New York, USA, June 13, 2022 (GLOBE NEWSWIRE) – Overview of the luxury packaging market
According to a comprehensive research report from Market Research Future (MRFR), “Luxury packaging market Information by Material, End User and Region – Forecasts up to 2027”, The market is estimated to grow at a 4.75% CAGR to reach $ 20.2 billion by 2027.
Luxury packaging is a unique type of packaging which increases the appeal of the product and consequently increases the sales of luxury goods. This luxury packaging is possible as technology advances, allowing companies to create new luxury packaging for their premium products rather than sticking to the standard packaging style. This also allows the organization to pursue smart innovation and environmentally friendly product design. This new high-end packaging also ensures product safety. Cardboard is one of the most used packaging materials. Metal, glass, plastic and wood are among the many materials used. Most of the materials used are readily available and, at the same time, help instill in customers a sense of premium quality.
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Scope of the report:
|Market size 2027||2027: $ 20.2 billion|
|Forecast unit||Value (billions of dollars)|
|Report coverage||Revenue forecast, competitive landscape, growth factors and trends|
|Segments covered||By material, end user and region|
|Covered geographies||North America, Europe, Asia Pacific and Rest of the world (RoW)|
|Key market factors||An increase in urbanization, population, demand for packaged food|
|Advanced technology can be a determining factor|
The major key market players in the luxury packaging market in the global market are as follows:
- Amcor Limited (Australia)
- HH Deluxe Pack (UK)
- Ekol Offset (Turkey)
- DS Smith Plc (UK)
- Pendragon Presentation Packaging Ltd (United States)
- MW Creative Ltd (UK)
- Winter and Company AG (Switzerland)
- Lucas Luxury Packaging (Ireland)
- CLP Packaging Solutions Inc. (United States)
Demand for premium packaging is growing at an alarming rate. Rising urbanization, population, demand for packaged food, economic development and consumer awareness are just some of the factors driving the global expansion of the luxury packaging market. Furthermore, the adoption of modern technology can be a contributing element to the global expansion of the luxury packaging industry, as this style of packaging extends the shelf life of the product. The adoption of biodegradable and sustainable packaging is a key factor for the market. As consumers become more environmentally conscious and seek more sustainable living options, several companies are gradually prioritizing sustainable development over everything else.
Due to growing concern for environmental issues, well-known companies are now focusing on environmentally friendly packaging. Not only manufacturers, but consumers as well are becoming more aware of sustainable lifestyle choices, providing the luxury packaging industry with huge potential opportunities to thrive in the global market. Additionally, as luxury packaging requires durable, low-cost packaging, the expansion of e-commerce platforms creates growth potential for the luxury packaging market.
The luxury packaging market has grown rapidly in the world market, but some reasons are limiting its expansion, such as the high initial capital expenditure required to set up a production unit to undertake the packaging work, which is stifling market growth. The use of heavy and bulky packaging also limits the global expansion of the luxury packaging business.
Browse the in-depth market research report (100 pages) on luxury packaging: https://www.marketresearchfuture.com/reports/luxury-packaging-market-5145
The global outbreak of COVID 19 has had a devastating impact on the business class. Now, both financial and health difficulties must be faced. The global epidemic has pushed economies into a state of forced recession. Most of the manufacturing units were closed during the lockdown and after the lockdown, causing a drop in revenue from the luxury packaging market.
However, demand for luxury packaging increased in the third quarter as consumers became more aware of the importance of properly packaged food for food safety and the luxury packaging market is set to recover further in the second quarter of this year. .
The luxury packaging market in the global market is segmented into plastic, cardboard, glass and a variety of other materials. Due to the growing need for sustainable packaging, carton material holds the highest share and thus dominates the material dividend.
The global luxury packaging market has been segmented by end users in the personal care and cosmetics industry, the confectionery, food and beverage industries, and a variety of other industries. The personal care and cosmetics sectors have the largest market share. The second stake is held by the rapidly expanding food and beverage sector.
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The luxury packaging market in the world market has been classified into four regions: Europe, Asia-Pacific, North America and the rest of the world. The European region has the highest share of the global luxury packaging market, thanks to the expansion of flagship stores for online sales. Another significant element supporting the growth of the luxury packaging industry in this region is the increase in the consumption of luxury products by visitors.
Asia Pacific, which is the fastest growing region, has the second largest market share in the luxury packaging market. India, Japan, China, Australia, South Korea and Indonesia all increased spending on high-end goods. Furthermore, these countries have easy access to raw resources and cheap labor. China has the largest market share in this sector. The North America area holds the third share of the luxury packaging market, thanks to the increase in sales of luxury personal goods, followed respectively by Latin America and the Middle East and Africa.
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Check out more research reports on Packaging and transport industryby Market Research Future:
Carton Packaging Market Research Report: Information by material type (coated unbleached kraft board, bleached kraft board, recycled kraft board) Product type (boxes, folding cartons, tubes and cores) Thickness (0.75mm to 1mm, 1 , 1 mm to 2.3 mm) End use (Food and Beverage, Personal Care & Cosmetics, Home Care, Pharmaceutical, Automotive, Electrical & Electronic, Chemical & Lubricants) Forecasts up to 2028
Tea Bag Packaging Market Research Report: Information, by tea bag type (single chamber, double chamber), by outer paper bag (bare, crimped, heat sealed bags), by application (green tea, black tea) by filter type ( PLA Fiber Paper, Plastic Fiber Paper, Plastic Nonwoven, Nonwoven and Pure Paper), Region (North America, Europe, Asia Pacific, South America, Middle East and Africa) – Forecast through 2027
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