The latest report by IMARC, titled “Luxury Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global luxury packaging market size reached US$ 15.8 Billion in 2022. Luxury Packaging refers to the packing of premium and high-quality goods to enhance their brand and aesthetic appeal. It also offers information about the product value and its benefits. Luxury packaging plays a crucial part in protecting the product against any damage. In recent years, luxury packaging has gained traction on account of the evolving market trends and changing consumer preferences due to which key players are introducing new solutions with enhanced functionality and multi-use designs.
Global Luxury Packaging Market Trends:
One of the primary factors driving the market is the extensive utilization of sustainable and bio-degradable packaging solutions. Several companies are also focusing on sustainable development due to the rising environmental consciousness among the masses, thus preferring products and packaging made from natural materials. Besides this, exponential growth in the e-commerce industry is escalating the demand for luxury packaging. In line with this, key players are launching packaging equipped with radio-frequency identification (RFID) tags or decorative holograms, along with returnable packaging options to cater to the unique challenges presented by online retailing and product counterfeiting. Moreover, technological advancements and the widespread integration of automation in the production processes are also providing an impetus to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 20.9 Billion by 2028, expanding at a CAGR of 4.6% during the forecast period (2023-2028).
- Based on the material, the market has been divided into paperboard, wood, plastic, glass, metal, and others.
- On the basis of the application, the market has been segregated into cosmetics and fragrances, confectionary, watches and jewelry, alcoholic drinks, food and non-alcoholic drinks, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Amcor, Ardagh Group, Crown Holdings, DS Smith, HH Deluxe Packaging, Lucas Luxury Packaging Limited, MW Luxury Packaging, Owens-Illinois Inc., Pendragon Presentation Packaging Ltd., Prestige Packaging Industries, and Progress Packaging Ltd.
|Base Year of the Analysis
||Material, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Amcor, Ardagh Group, Crown Holdings, DS Smith, HH Deluxe Packaging, Lucas Luxury Packaging Limited, MW Luxury Packaging, Owens-Illinois Inc., Pendragon Presentation Packaging Ltd, Prestige Packaging Industries and Progress Packaging Ltd.
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