The packaging industry has been subject to criticism in recent years owing to its rampant use of plastic and other materials that are not environment-friendly. The luxury packaging market, which is a part of the global industry, was also not spared. In 2023, the market for luxury packaging appears to be on track to reach a valuation of US$10.4 billion. The market is anticipated to grow steadily between 2023 and 2033 at a CAGR of 5.5%, reaching US$ 17.9 billion in 2033. The leading companies in the international market will probably control between 15% and 20% of the market in 2023.
However, according to Future Market Insights (FMI), things are rapidly changing. Premium packaging solutions for luxury products are embracing sustainability as brands are looking to reduce their environmental footprint. Consumers too, are becoming more aware of the potential damage that unsustainable packaging solutions may trigger.
As a result, players in the luxury packaging market are embracing materials such as paper and paperboard. These materials, apart from being environment-friendly, are also ideal for laminations and coatings, which can make them look sophisticated. Luxury packaging companies are also focusing on personalization and customization, which give buyers a sense of exclusivity.
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Luxury brands are also turning to premium packaging boxes, cartons, and other types of high-end solutions for enhancing their products’ shelf appeal. Between 2023 and 2033, FMI anticipates rising e-commerce penetration to play a prominent role in accelerating the global market for luxury packaging as well.
Key Takeaways from Luxury Packaging Market
- From 2017 to 2022, the worldwide luxury packaging market accelerated at a slow 0% CAGR.
- The global market for luxury packaging was observed to have a value of US$ 9.8 billion in 2022.
- In 2023, the market is likely to reach a valuation of US$ 10.4 billion.
- Between 2023 and 2033, the market is slated to accelerate at a steady 5% CAGR.
- A US$ 17.9 billion valuation is likely for the market in 2033.
- Based on material, paper & paperboard are predicted to dominate the global market with a likely 50% share in 2033.
- In terms of product type, FMI expects the boxes & cartons segment to generate a US$ 2 billion absolute dollar opportunity.
“Sophisticated packaging makes sure that the products inside stay safe and protected from potential damage. However, that’s not all. It also adds to a product’s value. For luxury brands, premium packaging is also an advertisement platform as consumers are likely to flaunt it.”–Says an FMI Analyst
Who is Winning?
The worldwide market for luxury packaging is quite fragmented. However, despite this fragmentation, several companies have managed to carve niches of their own and dominate proceedings. According to FMI, luxury packaging companies are likely to invest heavily in research & development to make their solutions more competitively priced without compromising on sustainability.
Key players in the global luxury packaging market include Crown Holdings, Inc., International Paper Company, WestRock Company, Owens-Illinois, Inc., DS Smith plc, Stoelzle Glass Group, Ardagh Group S.A., Swiss Packaging LLC, Aptar Group Inc., and Robinson plc. Also, some of the noticeable players in the market are Sunrise Packaging Inc., Fleet Luxury Packaging, GPA Global, Npack Ltd., Neenah Paper, GZ Media, a.s., Burt Rigid Box Inc., and Taylor Box Company.
Key Takeaways from Luxury Packaging Market
- North America holds the largest market share due to the US being subject to large-scale sales of luxury goods. The UNCTAD (United Nations Conference on Trade and Development) has stated that the year 2019 saw sales through e-Commerce reach US$ 26.7 Trillion.
- Europe stands second on the analogous grounds and is expected to remain the same even going forward. Plus, the EPRC (European Paper Recycling Council), in its press release dated July 2020, states that paper recycling rate has higher recycling numbers and would continue with the same in the near future.
- The Asia-Pacific is expected to be led by China in the luxury packaging market. As per WITS (World Integrated Trade Solutions), China is the highest exporter of luxury goods like ornamental articles and statuettes.
Competitive Packaging
- Ardagh Group, in March 2022, announced of collaborating with Constellation Brands, Inc. for producing well-decorated wine bottles for the latter.
