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The luxury packaging market share is expected to increase by USD 4.48 bn from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5.45%.
This luxury packaging market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers luxury packaging market segmentations by end-user (personal and medical care, food and confectionery, beverage, and others), material (paperboard, glass, plastic, and others), and geography (APAC, Europe, North America, MEA, and South America). The luxury packaging market report also offers information on several market vendors, including Amcor Plc, Crown Holdings Inc., DS Smith Plc, Ekol Ofset, GPA Global, HH Deluxe Packaging, International Paper Co., POLLARD GROUP, Progress Packaging Ltd., and WestRock Co. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increased importance of aesthetically appealing packaging is notably driving the luxury packaging market growth, although factors such as rise in cost of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the luxury packaging industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Luxury Packaging Market Driver
The increased importance of aesthetically appealing packaging is one of the key factors driving the growth of the global luxury packaging market. The major vendors in the cosmetic industry are Unilever, L'OREAL, SHISEIDO, and P&G. The beauty and cosmetic industry market is growing in various geographies. For instance, the beauty products market is witnessing continuous growth, and in emerging markets, such as India, the UAE, China, Iran, South Africa, and Malaysia, it is witnessing rapid growth. This increase in the sales of beauty products is due to the surge in professional make-up treatments, growing style adoption among the new generation, and an increase in exclusive branded make-up retail stores. In the beauty and cosmetic industry, lipstick is the highest-selling product. Due to the growth in the beauty product market, the worldwide demand for luxury packaging increased. There is a significant shift in the perception of consumers and manufacturers of consumer goods about packaging. Earlier, consumers looked only at the price and name of the product on the packages. Today, they base their purchase decisions on the design of the package, colors, ingredients used, and the convenience of carrying use, and disposal.
Key Luxury Packaging Market Trend
Increasing demand for sustainable packaging materials will fuel the global luxury packaging market growth. Many vendors in the market are adopting environment-friendly policies for sustainable development. Consumers also look for products, which are eco-friendly and bio-degradable. Vendors are increasingly investing in R&D to develop materials, which can be recycled but do not compromise on properties, such as moisture, friction, and heat resistance. For example, companies such as The Dow Chemical Company and Braskem have been investing heavily in developing technologies to produce bio-based polymers through biomass. The demand for soluble and biodegradable films is expected to increase at a steady pace during the forecast period. With the improvement in technology, novel applications of these products are being developed to fulfill the end-user demand for specialty, sustainable, and high-performance films, which are also used in packaging luxury goods. Manufacturers in the alcoholic beverage packaging industry not only develop products to preserve packed alcoholic beverages but aim to protect their quality for longer periods.
Key Luxury Packaging Market Challenge
The rise in the cost of raw materials is a major challenge for the global luxury packaging market growth. Raw materials, such as plastic, aluminum, and paper that are used to manufacture luxury packaging products, have volatile prices that are based on their demand and supply. The widening of the demand-supply gap in the last few years has led to a substantial surge in the cost of raw materials. In addition, suppliers of raw materials price their products at several rates. An increase in the prices of raw materials, such as plastic resins, has an impact on the manufacturing cost of luxury packaging products, which leads to reduced profit margins for the luxury packaging vendors. To remain competitive in the market, manufacturers are experimenting with less expensive substitutes. Sonoco-Alcore has announced an increase in the prices of recycled paperboard by a further $59/ton to tackle the increased recovered paper and other raw material costs. Hence, the fluctuation in the price of raw materials is expected to restrict the growth of the alcoholic beverage packaging market during the forecast period.
This luxury packaging market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
The global luxury packaging market is a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the luxury packaging market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the luxury packaging market encompasses successful business strategies deployed by the key vendors. The luxury packaging market is fragmented and the vendors are deploying growth strategies such as product offerings, differentiation, quality of luxury packaging products, pricing of luxury packaging products, and innovative technologies used in packaging to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The luxury packaging market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the luxury packaging market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global specialty chemicals market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Material
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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