The luxury packaging market size was valued at USD 17.98 billion in 2023 and is expected to be worth USD 18.79 billion in 2024. The market is projected to reach USD 28.23 billion by 2032, recording a CAGR of 5.22% during the forecast period.
Luxury packaging is a state-of-the-art style of packaging that increases the overall visual appeal of a product and also helps companies improve their brand image. Several market players have started using digital technologies to improve the overall visual appeal of the packaging materials. A robust rise in the number of customers opting for online shopping is one of the key factors accelerating the market’s growth.
Fortune Business Insights™ displays this information in a report titled, "Luxury Packaging Market, 2024-2032."
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Segmentation Analysis:
Why is Paper & Paperboard the Most Preferred Material in Luxury Packaging?
The market is segmented into paper & paperboard, metal, glass, plastic, and others.
- Paper & paperboard hold the largest share due to their high recyclability and sustainability.
- They are widely chosen by brands focusing on eco-friendly packaging initiatives.
- This segment aligns with growing consumer demand for sustainable and biodegradable materials.
Why Are Boxes & Cartons Dominating the Product Type Segment?
The market is segmented into boxes & cartons, bottles, bags & pouches, cans & jars, and others.
- Boxes & cartons lead the market as they are easily customizable in shape, size, and design.
- They help brands create distinctive packaging that improves brand identity and visibility.
- They are also ideal for premium and fragile products, supporting safe transportation.
Which End-use Segment Accounts for the Largest Share?
The market is segmented into food & beverages, fashion accessories & apparel, beauty & fragrance, consumer goods, and others.
- Food & beverages dominate the market, driven by the rising consumption of gourmet foods and beverages such as fine wine, coffee, tea, and baked goods.
- Growing premiumization trends in the F&B sector further fuel demand for luxury packaging solutions.
Drivers and Restraints:
What is Driving the Growth of the Luxury Packaging Market?
- Rising demand for personalized and customized packaging solutions that reflect brand identity.
- Growth of e-commerce platforms, increasing the need for packaging that is both durable and visually appealing.
- Brands are using innovative designs, logo placements, and tailored dimensions to enhance customer experience.
What Challenges Could Restrain the Market?
- Difficulty in recycling multi-material packaging as they often use bonded layers of paper, plastic, or metal.
- This creates sustainability challenges and may slow adoption in regions with strict recycling regulations.
Regional Insights:
Which Region Dominates the Luxury Packaging Market?
- North America leads the global market, driven by the expansion of the food & beverage industry.
- Rising disposable incomes have increased the consumption of premium and gourmet foods, boosting demand for luxury packaging.
Which Region Holds the Second-Largest Market Share?
- Europe is the second-largest market due to the strong presence of leading luxury brands and a high demand for premium packaging solutions.
Competitive Landscape:
Leading Companies to Launch Novel Packaging Solutions to Gain Strong Competitive Edge
The luxury packaging market has a vast competitive landscape with the presence of leading manufacturers. These companies are collaborating with other firms to develop and launch cutting-edge and personalized packaging solutions for different industries.
Notable Industry Development:
July 2024 – Quadpack Industries announced a new project with PSB Industries, a private company, to merge Quadpack and PSB’s key subsidiary, Texen, into a single group. Texen, headquartered in Brion, France, is known for producing high-quality packaging products for the luxury perfumery and makeup markets. It has its factories in in France, Poland, the U.S., and Mexico.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- DS Smith (U.K.)
- Ardagh Group (Luxembourg)
- Stoelzle Glass Group (Austria)
- WestRock (U.S.)
- Crown Holdings Inc. (U.S.)
- O-I Glass, Inc. (U.S.)
- Amcor Plc (Switzerland)
- IPL Packaging Inc. (China)
- Thou Luxury Packaging (India)
- Elegant Packaging (U.S.)
- HH Deluxe Packaging (U.K.)
- Lucas Luxury Packaging (Ireland)
- Prestige Packaging Industries (France)
- Pendragon Presentation Packaging (U.K.)
- Ekol Ofset (Turkey)
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