Currently, the Europe luxury packaging market is valued at US$ 2.3 billion and is projected to reach US$ 3.2 billion by 2033, with a compound annual growth rate (CAGR) of 3.5% between 2023 and 2033.
Luxury or specialty packaging refers to the research, development, design, and production of packaging and displays, particularly for high-end brands. The European luxury packaging market offers several advantages, including increasing product value, enhancing brand image, providing personalized packaging to enhance consumer engagement, diversifying products, and creating appeal among the audience.
Paper and paperboard are currently dominating the luxury packaging market in Europe, primarily due to their biodegradability, which aligns with sustainable packaging practices.
In recent years, there has been a growing emphasis on security packaging among luxury brands. This is driven by the fact that high-value products are more prone to theft. Security packaging helps in curbing pilferage and protecting the contents.
However, economic uncertainties in Europe may pose a constraint on the market. Consumers may prioritize basic needs over luxury goods and packaging due to the prevailing economic conditions.
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Future Market Insights conducted a comprehensive market study titled “Europe Luxury Packaging Market” to provide these insights and future perspectives. Their team of analysts and consultants employed a 360-degree view, encompassing primary, secondary, and tertiary modes of research.
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”
Key Takeaways from Europe Luxury Packaging Market
The UK is subject to an ever-expanding textile & fashion industry. As per the UKFT (United Kingdom Fashion & textile Association), fashion & textile industry does contribute to close to US$ 128 Billion to the economy of the country.
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.
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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The report would help leaders/new entrants in this Europe luxury packaging Market in the following ways:
• This report segments the Europe luxury packaging Market comprehensively and provides the closest market size projection for all sub segments across different regions.
• The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for Europe luxury packaging Market growth.
• This Europe luxury packaging Market report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, collaborations, contracts and acquisitions.
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, 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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