The hexagonal packaging market is in trends by unique branding needs of companies. Hexagonal packaging offers an innovative way to attain product differentiation on store shelves. Hexagonal boxes provide 360-degree branding and allow inclusion of graphics and logos on all six sides. This type of packaging is ideal for products ranging from premium chocolates and biscuits to cosmetics, gourmet snacks, and luxury items. The hexagon shape allows for efficient space utilization and storage. The innovative design grabs consumer attention and conveys a premium appeal.
The global hexagonal packaging market is estimated to be valued at US$ 15.99 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Hexagonal boxes offer moisture resistance and provide hassle-free distribution of products. They optimize logistics and enhance the reusability of packaging. The growing focus of brands on unique visual merchandising is fueling the demand for hexagonal packaging worldwide.
Key Takeaways
Key players operating in the hexagonal packaging market are Smurfit Kappa, Hexagon Packaging (Pty) Ltd, The Custom Boxes Australia, Lalchand Box Maker, AnyCustomBox, Essence Ecocrafts, Boxpool LLP, The Champion Litho Press Sivakasi, Pak Factory, ZEE Packaging, Elite Custom Boxes, The Boxes Way, Boxorigin LLP, Handicrafts Goods, PackagingPrinting, and Healey Packaging Ltd.
The growing demand for premium and sustainable packaging from consumer goods and food & beverage industries is propelling the Hexagonal Packaging Market Size rands are exploring innovative ways to draw consumer attention through unique visual designs. Hexagonal boxes offer enhanced brand visibility and recall value.
The market is witnessing strong growth in emerging economies due to increasing middle-class population, rising disposable incomes, and shifting lifestyle trends. Leading packaging companies are expanding their hexagonal packaging offerings globally through strategic acquisitions and partnerships.
Market Key Trends
Customization is a key trend gaining traction in the Hexagonal Packaging Market Size And Trends Companies are offering customized hexagonal boxes catering to brand-specific requirements in terms of graphics, material type, size, and other features. Rapid customization supports quick turnarounds and enables small batch production. It allows brands to frequently experiment with new designs as per evolving packaging and branding needs. The growing opportunities for personalized packaging are expected to drive the hexagonal packaging market during the forecast period.
Porter's Analysis
Threat of new entrants: New players cannot easily enter this market as they need to fulfill high capital requirements for machinery and raw materials. Also, existing players have access to economies of scale and relationships with customers.
Bargaining power of buyers: Buyers have moderate bargaining power in this market as they have a lot of options available from existing players. However, switching costs for buyers are low.
Bargaining power of suppliers: Suppliers have moderate bargaining power since raw materials used in this industry such as paper, cardboard are commoditized and available from multiple sources.
Threat of new substitutes: Threat of new substitutes is low since hexagonal packaging offers unique value propositions like sturdiness and space optimization which are not easily substituted.
Competitive rivalry: Competition is intense as players continuously differentiate and customize their offerings.
Geographical regions of concentration
Asia Pacific accounts for the largest share in the global hexagonal packaging market in terms value. China, India, and Japan are some of the key markets in the region. This is attributed to the presence of a large packaging industry and high demand from end use sectors such as food and beverage in the region.
Fastest growing region
Europe is expected to be the fastest growing region during the forecast period owing to rising demand for sustainable and eco-friendly packaging solutions from various end use industries across countries like Germany, UK, and France etc. Stringent regulations regarding use of plastic are also driving growth of paper-based hexagonal packaging in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191
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