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.
Luxury packaging products such as boxes, bags, cans, pouches, tubes, and other containers are designed for premium and high-end products to attract customers towards the brand. Luxury packaging enhances the visual appeal of cosmetics, fragrances, and personal care products while also providing safety and durability.
Market Overview:
Luxury packaging products range from premium papers and folders to embellished boxes and lavish printed materials. These products help brands distinguish themselves through unique and premium designs along with enhanced product protection. Luxury packaging solutions cater to high-end industry verticals such as cosmetics, fragrances, personal care, apparels, and electronics.
Market key trends:
The luxury cosmetic packaging segment is witnessing high growth owing to rising demand for premium beauty and personal care products among consumers worldwide. Luxury cosmetic brands are majorly investing in innovative packaging designs and premium materials to attract customers. Furthermore, increased adoption of environment-friendly luxury packaging formats such as refill pouches, minimal secondary packaging, and paper-based luxury boxes is also driving the market growth. Advanced digital printing techniques are enabling manufacturers to design customized and multi-colored luxury packaging products as per brand requirements. Rising health-consciousness and demand for skin care products are further fueling sales of luxury skincare packaging globally.
Segment Analysis
The global luxury packaging market is segmented based on materials, applications and regions. Material-wise, the market is segmented into glass, metal, wooden/paper/fibers, and plastics. Among these, the glass segment dominates the market and is expected to remain dominant over the forecast period. Glass is associated with premium quality and hence widely preferred for luxury packaging of perfumes, cosmetics and other premium products.
Key Takeaways
The Global Luxury Packaging Market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing brand consciousness among consumers globally. The global luxury packaging market size is expected to reach US$ 15.82 Bn by 2023.
By region, Europe dominates the global luxury packaging market and is expected to continue its dominance over the forecast period. This is attributed to the high density of luxury brands and favorable government norms regarding sustainable packaging in the region.
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 players focus on research & development activities to develop innovative and sustainable luxury packaging solutions.
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