According to Future Market Insights, the Europe luxury packaging market is projected to reach a valuation of US$ 2.3 billion in 2023, with a slow compound annual growth rate (CAGR) of 3.5% from 2023 to 2033. By 2033, the market is expected to be valued at US$ 3.2 billion.
Europe is known for housing several prestigious luxury brands with an international customer base. These brands, such as Gucci in the fashion industry, Ferrero Group in the food sector, and Lisa Elridge in cosmetics, rely on sophisticated and iconic packaging to cater to their elite clientele.
Brand managers and marketers are willing to invest significantly in packaging that offers an elegant and personalized look. Customers loyal to these brands expect unique identification marks on both the product and its packaging.
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Certain brand logos, colors, and designs have gained international recognition due to their distinct characteristics, which aid in brand recall. European luxury packaging manufacturers are focusing on providing personalized pouches and bags that are specifically designed to carry high-end products, further enhancing the overall brand experience.
Key players in the market that offer customized services can charge higher prices for producing packaging that caters to the exact needs of their clients. This trend encourages more participants in the European luxury packaging market to offer personalized packaging services, creating a competitive landscape driven by customer-centric solutions.
In summary, the Europe luxury packaging market is expected to witness steady growth, driven by the demand for sophisticated and personalized packaging solutions from renowned luxury brands. The focus on unique and iconic packaging, along with the ability to provide customized services, allows manufacturers to command premium prices and cater to the specific requirements of their clientele.
Key Takeaways from Europe Luxury Packaging Market
- Between 2015 and 2022, the Europe market for luxury packaging accelerated at an extremely sluggish 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 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 6 times its current size in the years ahead.
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“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.
Get More Valuable Insights
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.
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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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