New York,USA, June 13, 2022 (GLOBE NEWSWIRE) -- Luxury Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Luxury Packaging Market Information by Material, End-user and Region - Forecast till 2027”, the market is estimated to grow at a 4.75% CAGR to reach USD 20.2 Billion by 2027.
Market Scope:
Luxury packaging is a unique type of packaging that enhances the product's appeal and, as a result, increases sales of luxury goods. This luxury packaging is possible as technology advances, allowing companies to create new luxury packaging for their premium products rather than sticking with their standard package style. This also enables the organization to pursue smart innovation and environmentally friendly product design. This new high-end packaging also ensures the product's safety. Paperboard is one of the most often used packaging materials. Metal, glass, plastic, and wood are among the numerous materials that have been employed. The majority of the materials utilized are readily available and, at the same time, aid in instilling in clients a sense of premium quality.
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Report Scope:
| Report Attribute | Details |
| 2027 Market Size | 2027: USD 20.2 Billion |
| CAGR | 4.75% (2022–2027) |
| Base Year | 2021 |
| Forecast Period | 2022–2027 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material, End-user and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | An increase in urbanization, population, demand for packed food |
| Advanced technology can be a contributing factor |
Competitive Dynamics:
The most prominent market key players in the luxury packaging market in the global market are as follows:
- 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.)
Market Dynamics:
Market Drivers:
The demand for premium packaging is growing at an alarming rate. An increase in urbanization, population, demand for packaged food, economic development, and consumer awareness are just a few of the drivers driving the luxury packaging market's global expansion. Furthermore, the adoption of modern technology may be a contributing element in the global expansion of the luxury packaging industry, as this style of packaging extends the product's shelf life. The adoption of biodegradable and sustainable packaging is a key market driver. As consumers become more environmentally conscious and seek for more sustainable living options, several companies are gradually prioritizing sustainable development over all else.
Because of the growing concern about environmental issues, most well-known firms are now focusing on eco-friendly packaging. Not only manufacturers, but also consumers, are becoming more cognizant of sustainable lifestyle choices, providing the luxury package industry with enormous potential opportunities to thrive in the worldwide market. Furthermore, because luxury packaging demands durable and low-cost packaging, the expansion of e-commerce platforms creates growth potential for the luxury packaging market.
Market Restraints:
The luxury packaging market has been growing rapidly in the worldwide market, but some reasons are limiting its expansion, such as the high initial capital expenditure required to set up a manufacturing unit to undertake package work, which is stifling the market's growth. The usage of heavy-weight and bulky packaging also limits the global expansion of the luxury packaging business.
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COVID-19 Evaluation:
The global epidemic of COVID 19 has had a devastating impact on the corporate class. Now, one must deal with both financial and health-related difficulties. The global epidemic has pushed economies into a state of forced recession. The majority of manufacturing units were shut down during the lockdown and after the lockdown, resulting in a drop in the luxury packaging market's revenue.
However, demand for luxury packaging increased in the third quarter as consumers became more conscious of the importance of properly packaged food for food safety, and the luxury packaging market is likely to rebound further in the second quarter of this year.
Market Segmentation:
The luxury packaging market in the global market is segmented into plastic, paperboard, glass, and a variety of other materials. Because of the growing need for sustainable packaging, the paperboard material holds the highest share and hence dominates the material dividend.
The worldwide luxury packaging market has been segmented by end-users into the personal care and cosmetics sector, confectionary, food and beverage industry, and a variety of other industries. The personal care and cosmetics sectors have the biggest market share. The second-largest share is held by the food and beverage sector, which is rapidly expanding.
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Regional Analysis:
The luxury packaging market in the worldwide market has been classified into four regions: Europe, Asia-Pacific, North America, and the rest of the world. The European region has the highest proportion of the worldwide luxury packaging market, owing to an expansion of flagship stores for online sales. Another significant element supporting the growth of the luxury packaging industry in this region is the increased consumption of luxury products by visitors.
The Asia-Pacific area, which is the fastest-growing region, has the second-largest market share in the luxury packaging market. India, Japan, China, Australia, South Korea, and Indonesia have all boosted their spending on high-end goods. Furthermore, these countries have easy access to raw resources as well as low-cost labor. China has the greatest market share in this area. The North American area holds the third-largest share of the luxury packaging market, thanks to rising sales of personal luxury goods, followed by Latin America and the Middle East and Africa, respectively.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
