Leading market research company Future Market Insights projects that in 2023, the European luxury packaging market will be worth US$2.3 billion. The market is anticipated to grow slowly between 2023 and 2033, at a CAGR of 3.5%. In 2033, the market should be valued at US$ 3.2 billion as a result.
Several well-known, valuable luxury companies with an international following, including Gucci (fashion), Ferrero Group (food), and Lisa Elridge (cosmetics), are headquartered in Europe. For these firms to keep affluent customers, iconic and elegant packaging is essential.
Marketers and brand managers are willing to spend a lot of money on packaging alone since it offers a classy and distinctive appearance. Loyal customers of brands anticipate distinctive identification markings on both the product and the packaging.
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Due to qualities that improve memory, a number of company logos, colours, and designs have achieved global fame. Manufacturers of luxury packaging in Europe are concentrating on offering customised pouches and bags that are made to hold expensive goods.
The main providers of specialised services may impose higher than typical costs for creating packaging that precisely meets customers’ requirements. This promotes additional market participants to provide specialised packaging services in the European luxury packaging industry.
According to a survey recently released by Future Market Insights, the market for luxury packaging is expected to reach US$17.9 billion by 2033 with a CAGR of 5.5%.
Key Takeaways from Europe Luxury Packaging Market
- Between 2015 and 2022, the Europe market for luxury packaging accelerated at an extremely sluggish 1.8% CAGR.
- The market’s value was around US$ 2.2 billion in 2022.
- The paper & paperboard segment is likely to dominate 40% of the market on the basis of material.
- The boxes & cartons segment is should accelerate at a slow but steady 4.8% CAGR between 2023 and 2033.
- The premium food, beverages, and home & personal care segments should combine to hold around 3/5th of the market from 2023 to 2033.
- The United Kingdom is projected to be a lucrative market for the luxury packaging and it is likely to expand around 1.6 times its current size in the years ahead.
“Luxury packaging companies should steer clear of using plastic to create products. This is due to the fact that governments across Europe are introducing stringent regulations for reducing plastic waste.”-says an FMI analyst
Who is Winning?
From 2023 to 2033, FMI expects key players in the Europe market for luxury packaging to invest heavily in acquisitions. Collaborations with luxury brands are also likely as players look to cement their positions at the top end of the market.
The key players operating in the Europe luxury packaging market are DS Smith plc, Crown Holdings, Inc., Stoelzle Glass Group, Aptar Group, Inc., International Paper Company, WestRock Company, Ardagh Group S.A., Owens-Illinois, Inc., Robinson plc, Swiss Packaging LLC, Npack Ltd., Euro Packaging Group, Alya Packaging, GZ Media, a.s., Neenah, Inc, Cantobox®, Via Aquaria UAB, GPA Global, Fleet Luxury Packaging, Max Luxury Packaging, IPL Packaging, Rudholm Group, Knoll Prestige Packaging, Billerud AB, Milo Group, MARBER S.R.L., and The Sherwood Group.
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Future Market Insights, in its new report, offers an unbiased analysis of the global luxury packaging market, analyzing historical demand from 2015 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the luxury packaging market on the basis of material (paper & paperboard, plastic, wood, glass, metal, fabric), packaging format (bags, pouches, boxes & cartons, bottles), end use (premium food, beverages, home & personal care, consumer electronics, fashion accessories & apparels) across prominent European countries.
Europe Luxury Packaging Market by Category
By Material:
- Paper & Paperboard
- Plastic
- Wood
- Glass
- Metal
- Fabric
By Packaging Format:
- Bags
- Pouches
- Boxes & Cartons
- Bottles
By End-Use:
- Premium Food
- Beverages
- Home & Personal Care
- Consumer Electronics
- Fashion Accessories & Apparels
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