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 to 2027It is estimated that the market will grow at a CAGR of 4.75% to reach US$20.2 billion by 2027.
Luxury packaging is a unique type of packaging that enhances the attractiveness of the product and, as a result, increases the 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 to the standard packaging style. This also enables the organization to pursue smart innovation and eco-friendly product design. This new high quality packaging also ensures product safety. Cardboard is one of the most widely used packaging materials. Metal, glass, plastic, and wood are among the many materials that have been used. The majority of the materials used are easily available, and at the same time they help instill a sense of superior quality in the customers.
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Scope of the report:
|2027 Market Size||2027: $20.2 billion|
|compound annual growth rate||4.75% (2022-2027)|
|forecasting units||Value (billion US dollars)|
|Report coverage||Revenue forecast, competitive landscape, growth factors, and trends|
|covered slices||By material, end user and region|
|Geographical coverage||North America, Europe, Asia Pacific & Rest of the World (RoW)|
|Main market drivers||Increasing urbanization, population and demand for packaged food|
|Advanced technology can be a contributing factor|
The major major players in the luxury packaging market in the global market are as follows:
- Amcor Limited (Australia)
- HH Deluxe Packaging (UK)
- Eco Offset (Turkey)
- DS Smith Plc (UK)
- Pendragon Presentation Packaging Ltd (US)
- MW Creative Ltd (UK)
- Winter & Company AG (Switzerland)
- Lucas Premium Packaging (Ireland)
- CLP Packaging Solutions Inc. (United State)
The demand for luxury packaging is increasing at an alarming rate. Increase in urbanization, population, demand for packaged food, economic development and consumer awareness are just a few of the drivers driving the global expansion of the luxury packaging market. Moreover, the adoption of modern technology may be a contributing element to the global expansion of the luxury packaging industry, as this style of packaging extends the shelf life of the product. The adoption of biodegradable and sustainable packaging is a major market driver. As consumers become more environmentally conscious and seek more sustainable living options, many companies are gradually prioritizing sustainable development over anything else.
Due to the growing concern about environmental issues, most of the well-known companies are now focusing on eco-friendly packaging. Not only manufacturers, but consumers are also becoming more aware of sustainable lifestyle choices, providing the luxury packaging industry with huge potential opportunities to thrive in the global market. Moreover, since luxury packaging requires durable and low-cost packaging, the expansion of e-commerce platforms creates growth potential for the luxury packaging market.
The luxury packaging market is growing rapidly in the global market, but there are some reasons limiting its expansion, such as the high initial capital expenditure required to set up a manufacturing unit to do the package business, which is hampering the growth of the market. The use of heavy and heavy packaging also limits the global expansion of the luxury packaging business.
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The global COVID 19 pandemic has had a devastating impact on the corporate class. Now, one has to deal with both financial and health difficulties. The global pandemic has pushed economies into a forced recession. The majority of manufacturing units were closed during and after the shutdown, which led to a decline in the luxury packaging market revenue.
However, the demand for luxury packaging increased in the third quarter as consumers became more aware of the importance of properly packaged foods to food safety, and the luxury packaging market is likely to rebound in the second quarter of this year.
In the global market, the luxury packaging market is segmented into plastic, paperboard, glass, and a variety of other materials. Due to the growing need for sustainable packaging, paperboard material has the largest share and thus dominates the material yield.
The worldwide luxury packaging market has been segmented by end users into the personal care and cosmetic sector, confectionery, food and beverage industry, and a variety of other industries. The personal care and cosmetics sectors have the largest market share. The second largest share is occupied by the food and beverage sector, which is expanding rapidly.
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The luxury packaging market in the global market is categorized into four regions: Europe, Asia Pacific, North America and the rest of the world. The European region has the highest proportion of the luxury packaging market worldwide, due to the expansion of major online sales stores. Another important element that supports the growth of the luxury packaging industry in this region is the increased consumption of luxury products by visitors.
Asia Pacific, the fastest growing region, has the second largest market share in the luxury packaging market. India, Japan, China, Australia, South Korea, and Indonesia all boosted their spending on high-quality goods. Moreover, these countries have easy access to raw resources as well as low cost labour. China has the largest market share in this field. The North American region has 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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