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Subscription Box Global Market Reach $71.77 Billion with a CAGR of 18.2% By 2028, Key Factors behind Market's Exponential Growth
Subscription Box Global Market
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According to The Business Research Company's, The subscription box market size has grown rapidly in recent years. It will grow from $31.4 billion in 2023 to $36.8 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to consumer education, initial subscription hype, supply chain optimization, convenience and time-saving, entrepreneurial culture.
The subscription box market size is expected to see rapid growth in the next few years. It will grow to $71.77 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to personalization and customization, innovative packaging and presentation, value-oriented packages, customer engagement strategies. Major trends in the forecast period include customer experience enhancement, subscription flexibility, social media influence, market diversification, value for money, sustainability and eco-friendly products.
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Market Drivers and Trends:
The growing social media is expected to propel the growth of the subscription box market going forward. Social media refers to digital platforms and technologies that enable users to create, share, and exchange information, ideas, and content in virtual communities and networks. The growing use of social media is used as a game-changer for subscription box businesses, offering diverse opportunities for brand promotion, customer interaction, and market expansion. For instance, in July 2023, according to reports published by Search Engine Journal, a US-based news publication company, there were 4.8 billion social media users worldwide. In the period between 2022 and 2023, there was a 3.2% year-over-year increase, resulting in 150 million new social media users. Therefore, the growing social media is driving the growth of the subscription box market.
Strategic collaboration and partnerships are key trends gaining popularity in the subscription box market. Major market players are concentrating their efforts on creating collaborations and partnerships to sustain their position in the subscription box market. For instance, in July 2021, Blue Apron Inc., a US-based ingredient-and-recipe meal kit company, launched the Love box in collaboration with The Partnership for a Healthier America. Through this collaboration, Blue Apron increases accessibility to the tradition of cooking at home, in which three family-friendly recipes are included in each box to encourage everyone to cook together. The Partnership for a Healthier America is a US-based non-profit organization that collaborates with the private sector to change the food industry in an effort to achieve health equity.
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Major Key Players of the Market:
The Hut Group Limited, TechStyle Fashion Group, Amazon.com Inc., BarkBox, Blue Apron Holdings Inc., Dollar Shave Club Inc., FabFitFun Inc., Grove Collaborative Inc., Harry's Inc., HelloFresh SE, Loot Crate LLC, FemTec Health Inc., Colgate-Palmolive Company, Try The World LLC, Sips By, Personalized Beauty Discovery Inc., Unilever plc, Kroger Co., BFA Industries Inc., KiwiCo Inc., Causebox Inc., Winc Wine Club, Nestlé SA, ButcherBox Inc., Scentbird Inc., Stitch Fix Inc., Nordstrom Inc., Frank And Oak Inc., MeUndies Inc., The Edgewell Personal Care Company
Subscription Box Market 2024 Key Insights:
• The subscription box market size is expected to see rapid growth in the next few years. It will grow to $71.77 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%.
• E-Commerce Expansion Fuels Subscription Box Market Growth
• Strategic Partnerships Reshape The Landscape Of The Subscription Box Market
• North America was the largest region in the Subscription box market in 2023
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