The global luxury packaging market is anticipated to reach values of more than $21 billion by 2024
27 November 2018, London, UK : The global luxury packaging market is anticipated to reach values of more than $21 billion by 2024, growing at a CAGR of approximately 5% during 2018-2024. The market research report also offers market share analysis in terms of volumes (mn tons) during the forecast period.
The exponential growth of the luxury goods industry that includes products such as cosmetics and fragrances, watches and jewelry, drinks, fashion, leather goods, tobacco, confectionery, and handbags will create new investment opportunities. The luxury brands using parceling to promote a picture of high quality, elegance, and sophistication for their products will augment the development of the market.The global luxury packaging market is driven by the growing need for brand identity, integrate brand equity, and impact consumer decisions. The vendors are investing in deeply imaginative concept, designed to stimulate an extreme emotional response from the consumers in the market. The market research report provides in-depth market analysis and segmental analysis of the global luxury packaging market by material, end-users, and geography.
The report considers the present scenario of the global luxury packaging market and its market dynamics for the period 2019?2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Luxury Packaging Market – Dynamics
Sustainability is becoming an integral part of the global luxury packaging market. Renowned brands and consumers are more concerned about presentation than eco friendliness of packaging.Customers are increasingly becoming environmentally conscious and are seeking out more sustainable lifestyle choices. There is growing pressure from the public and the industry on luxury brand owners to decrease the environmental impact of packaging, while maintaining its luxury quotient.With the rise of e-commerce, there has been a revolutionary shift in how goods are transported and exchanged in the global luxury packaging market.Some of the factors that are usually considered for designing packaging templates for e-commerce are packaging weight, durability, and total landing cost. Luxury good vendors for fashion accessories, cosmetics, jewelry, and watches are increasingly re-designing their packaging templates to suit omni-channel business models in the market. The increasing demand for personalized packaging is propelling the growth of the global luxury packaging market.There is a growing need to maintain a brand?s position innovative, fresh, and stunning to attract new and existing customers. The crucial obstacle for brand owners is to deal with the ever-growing lack of loyalty from customers. To differentiate from competitors, brand owners are continually building a perceivable and appealing image, which addresses consumers on a more personal note in the market.
Luxury Packaging Market – Segmentation
This market research report includes a detailed segmentation of the market by materials, end-users, and geography.The global luxury packaging market by the material is segmented into paper and paperboard, plastics, glass, metal, wood, and other. Paper and paperboard segment dominated the largest market share in 2018, growing at a CAGR of over 4% during the forecast period. The increasing use of a variety of substances to intensify the performance of substrates concerning heat resistance or peelability, grease proofness, or for improved printing, and finishing qualities is propelling the growth of this segment in the global market. The other major benefits of glass packaging are that it can be molded into several shapes and sizes, promoting its use across diverse industry verticals.Metal packaging is eco-friendly as it is 100% recyclable and can be reused any number of times without any quality loss.Plastic is widely adopted and the fastest growing material in terms of consumption for luxury packaging.
The end-user segment in the global luxury packaging market is classified into cosmetics and fragrance, premium alcoholic drinks, fashion and leather goods, gourmet food and beverages, watches and jewelry, confectionery, tobacco, and others. Cosmetics and fragrance are the fastest growing segment, at a CAGR of around 7% during the forecast period. Glass and fragrance are two of the most commonly used material in the global market.The role of luxury packaging for premium spirits is to protect the product, strengthen brand identity and communicate brand values, give the product a presence on shop shelves, and a means of digital interaction with consumers.Europe remains the undisputed leader in the manufacture of quality leather products and subsequently the packaging for those products.Brands have increasingly resorted to designing watch variants to suit personalities and this has led to the need for customized packaging.