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.
What will the Luxury Packaging Market Size be During the Forecast Period?
Download Report Sample to Unlock the Luxury Packaging Market Size for the Forecast Period and Other Important Statistics
Luxury Packaging Market: Key Drivers, Trends, and Challenges
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.
Parent Market Analysis
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.
Who are the Major Luxury Packaging Market Vendors?
The report analyzes the market’s competitive landscape and 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.
- WestRock Co.
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.
Product Insights and News
- Amcor Plc - The company offers luxury packaging named LUXPREM, a prestigious capsule for champagne and sparkling wines.
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.
Luxury Packaging Market Value Chain Analysis
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:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Service
- Support activities
- Innovation
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Which are the Key Regions for Luxury Packaging Market?
For more insights on the market share of various regions Request PDF Sample now!
41% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for luxury packaging market in APAC. Market growth in this region will be faster than the growth of the market in regions.
The increased importance of aesthetically appealing packaging will facilitate the luxury packaging market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The market in the region has witnessed certain challenges due to the COVID-19 pandemic. India, China, Pakistan, and Bangladesh are some of the most affected countries by the pandemic in the region. For instance, as of August 10, 2021, the total number of COVID-19 affected cases in India was 32 million. Many medical laboratories in the region have announced a partial shutdown of their operations due to the COVID-19 pandemic. For instance, in March 2020, a large fraction of pathology labs in India announced a temporary shutdown. Hence, such factors can affect the demand for coatings for medical devices, which may hinder the potential growth of the market in 2020. However, the regional market is expected to recover during the forecast period due to the decrease in the number of COVID-19 cases and relaxation in lockdown measures, which resulted in the resumption of operations in the pathology and medical laboratories.
What are the Revenue-generating End-User Segments in the Luxury Packaging Market?
To gain further insights on the market contribution of various segments Request PDF Sample
The luxury packaging market share growth in the General surgery segment will be significant during the forecast period. The rising demand for surgeries leads to the increasing use of medical devices, such as forceps, spatulas, retractors, clamps, suction tubes, and needle holders, which are the basic requirements for performing any surgery. Furthermore, advanced and costly surgical equipment, surgical robots, which must be coated with specialized coatings, are being used.
This report provides an accurate prediction of the contribution of all the segments to the growth of the luxury packaging market size and actionable market insights on post COVID-19 impact on each segment.
|
Luxury Packaging Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2020 |
|
Forecast period |
2021-2025 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.45% |
|
Market growth 2021-2025 |
$ 4.48 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
4.54 |
|
Regional analysis |
APAC, Europe, North America, MEA, and South America |
|
Performing market contribution |
APAC at 41% |
|
Key consumer countries |
China, US, Japan, Germany, and India |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
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. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Luxury Packaging Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive luxury packaging market growth during the next five years
- Precise estimation of the luxury packaging market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the luxury packaging industry across APAC, Europe, North America, MEA, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of luxury packaging market vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch