How Big is The Luxury Packaging Market?
According to the latest report by IMARC Group, titled “Luxury Packaging Market Share: Global Industry Trends, Size, Growth, Opportunity and Forecast 2023-2028,” The global luxury packaging market size reached US$ 15.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.
Luxury Packaging Market Overview:
Luxury packaging is a type of packaging solution that combines detailed design and skilled craftsmanship to create beautiful, high-quality packaging that reflects the top quality of the item. It is an effective way to make a product stand out among competitors and show its worth. It starts with comprehending the target audience in order to attract a loyal customer base and give them a view of prestige and sophistication. Its materials are high-grade in quality, as they are specially picked for their exceptional characteristics and expensive feel. These materials include wood, metal, leather, suede and velvet and the design and art used in exquisite packaging are often intricate and one-of-a-kind, involving textured finishes and embossing to give the packaging a luxurious feel.
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Market Demand of Luxury Packaging Market :
The rising need to differentiate luxury goods from ordinary products majorly drives the global market. Furthermore, numerous leading players are adopting sustainable packaging solutions due to the growing awareness regarding environmental degradation and the benefits associated with the products and packaging produced from natural materials are a major driving factor. In addition, the widespread adoption of luxury packaging in the corporate sector for gifting custom-made boxes, unique materials, and intricate designs that aid in making an occasion special is positively influencing the market. The utilization of decorative holograms and radio-frequency identification (RFID) tags with luxury packaging solutions is gaining widespread prominence among the masses.
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Luxury Packaging Market Drivers and Scope:
As competition in the market increases, companies are adopting ways to stand out from the competition, this has encouraged key players to heavily invest in luxury packaging solutions in order to differentiate themselves from their competitors and create an emotional connection with consumers, this is providing a thrust to the market. The market is further driven by the development of new products and solutions to offer improved functionality and multi-use designs using premium materials. Apart from this, the rising disposable incomes are encouraging consumers to spend more on luxury goods, which is driving the market across the globe. Furthermore, the emergence of customized luxury packaging to meet customers’ individual needs, creating a unique and personal experience is also contributing to the market. Some of the other factors driving the market include rapid urbanization and changing consumer preferences.
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Key Market Segmentation:
Top Luxury Packaging Manufacturers Worldwide:
- Amcor
- Ardagh Group
- Crown Holdings
- DS Smith
- HH Deluxe Packaging
- Lucas Luxury Packaging Limited
- MW Luxury Packaging
- Owens-Illinois Inc.
- Pendragon Presentation Packaging Ltd
- Prestige Packaging Industries
- Progress Packaging Ltd.
Breakup by Material:
- Paperboard
- Wood
- Plastic
- Glass
- Metal
- Others
Breakup by Application:
- Cosmetics and Fragrances
- Confectionery
- Watches and Jewelry
- Alcoholic Drinks
- Food and Non-Alcoholic Drinks
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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