LUXURY PACKAGING MARKET ANALYSIS

Luxury Packaging MarketSize and Trends

The global luxury packaging market was valued at US$ 15.1 Billion in 2022 and is forecast to reach a value of US$ 21.9 Billion by 2030 at a CAGR of 4.8% between 2023 and 2030.

Market Size:

Figure 1. Global Luxury Packaging Market Value Share (%), By Region, 2022

Figure 2. Global Luxury Packaging Market Value Share (%), By End User Industry, 2022

Market Trends

Changing fashion trend is creating the demand for cosmetic products

Changing fashion trend is boosting the demand for cosmetic products, which, in turn, is expected to uplift the growth of the market in the future. For instance, according to L’Oreal the annual growth rate of the global cosmetics accounted for 5.25% compared to 1% in 2009. L’Oreal S.A. is a French personal care company headquartered in Clichy, Hauts-de-Seine, with a registered office in Paris. It is the world's largest cosmetics company and has developed activities in the field, concentrating on hair color, skin care, sun protection, make-up, perfume, and hair care.

Adopting merger and acquisition activities

Various key vendor of glass packaging for luxury packaging are significantly expanding their foothold by adopting merger and acquisition strategies. For instance, in February 2021, a Slovenia-based glassmaker, Steklarna Hrastnik inaugurated its new furnace for extra white flint glass with an investment of 201.59 Billion. The new furnace has a production capacity of 120 tons and will produce extra white flint glass for the spirits, cosmetics, and perfumery markets.