The luxury packaging market in Europe is poised for substantial growth, with its value expected to reach US$ 2.3 billion by 2023. Despite a comparatively slow 3.5% CAGR from 2023 to 2033, the market is projected to accelerate, reaching a valuation of US$ 3.2 billion by 2033. Leading European markets are anticipated to hold a significant share, accounting for 40 to 45% of the global specialty packaging industry.
Luxury or specialty packaging plays a crucial role for premium brands as it adds value to products, enhances brand image, and offers personalized packaging to improve consumer engagement. The appeal of luxury packaging diversifies products and creates a strong impression in the minds of consumers, increasing their willingness to invest in such premium products.
Among the various materials used in luxury packaging, the paper & paperboard segment is expected to dominate sales in the region, contributing to an impressive 40% of the market’s revenue in 2023. This segment’s dominance is likely to continue growing between 2023 and 2033.
In recent years, luxury brands have been increasingly focusing on security packaging to combat package pilferage, which is a concern due to the high value of luxury products. Additionally, players in the luxury packaging industry are incorporating authentication technology to verify the authenticity of their products, setting them apart from counterfeit items.
Despite facing challenges from the COVID-19 pandemic, which resulted in sluggish growth between 2015 and 2022, the market for luxury packaging in Europe still managed to reach US$ 2.2 billion in 2022. Looking ahead, the market is expected to present a US$ 1.0 billion absolute dollar opportunity, expanding to approximately 1.4 times its current size by 2033.
An analyst from Future Market Insights commented, “With packaging being considered as equally important as the product itself, the Europe luxury packaging market is expected to witness significant growth in the forecast period”
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Key Takeaways:
- Europe’s luxury packaging market is expected to be valued at US$ 2.3 billion in 2023.
- The market is projected to have a sluggish 3.5% CAGR from 2023 to 2033, leading to a valuation of US$ 3.2 billion in 2033.
- Leading European markets are anticipated to secure 40 to 45% share in the global specialty packaging industry.
- The paper & paperboard segment will dominate luxury packaging sales, contributing 40% of revenue in 2023.
- There is a growing focus on security packaging to combat package pilferage and an increasing incorporation of authentication technology.
- Despite the challenges posed by the COVID-19 pandemic, the market reached US$ 2.2 billion in 2022.
- The market is expected to present a US$ 1.0 billion absolute dollar opportunity from 2033 to 2033, expanding to approximately 1.4 times its current size.
Competitively Luxury Packaging
- Mainetti Group, in January 2023, did announce acquiring Centurybox Group (based out of Belgium) for enhancing sustainability with respect to luxury packaging.
- TriMas Packaging, in February 2023, did announce that it had acquired Aarts Packaging (a specialty packaging company based out of The Netherlands).
- GPA Global, in November 2021, did announce acquiring a packaging manufacturing site on Poland’s capital’s outskirts (Warsaw). ASG Spark owned this site before. The area consists of 8000 square meters.
- Securikett, in August 2021, did announce launching security seal to render packaging tamper proof. Paper-based seal comes across as an eco-friendly solution to today’s security requirements in packaging sector.
Key Players:
- DS Smith plc
- Crown Holdings, Inc.
- Stoelzle Glass Group
- Aptar Group, Inc.
- International Paper Company
- WestRock Company
- Ardagh Group S.A.
- Owens-Illinois, Inc.
- Robinson plc
- Swiss Packaging LLC
- Npack Ltd.
- Alya Packaging
- GZ Media, a.s.
- Neenah, Inc.
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United Kingdom’s Fashion Industry Drives Luxury Packaging Sales
The burgeoning fashion and textile industry in the United Kingdom is playing a significant role in supplementing sales of luxury packaging. With the industry contributing a substantial amount to the country’s economy, estimated at US$ 128 billion according to the UK Fashion & Textile Association (UKFT), there is a growing demand for high-end packaging solutions.
Consumer spending on fashion and textiles in the United Kingdom is on the rise, reaching a staggering US$ 45 billion annually. This increased spending is driving the need for luxurious and visually appealing packaging to match the premium nature of fashion and textile products. With around 34,000 businesses operating in the United Kingdom’s fashion and textile sector, it is positioned to be a leading destination for luxury packaging companies in Europe.
As a result, the United Kingdom’s thriving fashion industry is propelling the growth of luxury packaging sales, showcasing its importance in creating a premium and captivating product experience for fashion and textile consumers
The report on the Europe luxury packaging market provides valuable insights and benefits to leaders and new entrants in the following ways:
- Comprehensive Segmentation: The report offers a comprehensive segmentation of the Europe luxury packaging market, providing accurate market size projections for all sub-segments across different regions. This segmentation allows stakeholders to have a clear understanding of the market dynamics and identify specific areas of opportunity.
- Market Pulse Understanding: By studying this report, stakeholders can grasp the pulse of the market and gain valuable information on key drivers, restraints, challenges, and opportunities for growth in the Europe luxury packaging market. This insight helps them make informed decisions and develop effective strategies to capitalize on market trends.
- Competitive Analysis: The report enables stakeholders to better understand their competitors and gain insights to enhance their position in the business. The competitive landscape section of the report highlights product launches, developments, collaborations, contracts, and acquisitions within the Europe luxury packaging market. This information helps stakeholders identify their competitive edge and formulate strategies to stay ahead in the market
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Europe Luxury Packaging Market by Category
By Material:
- Paper & Paperboard
- Plastic
- Wood
- Glass
- Metal
- Fabric
By Packaging Format:
- Bags
- Pouches
- Boxes & Cartons
- Bottles
By End-Use:
- Premium Food
- Beverages
- Home & Personal Care
- Consumer Electronics
- Fashion Accessories & Apparels
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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