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Packaging is no longer done simply to protect products from damage, but has become an essential part of luxury branding. Luxury packaging is mostly used to package highly expensive and sophisticated products. The packaging employed is a part of a company’s brand image. Companies spend more on packaging innovation rather than on production cost. They are adopting active packaging and intelligent packaging so as to enhance the performance of the packaging technique. Rise in the number of product launches, especially in the cosmetic and fashion sectors, drives the growth of the Luxury Packaging Market Size. Additionally, rise in penetration of online retail and travel retail also contributed in the global Luxury Packaging Market Size. However, fluctuating price of raw materials, are the factors may be a hindrance in the growth of the market.
Segments
On the basis of regions, Europe dominates the global Luxury Packaging Market Size, mainly due to rise in the number of flagship stores and surge in online sales. Asia Pacific is expected to grow at the highest CAGR during the forecast period. Increase in spending capacity, drives the growth of the region. North America is another major market for the luxury packaging. Increase in sales of personal luxury products in the region, drives the growth of the market. Latin America and Middle-East & Africa regions are also expected to set the growth during the forecast period due to rising demand from the e-commerce sector and expansion by global luxury manufacturers. Global Luxury Packaging Market Size is projected to grow at a CAGR of 4.8% during the forecast period.
Market Research Analysis
Global Luxury Packaging Market Size has been segmented based on material, end-user, and region. On the basis of material, the market segments are paperboard material, plastic, glass and others. Paperboard dominates the material segment of the market and is expected to be the fastest growing material segment. Growing demand for sustainability packaging drives the growth of the paperboard segment. It is light weight and is gaining prominence due to the rising need for renewable and recyclable solutions for various packaging needs. This material is used for packaging cosmetics, food, beverages, pharmaceuticals, and household products. Plastic is one of the most widely used materials for packaging across various end-use industries. The material offers high barrier, cost efficient, temperature resistance and durable packaging options.
Key Players
The prominent players in the Luxury Packaging Market Size include Amcor Limited (Australia), HH Deluxe Packaging (U.K.), Ekol Ofset (Turkey), DS Smith Plc (U.K.), Pendragon Presentation Packaging Ltd (U.K.), Design Packaging, Inc. (U.S.), Elegant Packaging (U.S.), MW Creative Ltd (U.K.), Winter & Company AG (Switzerland), Lucas Luxury Packaging (Ireland), and CLP Packaging Solutions Inc. (U.S.).
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