreciation and gratitude, contributing to the markets growth.
Competition and Innovation
Key players in the gift packaging market are adopting various growth strategies, including acquisitions, collaborations, and new product launches, to enhance their market presence. For example, IG Design Groups acquisition of CSS Industries Inc. in 2020 expanded its portfolio and access to new markets. In August 2021, Classy Containers was acquired by Manjushree Technopack Limited, strengthening its position in the packaging industry. Collaboration between ACMI and Mondi in 2021 introduced an innovative wrapping system using paper as an eco-friendly alternative to plastic, reducing greenhouse emissions.
Notable players in the gift packaging market include Smurfit Kappa Group, DS Smith Plc, Ebro Colour GmbH, Packlyn Ltd., Interpak, Shenzen Fuziang Gift & Packaging Co., Hallmark Inc., and Mondi Group Plc.
The gift packaging market is evolving to meet the demands of modern consumers who value aesthetics, personalization, and sustainability. As the industry continues to innovate, it is expected to witness robust growth in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/gift-packaging-market
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This press release first seen on Brilad
COMTEX_442430685/2840/2023-10-25T09:54:59
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.