Projected to achieve a valuation of US$ 10.4 billion in 2023, the global luxury packaging market is set for continuous growth, with a steady Compound Annual Growth Rate (CAGR) of 5.5% anticipated from 2023 to 2033. By 2033, the market is expected to reach an impressive US$ 17.9 billion. Leading players in the global arena are poised to command a substantial 15% to 20% share of the industry by 2023, underscoring the competitive landscape and the influential role these key players play in shaping the trajectory of the luxury packaging market on a global scale.
Elevating premium products, luxury packaging plays a crucial role in setting them apart and boosting their shelf appeal, influencing how consumers perceive them in a retail environment. Brands often utilize various types of luxury packaging, such as bags, boxes, cartons, and pouches, to create a distinct and sophisticated presentation. Additionally, many companies opt for customized solutions to accommodate products with unique shapes, reinforcing the brand’s commitment to delivering a tailored and premium experience to consumers.
The flourishing e-commerce landscape in the United States is poised to offer lucrative prospects for participants in the luxury packaging market, with FMI projecting the nation to assert its dominance in North America from 2023 to 2033. Forecasts suggest a significant incremental growth of US$ 2.4 billion attributable to the U.S. market. This optimistic outlook is fueled by the surging sales of luxury goods within the robust e-commerce sector, underscoring the pivotal role of online retail in propelling the demand for sophisticated and appealing luxury packaging solutions in the United States.
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Customized packaging solutions are being asked for with growing preference for personalization. These solutions are in great demand in fashion & apparel, jewelry, watches, and premium beverages verticals.
At the same time, the fact that heavy and bulky products are not much into adoption of luxury packaging can’t be ignored. Their packaging, in fact, involves higher costs in terms of printing, material, machinery – which could be restraining the luxury packaging market in the near future.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Luxury Packaging Market’. Its dedicated team of analysts and consultants has used its bottom-up approach embedding both – macros and micros in its primary, secondary, and tertiary modes of research.
“With rising consumption of luxury and premium goods, the global luxury packaging market is slated to grow on a good note in the forecast period”, says an analyst from Future Market Insights.
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.
The Key Players Are-
- Design Packaging Inc.
- HH Deluxe Packaging
- DS Smith plc
- Lucas Luxury Packaging
- Pendragon Presentation Packaging
- Ekol Ofset
- Keenpac
- Progress Packaging
- WestRock Company
- McLaren Packaging
High Sustainability of Paper & Paperboard to Make it Most Preferred Material for Luxury Packaging
By 2033, the premium packaging industry is anticipated to be largely dominated by the paper & paperboard segment, commanding an impressive 50% share of the global market based on materials. This dominance is attributed to the inherent advantages of both paper and paperboard, including high recyclability, notable sustainability credentials, and inherent strength, positioning them as preferred choices for premium packaging solutions on a global scale.
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Luxury Packaging Market by Category
By Material:
- Plastic
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Bioplastics
- Paper & Paperboard
- Corrugated Board
- Specialty Papers
- Boxboard/Carton Board
- Kraft Papers
- Molded Pulp
- Metal
- Glass
- Fabric
- Wood
By Product Type:
- Bags
- Pouches
- Boxes & Cartons
- Bottles
- Composite Cans
By End Use:
- Fashion Accessories & Apparels
- Watches
- Jewellery
- Sunglasses
- Shoes
- Perfumes
- Apparels
- Food & Beverages
- Cookies & Biscuits
- Chocolates
- Sweets
- Alcoholic Beverages
- Consumer Goods
- Flowers
- Ceramics
- Glass & Metal Crafts
- Consumer Electronics
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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