Luxury Packaging Market Estimated To Witness High Growth Owing To Increasing Disposable Incomes

 
luxury packaging market

The luxury packaging market is estimated to be valued at US$ 15.82 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Luxury packaging products are extensively used for packaging premium and high-end products across industries such as food and beverages, cosmetics, fragrances, and others. Luxury packaging enhances brand appeal and helps differentiate products from competitors. Luxury packaging uses premium materials such as glass, metal, wood, and paper for attractive visual appeal.

Market Dynamics:
Rising disposable incomes and growing middle-class population especially in emerging economies are driving the demand for luxury goods which is fueling growth of the luxury packaging market. According to World Bank data, the global middle class population is expected to grow from 2 billion in 2020 to over 5 billion by 2030. Additionally, increasing online sales of luxury products is supplementing market growth as e-commerce platforms are adopting attractive packaging solutions to enhance customer experience. While supportive macroeconomic factors are fueling market growth, increasing environmental concerns and stringent regulations around plastics may hinder the market to a certain extent over the forecast period.

SWOT Analysis

Strengths:
- Luxury packaging enhances brand image and commands premium pricing. It provides a sense of luxury and quality to end consumers.
- Innovative packaging materials such as glass, metals offer premium looks and feel. They increase brand visibility and exclusivity on shelf.
- Rising customization and personalization of luxury packaging according to product type boosts brand differentiation.

Weaknesses:
- Higher costs associated with luxury packaging materials and designs make it less affordable for mass market products.
- Sustainability concerns over non-recyclable or less recyclable luxury packaging materials like glass, metals.

Opportunities:
- Increasing spending power of millennials and Gen Z on luxury products drive the need for attractive luxury packaging.
- Growth of e-commerce and influencer marketing increase focus on visually appealing luxury packaging for online promotion of brands.

Threats:
- Stringent government regulations regarding the types of materials used in packaging can hamper the usage of certain luxury materials.
- Growing preference for sustainable packaging pose challenges to the usage of non-recyclable luxury materials like glass, metals.


Key Takeaways

The Global Luxury Packaging Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing spending on premium and luxury goods globally. Rising middle class population in emerging markets of Asia Pacific and Latin America is likely to spur demand for luxury packaged products in the coming years.

Regional analysis

The Asia Pacific region dominated the global luxury packaging market in 2023, accounting for around 35% of the total share. Improving economic conditions, rising disposable income, and increasing prestige associated with luxury brands are fueling the growth of luxury goods industry in regions like China, India. Europe is another major lucrative region for luxury packaging due to presence of many luxury fashion houses and cosmetic brands in countries like France, Italy, UK.

Key players

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). They are focused on product innovation, sustainable packaging solutions, and expansion in emerging markets.

Read More - https://www.dailyprbulletin.com/north-america-to-show-substantial-growth-in-the-global-luxury-packaging-market-over-the-forecast-future/

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