Global Luxury Packaging Market - Forecasts from 2019 to 2024

Global luxury packaging market is projected to grow at a CAGR of 3.83% during the forecast period, reaching a total market size of US$18.284 billion in 2024 from US$14.593 billion in 2018. Rising demand for personalized packaging and aesthetically appealing packs is the key driver of the luxury packaging market. Emerging economies such as China, India, Brazil, and Australia are experiencing rapid adoption of Western culture which is fueling the demand for luxury packaging of various consumer products such as watches, jewelry, cosmetics, and fragrances among others. This increase in demand for luxury packaging in developing regions of the world is majorly attributed to rapid economic growth, increasing purchasing power and living standards, and changing the lifestyle of people. Consumers demand aesthetically appealing packaging due to the greater perception of value it can add to the product. As a result, manufacturers are investing more in the design and development of innovative luxury packaging solutions which will bolster the growth of the global luxury packaging market in the forthcoming years. Furthermore, the launching several products in the fashion and cosmetic sector as per the consumers’ needs in different regions is also anticipated to augment the demand for luxury packaging in the near future. Growing global e-commerce industry is another factor that will drive the growth of the global luxury packaging market during the forecast period. However, environmental sustainability issues regarding the use of plastic as packing material and volatility in raw material prices will hinder the growth of the luxury packaging industry during the forecast period.

By material, in terms of value paperboard accounts significant share in the market followed by glass. Metal and plastic are also expected to grow at the noteworthy rate owing to cost benefits it provides over the traditional paper packaging solutions. Besides, innovation in the plastic industry and high demand from end customers are some of the factors driving the demand for plastic luxury packaging solutions and products.

By application, the global luxury packaging market has been segmented as tobacco, alcoholic drinks, watches and jewelry, confectionery, cosmetics and fragrances, and others. Cosmetics and Fragrances held the significant share of global luxury packaging market in 2018 and is expected to grow at a noteworthy rate over the forecast period. This growth is majorly attributed to rising global ageing population, increased spending on personal grooming by younger generation, and high demand for natural deodorants and perfumes. Alcoholic drinks also hold a considerable market share owing to the rising consumption of beer and wine, especially by women. However, watches and jewelry will witness the fastest market growth due to increased spending by consumers on these accessories and the high volume of imported watches to be sold in developing economies.

By geography, Europe is anticipated to have a note able market for luxury packaging solution in 2018, followed by North America. Asia Pacific region is anticipated to be one of the fastest-growing regions owing to growing disposable income and expanding the consumer goods industry in developing countries like India and China. Also, factors driving growth in the North America region are rising purchasing power attributable to a buoyant job market, healthy advertising landscape, and expansion of retail outlets in the luxury goods segment.

Major industry players profiled as part of the report are Classypac, WestRock, International Paper, Curtis Packaging, Fleet Luxury, Ijen and Italesse among others.

Segmentation

Global luxury packaging market has been analyzed through following segments:

By Material

• Paperboard
• Metal
• Glass
• Textile
• Plastic
• Others

By Application

• Tobacco
• Alcoholic Drinks
• Watches and Jewellery
• Confectionery
• Cosmetics and fragrances
• Others

By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• UK
• Spain
• Others

Middle East and Africa

• Israel
• Saudi Arabia
• Others

Asia Pacific

• China
• Japan
• South Korea
• India
• Others