Global luxury packaging market is projected to grow at a CAGR of 4.8% during the forecast period.
Global Luxury Packaging Market Information Report by Material (Paperboard Material, Plastic, Glass and Others), by End-user (Food & Beverage, Confectionery, Personal Care & Cosmetics, and Others) and By Region – Global Forecast To 2023
The prominent players in the luxury packaging market 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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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. Additionally, rise in penetration of online retail and travel retail also contributed in the global luxury packaging market.
However, fluctuating price of raw materials, are the factors may be a hindrance in the growth of the market.
Market Research Analysis
Global luxury packaging market 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.