According to the latest report by IMARC Group, titled "Luxury Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global luxury packaging market reached a value of US$ 15.1 Billion in 2021. Luxury packaging is generally utilized in the packing of premium and high-quality goods that are associated with exclusivity. It is an essential part of a brand’s image that aid in building customer loyalty. Along with this, it also provides value to the product by enhancing its physical appearance as well as protecting it from physical damage. The easy availability of luxury products through online and offline organized channels have provided a boost to the market growth across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Luxury Packaging Market Trends:
The global market is primarily driven by the inflating disposable income levels of the masses. This is supported by the increasing brand consciousness and shifting lifestyle preferences of individuals. Along with this, the rising investments by leading companies in manufacturing environmentally friendly packaging solutions due to an enhanced focus on sustainable development is creating a positive outlook for the market. For instance, multiple key players are utilizing paper packaging solutions using the Forest Stewardship Council (FSC)-certified paper that is manufactured using recycled coffee cups in an attempt to reduce their environmental impact. In line with this, various leading players are heavily investing in developing robust marketing solutions, promotional campaigns and celebrity endorsements to advertise their brand and products, thereby positively influencing the market growth. In addition to this, continual technological advancements and the widespread integration of automation in the production processes are also providing an impetus to the market growth. Other factors, including the penetration of high-speed internet connectivity, the increasing adoption of smartphones and the rising popularity of social media among the masses, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 19.9 Billion by 2027, growing at a CAGR of 4.7% during 2022-2027.
- Based on the material, the market has been segmented into paperboard, wood, plastic, glass, metal and others.
- On the basis of the application, the market has been segregated into cosmetics and fragrances, confectionery, watches and jewelry, alcoholic drinks, food and non-alcoholic drinks and others.
- Based on the region, the market has been divided 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 the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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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