The global luxury packaging market looks poised to attain a valuation of US$ 10.4 billion in 2023. From 2023 to 2033, the market is likely to accelerate at a steady CAGR of 5.5% and reach a US$ 17.9 billion in 2033.

Luxury packaging comes across as one of the innovative styles of packaging rendering fascination to the product (s). The key market participants are also looking for luxury packaging in place of continuing with conventional packaging style.

Luxury packaging has its advantages. It’s, in fact, one of the crucial components of the brand’s image. Research states that consumers would be readily spending more on the products if they packaging is appealing. Appropriate luxury packaging needs to be created bas per the audience’s taste.

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Customized packaging solutions are being asked for with growing preference for personalization. These solutions are in great demand in fashion & apparel, jewelry, watches, and premium beverages verticals.

At the same time, the fact that heavy and bulky products are not much into adoption of luxury packaging can’t be ignored. Their packaging, in fact, involves higher costs in terms of printing, material, machinery – which could be restraining the luxury packaging market in the near future.

Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Luxury Packaging Market’. Its dedicated team of analysts and consultants has used its bottom-up approach embedding both – macros and micros in its primary, secondary, and tertiary modes of research.

“With rising consumption of luxury and premium goods, the global luxury packaging market is slated to grow on a good note in the forecast period”, says an analyst from Future Market Insights.

Key Takeaways from Luxury Packaging Market

• North America holds the largest market share due to the US being subject to large-scale sales of luxury goods. The UNCTAD (United Nations Conference on Trade and Development) has stated that the year 2019 saw sales through e-Commerce reach US$ 26.7 Trillion.
• Europe stands second on the analogous grounds and is expected to remain the same even going forward. Plus, the EPRC (European Paper Recycling Council), in its press release dated July 2020, states that paper recycling rate has higher recycling numbers and would continue with the same in the near future.
• The Asia-Pacific is expected to be led by China in the luxury packaging market. As per WITS (World Integrated Trade Solutions), China is the highest exporter of luxury goods like ornamental articles and statuettes.

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Competitive Packaging

• Ardagh Group, in March 2022, announced of collaborating with Constellation Brands, Inc. for producing well-decorated wine bottles for the latter.
• GPA Global, in December 2021, announced completing acquisition of Polish Print & Packaging Facility from ASG. This acquisition is a stepping stone toward its strategic plan of expanding operations all across Europe.
• Delta Global, in August 2022, was conferred upon a Gold Award by EcoVadis for its stance on human and labor rights, sustainable procurement, and ethics.
• Groupe Caisserie Bordelaise, in January 2022, acquired Wildcat Packaging; thereby making an entry into custom luxury packaging.
• Fedrigoni, in October 2022, completed acquisition of Guarro Casas; thereby improvising on production of fine book covering, luxury packaging, and security applications.
• DS Smith, in March 2020, did announce opening of the very first recycling facility all across the US. The plant is capable of recycling more than 36K metric tons of old corrugated cardboard every year.
• Steklarna Hrastnik, in February 2021, did inaugurate the novel furnace for additional white flint glass. This new furnace has manufacturing capacity of nearly 120 tons, thereby rendering an additional white flint glass for cosmetics, spirits, and perfumes.

The Key Players Are-

• Design Packaging Inc.
• HH Deluxe Packaging
• DS Smith plc
• Lucas Luxury Packaging
• Pendragon Presentation Packaging
• Ekol Ofset
• Keenpac
• Progress Packaging
• WestRock Company
• McLaren Packaging

What does the Report package?

• The research study is based on packaging format (bags, pouches, boxes & cartons, bottles, and likewise), by material (paper & paperboard, plastic, wood, glass, metal, and fabrics), and by end-use industry (premium food, beverages, home & personal care, consumer goods, consumer electronics, fashion accessories & apparel).
• With brand owners increasingly opting for attractive and customized packaging, the global luxury packaging market is expected to grow on a remarkable note in the near future.