Luxury rigid boxes market is projected to reach over US$ 5.4 Bn by 2030, as per the new market study published by the ESOMAR-recognized research firm Future Market Insights.
Luxury rigid boxes have been an ideal solutions for product premiumization. They add to the appearance and aesthetics, boosting sales of the beauty and personal care products. This has prompted the end-use segment to use luxury rigid boxes to make impactful designs to lure in more consumers. With a booming beauty products market, analysts anticipate that luxury rigid boxes will see excellent growth opportunities.
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The global leaders of beauty and personal care industries including Unilever, L’Oréal, Estée Lauder Procter & Gamble, and Shiseido and Coty have collectively reported soaring revenues, which is expected to translate with bigger budgets for luxury packaging of products. North America and Asia Pacific leading market for beauty and personal care markets and holding nearly 64% market share. All of these statistics point towards brilliant growth opportunities for luxury rigid boxes, which are continuously evolving to keep up with the changing demands. Today, demand for eco-friendly packaging materials is also being factored in the production of luxury rigid boxes.
New stores are rapidly opening in developed and developing countries to fulfil the increased demand from people for luxury goods such as expensive watches, jewelry, apparels, and many others. The increased expenditure of individuals and willingness to buy customized products are key factors due to which the luxury goods market is growing.
In the luxury goods market, packaging plays a significant role in increasing product value. The growth in openings of luxury product stores in Europe, Asia Pacific, and North America is estimated to increase the demand for luxury boxes in the forecast period.
How Global Luxury Goods Market Boosts the Demand for Luxury Rigid Boxes?
New stores are rapidly opening in developed and developing countries to fulfil the increased demand from people for luxury goods such as expensive watches, jewelry, apparels, and many others. The increased expenditure of individuals and willingness to buy customized products are key factors due to which the luxury goods market is growing.
In the luxury goods market, packaging plays a significant role in increasing product value. The growth in openings of luxury product stores in Europe, Asia Pacific, and North America is estimated to increase the demand for luxury boxes in the forecast period.
Luxury rigid boxes Market Landscape
The global luxury rigid boxes market is fragmented and it is anticipated to witness tough competition among the manufacturers across several regions. This market consist of strong key players focusing on innovative product development. Besides this, new players are entering into the market owing to significant sales creation with the increasing demand for luxury boxes in cosmetics, food and beverages and personal care industries.
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The key players of global luxury rigid boxes market are
- Robinson Plc,
- McLaren Packaging Ltd,
- DS Smith Packaging Limited,
- PakFactory,
- Madovar Packaging Inc.,
- Burt Rigid Box, Inc.,
- Holmen AB ADR (Iggesund Paperboard),
- Elegant Packaging,
- Elite Marking Systems,
- Design Packaging, Inc.,
- Bigso Box Of Sweden,
- ACG | Ecopack (Finn Industries, Inc.):,
- JohnsByrne, Sunrise Packaging, Inc.,
- Asia Korea Printing Inc.,
- Bell Printers,
- Prime Line Packaging,
- Autajon, Npack ltd.,
- Taylor Box Company, among others.
Key Takeaways of Luxury rigid boxes Market Study
- Consumer goods industry is estimated to account for more than 1/3rd of the luxury rigid boxes market by 2030
- Two piece boxes estimated to have an incremental opportunity of US$ 268 Mn by 2025
- Paper and paperboard estimated to account for 68% of the global market by value, and reach slightly over US$ 3.6 Bn in 2030
- Magnetic closure is estimated to gain by 180 bps of current market share during the forecast period
- Foam inserts are estimated to have a significant market share by insert types, accounting for more than half of the market share by 2030
- Asia Pacific is estimated to have an incremental opportunity of US$ 930 Mn by 2030 with the increasing demand for luxury boxes for confectionery product packaging
“Luxury rigid boxes are the elegant and sophisticated medium for presenting products. Additionally, these boxes promote impulse purchasing of the products. Demand for luxury rigid boxes among end users is consistently increasing to build and enhance positive brand image. In spite of declining phase of luxury rigid boxes market in 2020 due to COVID 2019, significant revenue generating opportunities are anticipated with explosive nature of e-commerce and digital shopping,” says and FMI analyst.
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Players Aim at Mergers & Acquisitions to Expand Product Portfolio
As a part of growth strategy, companies are emphasizing on mergers & acquisitions of small or medium sized specialized companies in order to expand their product portfolio, market footprint, increasing brand value, strengthen supply chain network etc. Some of the deals in past years are as follows –
- In January 2022, Metsä Board, the paperboard and packaging manufacturer, introduced new luxury box named SkinCare 2.0 gift box which uses fibre-based materials to replace plastic
- In November 2021, Fresnels Inc, the company which provides packaging solutions, developed a new recycled folding carton features dynamic nanotechnology decorative elements to catch the eye and interact with customers in the retail beverages environment.
Catering to the growing sentiment of eco-friendly packaging to reduce the pressure on landfills and to ensure responsible packaging is expected to create worthwhile opportunities for the players.
