The global Magnetic closure boxes market is anticipated to accumulate a market value of US$ 5.14 billion in 2023 and is expected to garner a market valuation of US$ 8.2 billion by exhibiting a CAGR of 4.7 % in the forecast period 2023 to 2033. The market for Magnetic closure boxes market registered a CAGR of 2.9% in the historical period 2018 to 2022.
The magnetic closure box market is expected to showcase an upward trend during the forecast period. The key factors fuelling market growth are rapidly flourishing ecommerce industry and the increasing need for luxury packaging due to rise in demand for luxury goods. Furthermore, surging demand for the product due to its aesthetic appeal and convenience are expected to drive market growth. These boxes are made from paper or wood and over the last few years the adoption of sustainable products has risen significantly. This factor is anticipated to create lucrative opportunities for the market. The market will be favoured by printing and customization options that several end-use industries can avail. Moreover, growth of fashion and accessory industry worldwide are also expected to boost demand for these boxes in the forecast period.
Luxury brands generally prefer these types of boxes because they can be used as display pieces. Brands can display their jewellery, cosmetic products, electronic device, or other products in magnetic closure boxes with the lid next to the product face-down to display the box branded logo and design. Various magnetic lid boxes can have numerous textures which include cushioned, or even use glass type material to reflect the product. The surging demand in various industries for the presentation and display of the product are also anticipated to drive market growth during the projected period.
These boxes also help to improve the consumers experience with the product, it protects the retail merchandise from harm and damages. Magnetic closure boxes are very well made and can be designed by incorporating custom features such as the padded in a snug fit enclosure to further protect the products. The box walls are constructed using high-quality, strong materials with a secure-fitting lid that comes in many functional options.
On the other hand, the sweets and others confectionary are anticipated to witness growth in the market which is positively influencing the growth of market. The food products packaging, such as doughnut, cookies, cakes and especially, the chocolates which are packed in magnetic lid boxes are estimated to create lucrative opportunities for the growth of the market which will lead to market expansion in the forthcoming period.
In addition, the introduction of e-commerce and retail shops directly affects the demand and sales for magnetic closure boxes market. The upward trend in industries like accessories, perfumes, food, and many others is grasping the attention over custom magnetic closure boxes, thereby creating healthy growth opportunities for the targeted market during the forecast period.
Region-wise, the North America magnetic closure box market is projected to account for 34% market share by end of the forecast period The United States magnetic closure box market will be a key contributor to the expansion of the magnetic closure box market across the globe. This is attributed to increasing demand for luxury good with attractive packaging in the country.
Likewise, Asia-Pacific is expected to lead the magnetic closure boxes market in terms of market share during the forecast period. This region is projected to garner 38.5% market share with CAGR of 4.5% during the forecast period. The growth is attributed to rising demand for magnetic closure boxes due to the expansion of food and beverage industries in this region. Economic powerhouses like India and China are expected to reflect healthy growth, fuelled by improved living standards and growing attraction towards branded and luxury product of the upper-middle class population as well as higher class.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 5.14 billion |
| Projected Market Value in 2033 | US$ 8.2 billion |
| Growth Rate (2023 to 2033) | 4.7% CAGR |
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Latest developments in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing Magnetic closure boxes are expected to create lucrative opportunities for market growth during the forecast period.
E-commerce and luxury packaging market is expected to boost the demand for magnetic closure boxes across the globe during the forecast period. The USA is expected to be a big market for the product due to colossal gift packaging industry.
Magnetic closure boxes are a convenient way of packing and accessing goods. Magnetic closure boxes usually have magnetic strips or snaps attached to inner part of a lid which could be easily cling to the adjacent wall of the box.
These boxes are not only reusable but also have an aesthetic appeal attached to them. The packaging is used for food and beverage, personal care and home care, pharmaceutical, consumer goods and other products like jewelry, stationary, etc.
Increasing adoption of sustainable boxes is shaping the market growth. Usage of materials like paper, wood and metal is constantly reshaping the magnetic closure boxes. Growing fashion and accessory industries across the world is responsible for paving a way for magnetic closure boxes market.
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Magnetic closures are an add-on to conventional snaps closures or flap closures. It not only adds extra strength to the closures but also helps to secure the product inside from any unwanted outside elements. Compartments and inserts inside the packaging are few other elements that are adding value to magnetic closure boxes in the market.
Printing and customization in magnetic boxes are a game changer for the end use industry. Digital printing helps manufacturers to market their brand aesthetics, logo, and taglines in a better way over the magnetic closure boxes top. Brands are unleashing their creative potential with designing and decorating the boxes in a way that attracts customer’s attention and helps easy brand recall.
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Additional costs might act as a restrain in the growth of magnetic closure boxes market. Other than costs, the luxury appeal might not attract all the customers. Limited end uses of magnetic closure boxes can result in low production adoption.
Key players operating in the magnetic closure boxes market are
Few Asian key players in the market are Zhejiang Minong Century Group Co., Ltd., Guangzhou Minglai Packaging Co., Ltd., Shanghai DE Printed Box, M.K. Packaging, Indo Omakase Private Limited, Keval Pack among others.
Gloss and matte finish boxes with custom UV print are few of the new domains for magnetic closure boxes market. Foam and satin inserts are expected to attract a new set of customers for magnetic closure boxes in the market.
USA is a big corporate and social gifting market. Customers in USA spend a hefty amount on Christmas and holiday shopping which boosts the market for magnetic closure boxes in the country.
COVID-19 has disturbed the market for magnetic closure due to pandemic situations all across the globe. However, e-commerce has kept the market afloat and is expected to improve the demand during the forecast period.
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Magnetic Closure Boxes Market
