Market Overview
The Luxury Packaging Market is one of the booming markets across the world. Due to the rising demand for various packaging styles, the luxury packaging market is providing various opportunities. Several countries like India, Germany, and China are emerging as a potential market for expanding the market growth. It is projected that the Luxury Packaging Industry will grow at a CAGR of 4.8% during the forecast period. Due to several advantages, the market will have substantial growth between the years 2020-2027. The rapid technological advancement and innovations of new luxury products are the main factors that are driving the market.
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The luxury packaging market size is expanding at a rapid speed. Some of the factors such as increasing population, urbanization, and high demand for the packaged food are the major drivers of the market. Other than that, the innovation of new technology is also helping the market size to expand. Another advantage of Luxury Packaging Market Trends is that it increases the longevity of the products. The above reasons are expected to positively influence the market towards growth in the upcoming years.
Initiatives to protect natural resources and minimize wastage are some important factors that will increase the luxury packaging market size. Several manufacturers are trying to shift their production towards eco-friendly packaging. Increasing awareness about making sustainable products for packaging will fuel the market growth in the forthcoming years. Other factors such as high investments and usage of bulky and heavy packaging can hinder the market growth to some extent. But, the luxury packaging market can encompass the restraints due to its other benefits, such as protecting the product from climatic conditions and unfavorable environment.
Key Market Players:
Amcor Limited (Australia), HH Deluxe Packaging (U.K.), Ekol Ofset (Turkey), DS Smith Plc (U.K.), Pendragon Presentation Packaging Ltd (U.S.), MW Creative Ltd (U.K.), Winter and Company AG (Switzerland), Lucas Luxury Packaging (Ireland), CLP Packaging Solutions Inc. (U.S.)
Segmentation
The luxury packaging market share has been categorized into two segments- The end-user and material. On the basis of end-user, the market is further divided into confectionery, food and beverages industry, cosmetics and personal care industry, and others. The personal care and cosmetics segment hold the largest share of the market. However, the food and beverages industry also has a substantial contribution to the market growth. Based upon the material, the luxury packaging industry is further bifurcated into paperboard material, glass material, plastic material, and others. The paperboard segment holds the largest market share in the industry. Paperboards are easily renewable and recyclable, cost-effective, and durable. They are highly used in packaging pharmaceuticals, food, and beverages, cosmetics, etc.
Regional Overview
Based upon the region, the luxury packaging market share is divided into North America, Latin America, Asia-Pacific, Europe, and the Rest of the world. The European market is expected to dominate the market due to the high increase in sales and presence of online stores. Other than that, the escalating growths in choosing luxury products among the tourist are an important factor for market growth. The Asia-Pacific region is expected to hold the second position in the luxury packaging trends. North America holds the third-largest share in the market owing to the rising sales of luxury products among consumers. Latin America and the rest of the world are also observed to have significant growth.
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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 the luxury packaging market growth. Though, the companies are developing new strategies and ensuring the safety of luxury packaging to gain customer’s trust. Also, the awareness among the consumers for reliable products is anticipated to boost the luxury packaging market growth by the year 2027.
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