According to the latest report by IMARC Group, titled “Luxury Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the luxury packaging market. The report also includes competitor and regional analysis, and contemporary advancements in the market. 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 refers to the art of presenting products in an exquisite and sophisticated manner, elevating the overall consumer experience. The process involves the use of high-quality materials, meticulous craftsmanship, and innovative design elements to captivate and entice discerning customers. It plays a crucial part in protecting the product against any damage. It also evokes emotions and creates a memorable unboxing experience, leaving a lasting impression on the customer’s mind. As a result, it is widely used in end industries such as fashion, cosmetics, jewelry, and spirits. Currently, luxury packaging is gaining traction on account of the evolving market trends and changing consumer preferences, due to which key players are introducing new solutions with enhanced functionality and multi-use designs.
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Global Luxury Packaging Market Trends:
The extensive utilization of sustainable and bio-degradable packaging solutions is driving the global market. Moreover, the growing popularity of gifting culture is propelling the demand as luxury packaging adds an extra layer of luxury and exclusivity to the gift, making it more memorable and cherished. In response to the rising sales, several leading players are launching packaging equipped with radio-frequency identification (RFID) tags or decorative holograms, along with returnable packaging options to cater to the unique challenges presented by online retailing and product counterfeiting, thus providing a boost to the market. Additionally, continuous technological advancements and the widespread integration of automation in the production processes are acting as another growth-inducing factors.
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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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