The global Luxury Packaging Market is estimated to be valued at US$ 15.82 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Luxury packaging products include decorative packaging boxes, pouches, bags, ribbons, cards, and labels. These products are made using premium materials like metal, glass, wood, leather, and paper. Premium packaging enhances customer experience with luxury goods and also protects high-end products from damage. The growing e-commerce industry is driving need for attractive and secure luxury packaging solutions.
Market key trends:
The growing popularity of online luxury shopping has emerged as a major trend in the luxury packaging market. E-commerce has made luxury goods more accessible globally. This has increased demand for effective luxury packaging solutions that enhance online shopping experience and protect luxury products during transportation. Manufacturers are focusing on innovative, sustainable, and customizable packaging designs to cater to the diverse needs of online luxury retailers. Another notable trend is increasing preference for eco-friendly luxury packaging materials like recyclable paper and biodegradable polymers. This is due to rising environmental consciousness among luxury customers and brands.
Segment Analysis
The luxury packaging market is dominated by the food and beverage sub-segment. The food and beverage sector accounts for the largest share of over 30% in the overall luxury packaging market. This is mainly due to the increasing demand for premium food and beverage products among high-net-worth individuals. Luxury alcoholic and non-alcoholic beverages companies are extensively using sustainable and premium packaging solutions to attract customers.
Key Takeaways
The Global Luxury Packaging Market Size is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing brand consciousness among affluent consumers.
Regional analysis
Europe dominates the global luxury packaging market with over 30% share, followed by North America. This is attributed to the presence of major luxury brands in countries like France, Italy, UK, and US. Furthermore, Asia Pacific is expected to grow at the fastest rate owing to rising disposable incomes and changing lifestyle in major economies like China and India.
Key players analysis
Key players operating in the luxury packaging market are Tier 1 Companies (DS Smith PLC, Crown Holdings Inc., Ardagh Group, WestRock Co., Owens-Illinois Inc., International Paper Company Inc., Amcor PLC, Delta Global, GPA Global), and Tier 2 Companies (HH Deluxe Packaging, Prestige Packaging Industries, Pendragon Presentation Packaging, Stolzle Glass Group, Keenpac, Elegant Packaging, BC Boncor, Luxpac Ltd, McLaren Packaging Ltd, and B Smith Packaging Ltd). Tier 1 companies dominate the market due to their wide product portfolio and global presence.
For More Insights, Read: https://www.newsstatix.com/luxury-packaging-market-size-share-and-growth-forecast-2023-2030/
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