The global luxury packaging market is expected to experience significant growth in the coming years. By 2023, it is projected to reach a valuation of US$10.4 billion, with a steady compound annual growth rate (CAGR) of 5.5% until 2033, when it is estimated to reach US$17.9 billion. Top players in the industry are anticipated to hold a 15-20% share of the global market in 2023.
Luxury packaging plays a crucial role in showcasing the sophistication of premium brands to their target audiences. It not only provides protection but also visually stimulates consumers. Many luxury brands consider it as a value-added feature, believing that customers are willing to pay higher prices for products packaged in a sophisticated manner. The packaging itself becomes a means of advertising, as customers of luxury brands often display and flaunt it.
The food and beverages segment is expected to drive substantial demand for premium packaging solutions, particularly for alcoholic beverages, cookies, and biscuits. This segment is estimated to hold around 51% of the market value share in 2033. The growing desire for premium products and the need for visually appealing protection are driving the demand for luxury packaging.
According to Future Market Insights (FMI), the luxury packaging market presents lucrative opportunities for players between 2023 and 2033, with an estimated absolute dollar opportunity of US$8.1 billion. With the increasing adoption of customized and attractive packaging by brand owners, the market is predicted to grow 1.7 times its present valuation during this period.
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Based on FMI research, North America and Europe are expected to be the dominant regional markets in the next decade, collectively accounting for 50% of the global market. The consumption of luxury products in these regions is on the rise.
Key takeaways:
- The global luxury packaging market is projected to reach US$10.4 billion in 2023, with a CAGR of 5.5% until 2033.
- Luxury packaging enhances the value and shelf appeal of premium products.
- The food and beverages segment is a significant driver of demand for luxury packaging, accounting for 51% of the market value share in 2033.
- The market presents lucrative opportunities, with an estimated absolute dollar opportunity of US$8.1 billion.
- North America and Europe are expected to be the dominant regional markets, accounting for 50% of the global market.
Competitive Landscape
Fragmentation is one of the characteristics of the global market for luxury packaging right now. As a result, premium packaging companies are focusing on innovation to get themselves ahead of the significant fragmentation in the market. Collaborations are also likely from 2023 to 2033 based on developments from the recent past.
For instance:
- In February 2023, the Fedrigoni Group announced a partnership with a paper mill company based in China’s Zhejiang province.
- In February 2023, TriMas announced that it has acquired Aarts Packaging.
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- Design Packaging Inc.
- HH Deluxe Packaging
- DS Smith plc
- Lucas Luxury Packaging
- Pendragon Presentation Packaging
- Ekol Ofset
- Keenpac
- Progress Packaging
- WestRock Company
- McLaren Packaging
Regional Outlook:
Surging Demand for Luxury Packaging in the United States Driven by Thriving E-commerce Sector
The United States is poised to become the dominant market for luxury packaging in North America, with a projected incremental value of US$2.4 billion between 2023 and 2033. This anticipation is primarily attributed to the escalating sales of luxury goods through the country’s thriving e-commerce sector. Despite the economic uncertainties caused by the COVID-19 pandemic, e-commerce in the United States has shown resilience and growth, as highlighted by statistics from the National Retail Federation and the United Nations Conference on Trade and Development. With the worst of the pandemic behind, the e-commerce expansion is expected to further contribute to the acceleration of the luxury packaging market in the United States.
China’s Strong Position in the Global Market for Luxury Packaging Driven by Local Sales and Exports
China, known for its rapidly developing economy, has witnessed a remarkable surge in luxury product sales in recent years. The increasing purchasing power of China’s population has been a significant factor in this growth trend, with no signs of slowing down. Future Market Insights (FMI) predicts a moderate 5.9% compound annual growth rate (CAGR) to continue propelling the China market for luxury packaging in the coming years.
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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 Us:
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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