The Luxury Packaging Market was valued at US$ 15.1 Billion in 2022, according to the Luxury Packaging Market Report, by Material (Paperboard, Glass, Metal, Plastics, and Other Types of Materials) and By End User Industry (Cosmetics and Fragrances, Confectionery, Watches and Jewelry, Premium Beverages, and Other End user Industries) and By Region (Asia Pacific, North America, Europe, Latin America, Middle East and Africa) as published by Coherent Market Insights.
The global luxury packaging market accounted for US$ 15.1 Bn in terms of value in 2022 and is expected to surpass US$ 21.9 Billion by 2030 and exhibit a CAGR of 4.8% during the forecast period (2023-2030). The luxury packaging market is expanding, as a result of the growing spending on premium brands
Global Luxury Packaging Market: Drivers
Market growth of the luxury packaging market is expected to be fueled by increased spending on premium brands in research and development for custom machinery production, which will satisfy consumer's increasing needs regarding luxury goods.
Global Luxury Packaging Market: Opportunities
Increasing disposable income of consumers in emerging countries and the growing focus of key players on overall product development are projected to offer significant growth opportunities over the forecast period.
Global Luxury Packaging Market: Restraints
High initial capital investments required for establishing a manufacturing facilities for packaging works is expected to restrict the market growth. The luxury packaging market has been growing enormously in the global market but some factors restrain the growth of the market such as high initial capital investment which has been required for starting the manufacturing unit for doing the packaging work hampers the growth of the luxury packaging market. The use of bulky and heavy-weight packaging also hampers the growth of the luxury packaging market globally.
Global Luxury Packaging Market - Impact of Coronavirus (COVID-19) Pandemic
With the outbreak of the COVID-19 pandemic, the luxury packaging market has witnessed a negative growth as there was a changing consumer behavior regarding the purchasing of luxury products as consumers started spending more mindfully on their purchase of the luxury product rather, they are spending more on essential items. Also, the quarantine put in place during the first outbreak across the globe resulted in the closure of many luxury goods and packaging production plants, thus hampering the market growth. In addition, retail stores are closed in several countries, which also hampered the market growth. For instance, in April 2020, Neyret announced that its production plant is operating at between 30% and 80% capacity depending on the country. They specialize in machines with indexed kinematics and industrial vision. For more than 25 years, our company has been designing and manufacturing special high-speed assembly and control machines for the health, cosmetics, connectors/electrical, automotive, electronics, new energies The activity of the Neyret Group is oriented towards the assembly of components from very small to small sizes, of all geometric shapes and with high production volumes. Contact us now."
To know the latest trends and insights prevalent in the global luxury packaging market, click on the link below:
https://www.coherentmarketinsights.com/market-insight/luxury-packaging-market-5088
Key Takeaways:
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, growing at a CAGR of xx% between 2023 and 2030.
The cosmetics and Fragrance segment held the dominant position in the global luxury packaging market in 2022, accounting for 50% shares in terms of value. Increasing product approvals and launch of new products are expected to propel growth of the market growth during the forecast period.
Global Luxury Packaging Market: Market Trends:
The expanding e-commerce industry due to the growing trend of digitalization and increasing consumer spending on online shopping is projected to spur Global Luxury Packaging Market Additionally, the increasing use of social media platforms, increasing concerns for environmental sustainability, and growing practical value & individualism are again driving the need for luxury packaging.
The increasing launch of compact and recyclable packaging materials for premium products is also anticipated to propel the market growth. For instance, in October 2020, Breitling Company introduced a foldable watch box made of recycled Polyethylene Terephthalate. This proves the improved efforts made across the globe for sustainable packaging of luxury goods. Breitling SA is a Swiss luxury watchmaker founded in 1884 in Saint-Imier, Switzerland, by Léon Breitling. The company is known for its precision-made chronometers designed for aviators and is based in Grenchen, Switzerland
Global Luxury Packaging Market: Competitive Landscape
- DS Smith PLC
- Crown Holdings Inc.
- Ardagh Group
- WestRock Co.
- Owens-Illinois Inc.
- International Paper Company Inc.
- Amcor PLC
- Delta Global
- GPA Global
- Keenpac
Global Luxury Packaging Market: Recent Developments
- In December 2020, International Paper announced its plans to pursue a spin-off of the company's printing papers segment into a standalone, publicly traded company (SpinCo). This initiative may result in two streamlined companies that are well positioned for long- term success. The International Paper Company is an American pulp and paper company, the largest such company in the world
- In February 2021, for the Chinese new year, GPA global manufactured limited edition Chinese New Year packs for some high-end whiskies, such as, Royal Salute Blended Scotch Whisky, John Walker & Sons King George V, etc., with designs including Lanterns, Dragons, Red envelopes, Chinese knots, Blossoms, etc., on the packaging
