Europe is projected to remain the most dominant region for the luxury packaging market during the forecast period 2022 -2032. Fashion accessories & apparel segment in end use industry is expected to represent the high demand for luxury packaging
NEWARK, Del., June 29, 2022 /PRNewswire/ -- The global luxury packaging market is projected to grow from $12.1 billion in 2022 and reach 18.3 billions by 2032 according Future Market Insights research. Sustainability has become a key trend among end-users as consumers have become more aware of environmental degradation and are seeking products and packaging that are eco-friendly. This has posed an increasing pressure on the public and end use industry to reduce the environmental impact of packaging. These implications have made the luxury packaging companies comply with sustainability, making them use eco-friendly materials like paperboard rather than non-recyclable plastics.
Many brand owners prioritize sustainable development by offering packaging products made from biodegradable and recycled materials. Furthermore, many leading companies are making investments in R&D for manufacturing eco-friendly packaging solutions due to an enhanced focus on sustainability. Thus, sustainability as a key trend in luxury packaging is likely to create a positive influence in the forecast period.
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Key Takeaways from Luxury Packaging Market
- Paper & paperboard is the most preferred material among the luxury packaging manufacturers and is estimated to hold the maximum market share during the forecast period. This is due to its ability to provide pristine graphics and eye-catching embellishments to the packaging of products.
- Boxes & cartons are the most used packaging format among the end-users as it provides rigidity, protection and aesthetic design to the product. This segment is projected to represent the highest incremental opportunity of US$ 2.2 Bn by the end of 2032.
- Based on end use industry, fashion accessories & apparel is estimated to be the major segment of the luxury packaging market and is projected to witness the CAGR of 3.1% over the forecast period. The growth of this segment is attributed to the rise in product launches and flagship stores that are augmenting the demand for luxury packaging.
- Europe and North America are estimated to be the most lucrative regions for the luxury packaging market. This growth is attributed to the changing lifestyles with rising consumer spending on luxury products, thus creating the demand for luxury packaging.
"Increasing adoption of sustainability in luxury packaging by the manufacturers that match the eco-friendly sentiments of the customers is expected to gain traction in the next few years. The consumer preferring luxury products for maintaining the social status propel the demand for luxury packaging" -comments FMI Analyst
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Changing Lifestyle Driving the Demand for Luxury Fashion Accessories & Apparel Augments the Sales of Luxury Packaging
Fashion Accessories & Apparel is the fastest-growing segment among all the end-use industries. Rapid urbanization, inflating disposable incomes, brand consciousness and changing lifestyle preferences are the main driving factors that are promoting the growth of the fashion accessories and apparel segment. Moreover, the rise in the number of product launches in the fashion accessories and apparel sector is fuelling the demand for luxury packaging products. With the rise in e-commerce and the number of flagship stores, the fashion accessories & apparel segment is expected to boost the demand for luxury packaging. All these factors are expected to create immense growth opportunities for luxury packaging manufacturers in the near future.
Impact of COVID-19 on Luxury Packaging Market
The severe outbreak of COVID-19 had negatively impacted the sales of luxury products, thereby creating a decline in the demand for luxury packaging products. The demand for luxury packaging is dependent on consumer goods, fashion accessories & apparel, premium food & beverages and home & personal care products. During the pandemic period, the lockdown measures and other restrictions across the regions impacted the industrial activities and trades, thus resulting in a decline in short-term demand for luxury packaging across the globe.
The halt in production, shortage of raw materials and disturbance in supply chains of manufacturing units had hardly hit the luxury packaging market, but with ease in guidelines by the government authorities and following safety guidelines had made a steady recovery for the target market. As the recovery commences, the luxury packaging market is likely to have a positive outlook during the forecast period.
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Luxury Packaging Market Landscape
- HH Deluxe Packaging
- Design Packaging Inc.
- Lucas Luxury Packaging
- DS Smith plc
- Ekol Ofset
- Pendragon Presentation Packaging
- Progress Packaging
- Keenpac
- McLaren Packaging
- WestRock Company
- Delta Global
- Luxpac Ltd.
- GPA Global
- Fleet Luxury Packaging
- MW Creative Ltd.
- Eurobox Packaging
- Dahlinger GmbH
- BC Boncar srl
- Stolzle Glass
- Ardagh Group
Are also noticeable players in the luxury packaging market? The Tier 1 players in the market hold 15-20% of the global luxury packaging market.
Luxury Packaging Market by Category
By Packaging Format:
- Bags
- Pouches
- Boxes & Cartons
- Bottles
- Others (Trays, etc.)
By Material:
- Paper & Paperboard
- Plastic
- Wood
- Glass
- Metal
- Others (Fabrics, etc.)
By End Use Industry:
- Premium Food
- Beverages
- Home & Personal Care
- Consumer Goods
- Consumer Electronics
- Fashion Accessories & Apparel
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Global Packaging Industry Analysis
3.4. Key Industry Perspective: What Industry Leaders are Saying?
3.5. Value Chain Analysis
3.5.1. Exhaustive List of Active Participants
3.5.1.1. List of Raw Material Suppliers
3.5.1.2. List of Manufacturers
3.5.1.3. List of End Users (Existing and Potential Buyer)
3.5.2. Profitability Margins
3.6. Forecast Factors -Relevance and impact
3.7. Macro-Economic Factors
3.8. Regulatory landscape
3.9. Regional Parent Outlook
3.10. Consumers Survey Analysis
4. Global Luxury Packaging Market Analysis 2015-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Bn) & Volume (Mn Units) Analysis, 2015-2021
4.2. Current and Future Market Size Value (US$ Bn) & Volume (Mn Units) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
TOC continued..!
Future Market Insights, in its new report, offers an unbiased analysis of the global luxury packaging market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on the luxury packaging based on packaging format (bags, pouches, boxes & cartons, bottles and others (trays, etc.)), material (paper & paperboard, plastic, wood, glass, metal and others (fabrics, etc.)), end use industry (premium food, beverages, home & personal care, consumer goods, consumer electronics and fashion accessories & apparels) across seven regions.
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Download complimentary copy of FMI's white paper on 'Intelligent Packaging for Circular Economy' in collaboration with Graham Packaging and Avery Dennison
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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