NEWARK, Del: The luxury packaging market is projected to grow at a CAGR of 4.2% during 2022-2032, increasing from US$ 12.1 bn in 2022 and estimated as high as 18.3 million by 2032!
Packaging is an important aspect of luxury goods since it aids in brand identification and establishes brand value. Luxury brand manufacturers are investing strategically in packaging to improve their brand image. Based on the price of the goods, luxury packaging can be divided into two categories: high street and pure luxury packaging.
When it comes to packaging design, pure luxury packaging places a greater emphasis on the target demographic. In this situation, each brand has its own package style. High-street packaging prioritises cost and follows a specific trend, such as the use of lightweight and long-lasting designs. Luxury goods companies are committed to long-term growth and are investing in biodegradable and environmentally friendly packaging.
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Shredhouse, a premium packaging material supplier based in the United Kingdom, has introduced shredded paper created from recycled coffee cup paper. Coffee cup paper is made from single-use coffee cups that have been recycled. Arjowiggins Graphic, a French manufacturer of recycled papers, has developed recycled papers appropriate for luxury packaging that contain 60 percent to 100 percent recycled paper.
Market Drivers and Restraints for Luxury Packaging
The luxury products market, which is the primary driver of the global luxury packaging industry, is predicted to rise at a high CAGR over the forecast period. The worldwide luxury packaging market is expected to rise due to an increase in the number of product launches in the fashion and cosmetics industries.
The need for innovation and innovations in luxury packaging is being driven by luxury goods manufacturers’ efforts in sustainable development, which is expected to enhance the global luxury packaging industry. The expansion of the global luxury packaging industry was further aided by the increased penetration of online shopping and travel retail.
Outlook for the Luxury Packaging Market by Region
North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East and Africa are the five regions that make up the worldwide luxury packaging market (MEA). Due to an increase in personal luxury goods sales in the region, North America owns a significant part of the worldwide luxury packaging industry.
Due to a rise in visitors spending on luxury products in the region, Europe ranks second in the worldwide luxury packaging industry. In Europe, the number of flagship stores and online sales is increasing, and the market for luxury packaging is expected to grow significantly. Due to increased consumer expenditure in China, Japan, and ASEAN, APAC is predicted to have a high CAGR during the forecast period.
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The global Luxury Packaging market is dominated by the following prominent vendors*:
Various factors are responsible for the market’s growth trajectory, which are studied at length in the report. In addition, the report lists down the restraints that are posing threat to the global Luxury Packaging market. This report is a consolidation of primary and secondary research, which provides market size, share, dynamics, and forecast for various segments and sub-segments considering the macro and micro environmental factors. It also gauges the bargaining power of suppliers and buyers, threat from new entrants and product substitute, and the degree of competition prevailing in the market.
Luxury Packaging Market: Region-wise Analysis
Based on the geographical regions, the Luxury Packaging market is broadly divided into seven segments – North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.
Global Luxury Packaging Market Segmentation:
On the basis of product type, the global luxury packaging market can be segmented as follows:
On the basis of packaging product, the global luxury packaging market can be segmented as follows:
On the basis of end users, the global luxury packaging market can be segmented as follows:
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenari0
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Download complimentary copy of FMI’s white paper on ‘Intelligent Packaging for Circular Economy’ in collaboration with Graham Packaging and Avery Dennison
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