According to a report by market intelligence firm Future Market Insights, the Europe luxury packaging market is projected to reach a valuation of US$ 2.3 billion in 2023. The market is expected to grow at a slow but steady compound annual growth rate (CAGR) of 3.5% from 2023 to 2033, ultimately reaching a valuation of US$ 3.2 billion in 2033.
Europe is known for being home to numerous prestigious luxury brands with a global customer base, including renowned names such as Gucci (fashion), Ferrero Group (food), and Lisa Elridge (cosmetics). These brands understand the significance of using iconic and sophisticated packaging to appeal to their affluent consumers.
Brand managers and marketers are willing to invest significantly in packaging that exudes elegance and offers a personalized touch. The loyal customers of luxury brands expect the products and their packaging to showcase unique identification marks.
Many brand logos, colors, and designs have gained international recognition due to their distinct features that enhance brand recall. Manufacturers of luxury packaging in Europe are actively focusing on providing personalized pouches and bags tailored to carry high-end products.
Key players in the market who offer customized packaging services have the advantage of charging premium prices for creating packaging that precisely meets the clients’ requirements. This trend encourages more participants in the European luxury packaging market to offer personalized packaging services to cater to the growing demand.
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Key Takeaways from Europe Luxury Packaging Market
- Between 2015 and 2022, the Europe market for luxury packaging accelerated at an extremely sluggish 8% CAGR.
- The market’s value was around US$ 2.2 billion in 2022.
- The paper & paperboard segment is likely to dominate 40% of the market on the basis of material.
- The boxes & cartons segment is should accelerate at a slow but steady 8% CAGR between 2023 and 2033.
- The premium food, beverages, and home & personal care segments should combine to hold around 3/5th of the market from 2023 to 2033.
- The United Kingdom is projected to be a lucrative market for the luxury packaging and it is likely to expand around 6 times its current size in the years ahead.
“Luxury packaging companies should steer clear of using plastic to create products. This is due to the fact that governments across Europe are introducing stringent regulations for reducing plastic waste.”-says an FMI analyst
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
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Who is Winning?
From 2023 to 2033, FMI expects key players in the Europe market for luxury packaging to invest heavily in acquisitions. Collaborations with luxury brands are also likely as players look to cement their positions at the top end of the market.
The key players operating in the Europe luxury packaging market are 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., Euro Packaging Group, Alya Packaging, GZ Media, a.s., Neenah, Inc, Cantobox®, Via Aquaria UAB, GPA Global, Fleet Luxury Packaging, Max Luxury Packaging, IPL Packaging, Rudholm Group, Knoll Prestige Packaging, Billerud AB, Milo Group, MARBER S.R.L., and The Sherwood Group.
Get More Valuable Insights
Future Market Insights, in its new report, offers an unbiased analysis of the global luxury packaging market, analyzing historical demand from 2015 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the luxury packaging market on the basis of material (paper & paperboard, plastic, wood, glass, metal, fabric), packaging format (bags, pouches, boxes & cartons, bottles), end use (premium food, beverages, home & personal care, consumer electronics, fashion accessories & apparels) across prominent European countries.
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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
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Future Market Insights (ESOMAR certified 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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