- GPA Global, in December 2021, announced completing acquisition of Polish Print & Packaging Facility from ASG. This acquisition is a stepping stone toward its strategic plan of expanding operations all across Europe.
- Delta Global, in August 2022, was conferred upon a Gold Award by EcoVadis for its stance on human and labor rights, sustainable procurement, and ethics.
- Groupe Caisserie Bordelaise, in January 2022, acquired Wildcat Packaging; thereby making an entry into custom luxury packaging.
- Fedrigoni, in October 2022, completed acquisition of Guarro Casas; thereby improvising on production of fine book covering, luxury packaging, and security applications.
- DS Smith, in March 2020, did announce opening of the very first recycling facility all across the US. The plant is capable of recycling more than 36K metric tons of old corrugated cardboard every year.
- Steklarna Hrastnik, in February 2021, did inaugurate the novel furnace for additional white flint glass. This new furnace has manufacturing capacity of nearly 120 tons, thereby rendering an additional white flint glass for cosmetics, spirits, and perfumes.
What does the Report package?
- The research study is based on packaging format (bags, pouches, boxes & cartons, bottles, and likewise), by material (paper & paperboard, plastic, wood, glass, metal, and fabrics), and by end-use industry (premium food, beverages, home & personal care, consumer goods, consumer electronics, fashion accessories & apparel).
- With brand owners increasingly opting for attractive and customized packaging, the global luxury packaging market is expected to grow on a remarkable note in the near future.
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Market Drivers and Restraints for Luxury Packaging
The luxury products market, which is the primary driver of the global luxury packaging industry, is predicted to rise at a high CAGR over the forecast period. The worldwide luxury packaging market is expected to rise due to an increase in the number of product launches in the fashion and cosmetics industries.
The need for innovation and innovations in luxury packaging is being driven by luxury goods manufacturers’ efforts in sustainable development, which is expected to enhance the global luxury packaging industry. The expansion of the global luxury packaging industry was further aided by the increased penetration of online shopping and travel retail.
The global Luxury Packaging market is dominated by the following prominent vendors*:
- MW Creative Ltd.
- Progress Packaging
- Design Packaging, Inc.
- HH Deluxe Packaging
- WINTER&COMPANY AG
- Ekol Ofset
- DS Smith
- Lucas Luxury Packaging
- Pendragon Presentation Packaging Ltd.
- Elegant Packaging
Various factors are responsible for the market’s growth trajectory, which are studied at length in the report. In addition, the report lists down the restraints that are posing threat to the global Luxury Packaging market. This report is a consolidation of primary and secondary research, which provides market size, share, dynamics, and forecast for various segments and sub-segments considering the macro and micro environmental factors. It also gauges the bargaining power of suppliers and buyers, threat from new entrants and product substitute, and the degree of competition prevailing in the market.
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Luxury Packaging Market: Region-wise Analysis
Based on the geographical regions, the Luxury Packaging market is broadly divided into seven segments – North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.
Global Luxury Packaging Market Segmentation:
On the basis of product type, the global luxury packaging market can be segmented as follows:-
- Rigid Box
- Cartons
- Bags
- Slipcases
- Folders
On the basis of packaging product, the global luxury packaging market can be segmented as follows:-
- Perfumes
- Cosmetics
- Fashion and Eyewear
- Wine and Alcohol
- Pastries and Sweets
On the basis of end users, the global luxury packaging market can be segmented as follows:-
- Food and Beverage Industry
- Retail and Consumer Products Industry
Global Luxury Packaging Market research report offers:
- Market definition of the global Luxury Packaging market along with the analysis of different influencing factors like drivers, restraints, and opportunities.
- Extensive research on the competitive landscape of global Luxury Packaging
- Identification and analysis of micro and macro factors that are and will effect on the growth of the market.
- A comprehensive list of key market players operating in the global Luxury Packaging market.
- Analysis of the different market segments such as type, size, applications, and end-users.
- It offers a descriptive analysis of demand-supply chaining in the global Luxury Packaging market.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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