Luxury Packaging Market Research Share, Size Research Report - Forecast to 2023
Packaging
is no longer done simply to protect products from damage but has become an
essential part of luxury branding. Luxury packaging is mostly used to package
highly expensive and sophisticated products. The packaging employed is a part
of a company’s brand image. Packaging majorly influences buying decisions of
customers. They too are willing to pay more if the packaging is aesthetically
appealing and looks of high value. Hence, increased demand for aesthetically
appealing packs, drive the growth of the market. Additionally increasing demand
for sustainable, bio-degradable or eco-friendly packaging are also a positive
influence on the growth of the market. However, restraints such as rise in cost
of raw materials, may impair the market growth.
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On the
basis of end-user, the market has been segmented as food & beverage,
confectionery, personal care & cosmetics, and others. Personal care
packaging refers to casing of products used for personal hygiene and beautification.
The applications of these include hair care, foams & gels, gel toothpaste,
deodorants & antiperspirants and skin care products. Increasing demand for
personal care & cosmetics packaging, across the globe drive the demand of
luxury packaging. Food & beverage industry is expected to contribute,
significantly, during the forecast period.
The Global
Luxury Packaging Market is projected to grow at a CAGR of 4.8% during the forecast period.
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European region dominates the global
luxury packaging market
On the
basis of regions, global luxury packaging market has been segmented as North
America, Europe, Asia Pacific and Rest of the World (RoW). Europe dominates the
global luxury packaging market. Rise in the number of flagship stores in the
region, drive the growth of the market. A surge in online sales is also a
growth driver for the market in Europe. Increase in spending on luxury product
by tourists, forms a positive influence on the growth of the region. Germany,
U.K., and France are the major markets in the region.
Asia
Pacific is expected to have the highest CAGR during the forecast period. China,
Japan, India, Australia and Indonesia are the major markets in Asia Pacific
region. Increase in spending capacity in the region, drives the growth of the
market. Additionally, the availability of raw materials and low labor cost,
together form a positive influence on the market growth. China accounts for the
largest share of the luxury packaging market in the Asia Pacific region.
North
America is another major market for the luxury packaging. Increase in sales of
personal luxury products in the region, drive the growth of the market. Latin
America and Middle-East & Africa regions are also expected to set the
growth during the forecast period due to rising demand from the e-commerce
sector and expansion by global luxury manufacturers.
Key Players
The
prominent players in the luxury packaging market include Amcor Limited
(Australia), HH Deluxe Packaging (U.K.), Ekol Ofset (Turkey), DS Smith Plc
(U.K.), Pendragon Presentation Packaging Ltd (U.K.), Design Packaging, Inc.
(U.S.), Elegant Packaging (U.S.), MW Creative Ltd (U.K.), Winter & Company
AG (Switzerland), Lucas Luxury Packaging (Ireland), and CLP Packaging Solutions
Inc. (U.S.).
This
research report provides insights, on various levels of analysis such as
industry analysis, and market share analysis for the leading players along with
their profiles. It also helps in studying the target segments by providing
views on emerging & high-growth segments. The market data comprises the
basic assessment of the competitive scenarios & strategies in the global construction
lift market, including
high-growth regions and/or countries, and political, & economic
environments. The project report, further, provides views on both the
historical market values and pricing & cost analysis.
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