The luxury packaging market size was valued at USD 17.98 billion in 2023 and is expected to be worth USD 18.79 billion in 2024. The market is projected to reach USD 28.23 billion by 2032, recording a CAGR of 5.22% during the forecast period. The global luxury packaging market has experienced significant growth, driven by increasing consumer demand for premium products and the expansion of e-commerce platforms. This report provides a comprehensive analysis of the market's size, share, segmentation, and key drivers influencing its trajectory. Several market players have started using digital technologies to improve the overall visual appeal of the packaging materials.
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Segmentation:
Paper & Paperboard Widely Used in Luxury Packaging Products Due to Their Recyclability and Sustainability
Based on material, the market is segmented into paper & paperboard, metal, glass, plastic, and others. The paper & paperboard segment has captured the largest share of the market as this material offers various lucrative features, such as high recyclability and sustainability, making it a preferred choice among brands wanting to become eco-friendly.
Demand for Boxes & Cartons Rises Owing to Their Customizability
Based on product type, the market is segmented into boxes & cartons, bottles, bags & pouches, cans & jars, and others. The boxes & cartons segment is dominating the global luxury packaging market share as these products offer brands the option to customize their packaging in different ways to help them stand out from their competitors.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- DS Smith (U.K.)
- Ardagh Group (Luxembourg)
- Stoelzle Glass Group (Austria)
- WestRock (U.S.)
- Crown Holdings Inc. (U.S.)
- O-I Glass, Inc. (U.S.)
- Amcor Plc (Switzerland)
- IPL Packaging Inc. (China)
- Thou Luxury Packaging (India)
Key Market Drivers
- Rising Demand for Premium Products: Luxury goods such as perfumes, cosmetics, and high-end beverages demand distinctive packaging that aligns with brand positioning.
- Brand Differentiation & Customer Experience: Luxury packaging plays a crucial role in storytelling and providing an immersive unboxing experience.
- Growth of E-commerce and Direct-to-Consumer Channels: Brands are investing more in packaging to compensate for the lack of physical retail experiences.
Regional Insights:
North America Dominates Global Market Due to Strong Expansion of Food & Beverage Sector
North America is dominating the global market owing to the robust expansion of the region’s food & beverage industry. An increasing number of customers are indulging in gourmet foods due to their rising disposable incomes, which will boost the need for luxurious packaging solutions.
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