According to the latest report by IMARC Group, titled “Luxury Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global luxury packaging market size reached US$ 15.8 Billion in 2019. Luxury packaging is made up of premium materials and accessories and plays a pivotal role in enticing potential customers and creating brand value for specialty products. It is designed for high-end consumer goods, such as perfumes, watches, jewelry, handbags, alcohol and other luxury items. The leading brands are also offering customized premium packaging as it helps in improving the overall shopping experience, both online and in-store.
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 inflating income levels and the rising mass-affluent segment have led to increased expenditure on premium products, which in turn has boosted the demand for luxury packaging. Furthermore, with the latest advances in laser cutting, metal forming, notching and 3D printing technologies, manufacturers can now create prototypes, as well as ensure mass production by focusing on ultra-luxury items. Additionally, the rising awareness among the masses about environmental degradation has compelled them to opt for packaging made from natural materials. Owing to this, market players are introducing sustainable, biodegradable and eco-friendly packaging with enhanced functionality and multi-use designs. Moreover, the leading brands are also developing packaging equipped with decorative holograms or radio-frequency identification (RFID) tags, and returnable packaging options to cater to the unique challenges presented by online retailing and product counterfeiting. On account of these innovations and trends, the market value is expected to reach US$ 19.8 Billion by 2025, growing at a CAGR of 3.7% during 2020-2025.
- 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 categorized into cosmetics and fragrances, confectionery, watches, jewelry, alcoholic drinks, food and non-alcoholic drinks, and others.
- Region-wise, the market has been segmented 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 been examined, with some of the key players being Amcor plc, Ardagh Group SA, Crown Holdings, Inc., DS Smith plc, HH Deluxe Packaging, Lucas Luxury Packaging Limited, MW Luxury Packaging Limited, Owens-Illinois Inc., Pendragon Presentation Packaging Ltd. and Progress Packaging Ltd.
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