The Global Luxury Packaging Market is estimated to be valued at US$ 15.82 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Luxury packaging products are used to pack premium and high-end products to provide a feel of luxury and enhance the visual appeal of products. Luxury packaging improves brand visibility and prevention of product damage.
Market key trends:
One of the key trends in the luxury packaging market is the increasing demand for eco-friendly and sustainable packaging solutions. Consumers are increasingly demanding sustainable packaging made from recycled or biodegradable materials. Manufacturers are focusing on developing packaging solutions made from recycled paper, glass, aluminum and other sustainable materials. Another major trend is the adoption of advanced printing and coating techniques like hot foil stamping, embossing and debossing to provide premium looks. Customization and personalized packaging as per customer demands has also emerged as key trend in the market.
Market key trends:
The luxury packaging market has been witnessing high demand for sustainable packaging solutions in recent years. Manufacturers are increasingly adopting environment-friendly materials like recycled paper, glass, metal, etc. to manufacture luxury packaging products. Also, the trend of customized and personalized packaging based on customers’ preferences has gained widespread popularity. This allows customers to have unique packaging designs reflecting their individual taste and personality. Moreover, innovations in printing and coating technologies have enabled luxury brands to offer brilliant graphics and specialized coating/finishing on their packages.
SWOT Analysis
Strengths: Established brands and strong distribution networks of top players; Large packaging customize capabilities according to brand needs
Weaknesses: High production costs; Dependence on economic performance
Opportunities: Growth in e-commerce; Rising demand for sustainable luxury packaging
Threats: Substitute packaging materials; stringent regulations on plastic usage
Key Takeaways
The Global Luxury Packaging Market size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for attractive and sustainable packaging among luxury brands.
North America dominated the luxury packaging market in 2023 with over 30% share, owing to high spending power of consumers and presence of leading global luxury brands. Asia Pacific is projected to exhibit fastest growth during the forecast period with CAGR of around 6%, led by India and China.
Key players operating in the luxury packaging market are Tier 1 Companies (DS Smith PLC, Crown Holdings Inc., Ardagh Group, WestRock Co., Owens-Illinois Inc., International Paper Company Inc., Amcor PLC, Delta Global, GPA Global), and Tier 2 Companies (HH Deluxe Packaging, Prestige Packaging Industries, Pendragon Presentation Packaging, Stolzle Glass Group, Keenpac, Elegant Packaging, BC Boncor, Luxpac Ltd, McLaren Packaging Ltd, and B Smith Packaging Ltd)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
