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Luxury Packaging Market Pegged to Expand Robustly During 2018-2023


Posted Aug 10, 2018 by monicanerkar31
Market Research Future added New Report Named "Global Luxury Packaging Market Research Report- Forecast 2023" to its Database.
 

FOR IMMEDIATE RELEASE

Pressnews.biz (Press Release) Aug 10, 2018 -- Global Luxury Packaging Market Information Report by Material (Paperboard Material, Plastic, Glass and Others), by End-user (Food & Beverage, Confectionery, Personal Care & Cosmetics, and Others) and By Region - Global Forecast To 2023

Market Scenario

The global packaging market is constantly evolving, and is expected to witness high growth over the forecast period. The development of new and diversified packaging styles and high potential in emerging economies, provide huge growth opportunities for luxury packaging consumption, creating exciting opportunities within the packaging industry. Innovation in packaging plays a major role in driving the growth of luxury packaging market. Advanced technology in packaging has enabled companies for innovation in products instead of sticking to traditional methods of packaging. Due to this, many companies are adopting sustainable and smart innovation in their product designs. This will help improve the safety of food as well as it will be attractive for the consumers. Companies spend more on packaging innovation rather than on production cost. They are adopting active packaging and intelligent packaging so as to enhance the performance of the packaging technique.

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On the basis of regions, global luxury packaging market is segmented as North America, Europe, Asia Pacific and Rest of the World (RoW). Europe dominates the global Luxury Packaging market. Increasing number of flagship stores in the region drive the growth of the market. A surge in online sales is also a growth driver for the market in Europe. Increase in spending on luxury product by tourists, forms a positive influence on the growth of the region. Germany, U.K., and France are the major markets in the region. Additionally, the region is home to major luxury packaging manufactures. This also provides further boost to the growth of the market.

Asia Pacific is expected to have the highest CAGR during the forecast period. China, Japan, India, Australia and Indonesia are the major markets in Asia Pacific region. Increase in spending capacity in the region, drives the growth of the market. Additionally, the availability of raw materials and low labor cost, together form a positive influence on the market growth. China accounts for the largest share of the luxury packaging market in the Asia Pacific region.

North America is another major market for the luxury packaging. Increase in sales of personal luxury products in the region, drive the growth of the market. Latin America and Middle-East & Africa regions are also expected to set the growth during the forecast period due to rising demand from the e-commerce sector and expansion by global luxury manufacturers.

Global luxury packaging market has been segmented based on material, end-user, and region. On the basis of material, the market segments are paperboard material, plastic, glass and others. Paperboard dominates the material segment of the market and is expected to be the fastest growing material segment. Growing demand for sustainability packaging drives the growth of the paperboard segment. It is light weight and is gaining prominence due to the rising need for renewable and recyclable solutions for various packaging needs. This material is used for packaging cosmetics, food, beverages, pharmaceuticals, and household products. Plastic is one of the most widely used materials for packaging across various end-use industries. The material offers high barrier, cost efficient, temperature resistance and durable packaging options.

On the basis of end-user, the market has been segmented as food & beverage, confectionery, personal care & cosmetics, and others. Personal care packaging refers to casing of products used for personal hygiene and beautification. The applications of these include hair care, foams & gels, gel toothpaste, deodorants & antiperspirants and skin care products. Increasing demand for personal care & cosmetics packaging, across the globe drive the demand of luxury packaging. Food & beverage industry is expected to contribute, significantly, during the forecast period.

The prominent players in the luxury packaging market include Amcor Limited (Australia), HH Deluxe Packaging (U.K.), Ekol Ofset (Turkey), DS Smith Plc (U.K.), Pendragon Presentation Packaging Ltd (U.K.), Design Packaging, Inc. (U.S.), Elegant Packaging (U.S.), MW Creative Ltd (U.K.), Winter & Company AG (Switzerland), Lucas Luxury Packaging (Ireland), and CLP Packaging Solutions Inc. (U.S.).

Hence, global luxury packaging market is expected to grow at a CAGR of 4.8% during the forecast period.

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Categories : Accounting
Tags : Luxury Packaging Market
Last Updated : Aug 10, 2018

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