Market Highlights
Packaging is no longer done simply to protect products from damage, but has become an essential part of luxury branding. Luxury packaging is mostly used to package highly expensive and sophisticated products. The packaging employed is a part of a companys brand image. Companies spend more on packaging innovation rather than on production cost. They are adopting active packaging and intelligent packaging so as to enhance the performance of the packaging technique. Rise in the number of product launches, especially in the cosmetic and fashion sectors, drives the growth of the luxury packaging market. Additionally, rise in penetration of online retail and travel retail also contributed in the global luxury packaging market. However, fluctuating price of raw materials, are the factors may be a hindrance in the growth of the market.
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On the basis of regions, Europe dominates the globalluxury packaging market, mainly due to rise in the number of flagship stores and surge in online sales. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Increase in spending capacity, drives the growth of the region. North America is another major market for the luxury packaging. Increase in sales of personal luxury products in the region, drives the growth of the market. Latin America and Middle-East Africa regions are also expected to set the growth during the forecast period due to rising demand from the e-commerce sector and expansion by global luxury manufacturers. Global luxury packaging market is projected to grow at a CAGR of 4.8% during the forecast period.
Market Research Analysis
Globalluxury packagingmarket has been segmented based on material, end-user, and region. On the basis of material, the market segments are paperboard material, plastic, glass and others. Paperboard dominates the material segment of the market and is expected to be the fastest growing material segment. Growing demand for sustainability packaging drives the growth of the paperboard segment. It is light weight and is gaining prominence due to the rising need for renewable and recyclable solutions for various packaging needs. This material is used for packaging cosmetics, food, beverages, pharmaceuticals, and household products. Plastic is one of the most widely used materials for packaging across various end-use industries. The material offers high barrier, cost efficient, temperature resistance and durable packaging options.
On the basis of end-user, the market has been segmented as food beverage, confectionery, personal care cosmetics, and others. Personal care packaging refers to casing of products used for personal hygiene and beautification. The applications of these include hair care, foams gels, gel toothpaste, deodorants antiperspirants and skin care products. Increasing demand for personal care cosmetics packaging, across the globe drive the demand of luxury packaging. Food beverage industry is expected to contribute, significantly, during the forecast period.
Scope of the Report
This study provides an overview of the global market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global luxury packaging market by its material, product, manufacturing process, application and region.
By Material
- Paperboard Material
- Plastic
- Glass
- Others
By End-user
- Food Beverage
- Confectionery
- Personal Care Cosmetics
- Others
By Region
- North America
- Asia Pacific
- Europe
- Rest of the World
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Key Players
The prominent players in the luxury packaging market include Amcor Limited (Australia), HH Deluxe Packaging (U.K.), Ekol Ofset (Turkey), DS Smith Plc (U.K.), Pendragon Presentation Packaging Ltd (U.K.), Design Packaging, Inc. (U.S.), Elegant Packaging (U.S.), MW Creative Ltd (U.K.), Winter Company AG (Switzerland), Lucas Luxury Packaging (Ireland), and CLP Packaging Solutions Inc. (U.S.).
Industry News
Several key players in the market are trying to revive the market after the adverse effects caused by COVID-19 disease. The outbreak has disrupted several businesses and caused huge losses. Various manufacturing units were forced to shut down that hampered theluxury packaging market growth. Though, the companies are developing new strategies and ensuring the safety of luxury packaging to gain customers trust. Also, the awareness among the consumers for reliable products is anticipated to boost theluxury packaging market growthby the year 2027.
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