The global luxury packaging market was worth US$ 12.1 Billion in the year 2022 and is expected to reach US$ 18.3 Billion by the year 2032 at a CAGR of 4.2% between 2022 and 2032.
Luxury packaging comes across as one of the innovative styles of packaging rendering fascination to the product (s). The key market participants are also looking for luxury packaging in place of continuing with the conventional packaging style.
Luxury packaging has its advantages. It’s, in fact, one of the crucial components of the brand’s image. Research states that consumers would be readily spend more on the products if the packaging is appealing. Appropriate luxury packaging needs to be created bas per the audience’s taste.
Customized packaging solutions are being asked for with growing preference for personalization. These solutions are in great demand in fashion & apparel, jewelry, watches, and premium beverages verticals.
At the same time, the fact that heavy and bulky products are not much into adoption of luxury packaging can’t be ignored. Their packaging, in fact, involves higher costs in terms of printing, material, machinery – which could be restraining the luxury packaging market in the near future.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Luxury Packaging Market’. Its dedicated team of analysts and consultants has used its bottom-up approach embedding both – macros and micros in its primary, secondary, and tertiary modes of research.
“With rising consumption of luxury and premium goods, the global luxury packaging market is slated to grow on a good note in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from Luxury Packaging Market
- North America holds the largest market share due to the US being subject to large-scale sales of luxury goods. The UNCTAD (United Nations Conference on Trade and Development) has stated that the year 2019 saw sales through e-Commerce reach US$ 26.7 Trillion.
- Europe stands second on the analogous grounds and is expected to remain the same even going forward. Plus, the EPRC (European Paper Recycling Council), in its press release dated July 2020, states that paper recycling rate has higher recycling numbers and would continue with the same in the near future.
- The Asia-Pacific is expected to be led by China in the luxury packaging market. As per WITS (World Integrated Trade Solutions), China is the highest exporter of luxury goods like ornamental articles and statuettes.
Competitive Packaging
- Ardagh Group, in March 2022, announced of collaborating with Constellation Brands, Inc. for producing well-decorated wine bottles for the latter.
- GPA Global, in December 2021, announced completing acquisition of Polish Print & Packaging Facility from ASG. This acquisition is a stepping stone toward its strategic plan of expanding operations all across Europe.
- Delta Global, in August 2022, was conferred upon a Gold Award by EcoVadis for its stance on human and labor rights, sustainable procurement, and ethics.
- Groupe Caisserie Bordelaise, in January 2022, acquired Wildcat Packaging; thereby making an entry into custom luxury packaging.
- Fedrigoni, in October 2022, completed acquisition of Guarro Casas; thereby improvising on production of fine book covering, luxury packaging, and security applications.
- DS Smith, in March 2020, did announce opening of the very first recycling facility all across the US. The plant is capable of recycling more than 36K metric tons of old corrugated cardboard every year.
- Steklarna Hrastnik, in February 2021, did inaugurate the novel furnace for additional white flint glass. This new furnace has manufacturing capacity of nearly 120 tons, thereby rendering an additional white flint glass for cosmetics, spirits, and perfumes.
What does the Report package?
- The research study is based on packaging format (bags, pouches, boxes & cartons, bottles, and likewise), by material (paper & paperboard, plastic, wood, glass, metal, and fabrics), and by end-use industry (premium food, beverages, home & personal care, consumer goods, consumer electronics, fashion accessories & apparel).
- With brand owners increasingly opting for attractive and customized packaging, the global luxury packaging market is expected to grow on a remarkable note in the near future.
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Market Drivers and Restraints for Luxury Packaging
The luxury products market, which is the primary driver of the global luxury packaging industry, is predicted to rise at a high CAGR over the forecast period. The worldwide luxury packaging market is expected to rise due to an increase in the number of product launches in the fashion and cosmetics industries.
The need for innovation and innovations in luxury packaging is being driven by luxury goods manufacturers’ efforts in sustainable development, which is expected to enhance the global luxury packaging industry. The expansion of the global luxury packaging industry was further aided by the increased penetration of online shopping and travel retail.
The global Luxury Packaging market is dominated by the following prominent vendors*:
- MW Creative Ltd.
- Progress Packaging
- Design Packaging, Inc.
- HH Deluxe Packaging
- WINTER&COMPANY AG
- Ekol Ofset
- DS Smith
- Lucas Luxury Packaging
- Pendragon Presentation Packaging Ltd.
- Elegant Packaging
Various factors are responsible for the market’s growth trajectory, which are studied at length in the report. In addition, the report lists down the restraints that are posing threat to the global Luxury Packaging market. This report is a consolidation of primary and secondary research, which provides market size, share, dynamics, and forecast for various segments and sub-segments considering the macro and micro environmental factors. It also gauges the bargaining power of suppliers and buyers, threat from new entrants and product substitute, and the degree of competition prevailing in the market.
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Luxury Packaging Market: Region-wise Analysis
Based on the geographical regions, the Luxury Packaging market is broadly divided into seven segments – North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.
Global Luxury Packaging Market Segmentation:
On the basis of product type, the global luxury packaging market can be segmented as follows:-
- Rigid Box
- Cartons
- Bags
- Slipcases
- Folders
On the basis of packaging product, the global luxury packaging market can be segmented as follows:-
- Perfumes
- Cosmetics
- Fashion and Eyewear
- Wine and Alcohol
- Pastries and Sweets
On the basis of end users, the global luxury packaging market can be segmented as follows:-
- Food and Beverage Industry
- Retail and Consumer Products Industry
Global Luxury Packaging Market research report offers:
- Market definition of the global Luxury Packaging market along with the analysis of different influencing factors like drivers, restraints, and opportunities.
- Extensive research on the competitive landscape of global Luxury Packaging
- Identification and analysis of micro and macro factors that are and will effect on the growth of the market.
- A comprehensive list of key market players operating in the global Luxury Packaging market.
- Analysis of the different market segments such as type, size, applications, and end-users.
- It offers a descriptive analysis of demand-supply chaining in the global Luxury Packaging market.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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