The growth of the packaging industry depends on the economy of the world and also on the type of industries in which the products are used like healthcare, consumer goods and food and beverages. One such segment of packaging industry is the specialty packaging market. Specialty packaging is the innovative packaging which is used by companies to provide a unique packaging experience to the consumers and these companies use this packaging as their brand labels.
Specialty packaging sector is expected to grow with a high CAGR and is one of the most lucrative segments of the packaging sector. Prestigious brands invest their money on these packaging products to highlight their products and compete in the market. Luxury and specialty packaging includes research, manufacturing, development and manufacturing of the products. Specialty packaging is a growing market and is expected to create lot of opportunities in the future.
Driving force for the specialty packaging market is the growing economy and rising disposable income. People are willing to spend more on the specialty packaging because of the need of new and innovative designs. Companies like spending their money on specialty packaging because of the attractive designs which influence customers to buy their products.
The biggest restraint of the specialty packaging market is the cost which is required in making these packaging products. Specialty packaging products require skilled labors which further increases the cost of the product. Availability of cheap products is another restraint in the specialty packaging market.
Growing e-commerce market and increasing number of luxury brands producing companies which put their money in specialty packaging has created many opportunities in the specialty packaging market.
On the basis of the applications, the specialty packaging market is segmented into Baby Food/Food Drinks, Nutritional and Health Drinks, Confectionery, Dressings and Condiments, Pet Food, Pickles, Preserves, Ready Meals and Soups, Cooking Sauces, Dairy Products, Fish and Seafood, Fruits and Deserts, Spreads and Pate, Power Drinks, Meat and Sausage, Nuts and Dry Food, and Others.
On the basis of geographies, the specialty packaging market is segmented across 7 key region; Latin America, Western Europe, North America, Japan, Asia Pacific excluding Japan, Eastern Europe and Japan. North America is the global leader of specialty packaging market but it has a mature market and is not expected to grow with a high CAGR in the forecasted period. Asia Pacific is also expected to have a high growth in the specialty packaging market in the forecasted period because of the regions like India, China and Japan where packaging industry is growing. The growing demand of luxury packaging has increased the demand of specialty packaging market. Latin America and Europe are also expected to have a decent market share in specialty packaging market.
Key Market Players:
Few of the major key players active in the specialty packaging market includes Verpack Group, Mayr-Melnhof, Crown Specialty Packaging, H.B Fuller, Specialty Packaging AUST Pty Ltd, Specialty Packaging Inc, Tappi and Crown brand building packaging. Some of the key vendors in specialty packaging market are ARPAC, Sealed air re-imagine, M.J.Mallis, Loveshaw and Signode.