Personalized luxury packaging & eco-friendly packaging will revolutionize the global luxury packaging market
Arizton’s recent market research report on the global luxury packaging market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by material (paper and paperboard, plastics, glass, metal, wood, and other), by end-users (cosmetics and fragrance, premium alcoholic drinks, fashion and leather goods, gourmet food and beverages, watches and jewellery, confectionery, tobacco, and others), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The global luxury packaging market is projected to generate revenues of over $21 billion by 2024, growing at a CAGR of around 5% during 2018-2024.
The market research report also offers market share analysis in terms of volumes (mn tons) during the forecast period. The exponential growth of the luxury good industry and the demand for cosmetics and fragrances, watches and jewelry, drinks, fashion, leather goods, tobacco, confectionery, and handbags are propelling the growth of the global market. The increasing focus on building brand recognition and memorability is encouraging the vendors to use multi-sensory packets in the global luxury packaging market.
The top 3 drivers and trends contributing to the revenues in the global luxury packaging market are discussed below:
Increased demand for personalized packaging
The global luxury packaging market is witnessing the trend of personalization or customized packages. The growing need to maintain a brand’s position innovative, fresh, and stunning to attract new and existing customers will drive the demand in the global market. The leading vendors are focusing on personalized packages to differentiate from competitors and are continually building a perceivable and appealing image, which addresses consumers on a more personal note in the market. The dynamic consumer preferences are encouraging the players to leverage innovations and designs in the global luxury packaging market. Personalized designs allow the product to be novel and personal to the consumer in the market. This tactic is gaining popularity as efforts from the brand to engage consumers and make them feel that efforts are taken by companies to build a relationship with them. Technological advancements have risen the surge of personalization in the global market. For instance, Nutella offering personalized jars, and, particularly, Coca Cola’s “Share a Coke” campaign, which began the personalized packaging trend to the global market. Customers develop relationships with brands that succeed in delivering a personalized and customized experience in the global luxury packaging market.
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Sustainability to become an integral part of the luxury packaging
The increasing focus on sustainability by renowned brands and consumers will revolutionize the global luxury packaging market. The leading brands are investing in the production of eco-friendly yet luxurious packets in the market. Responsible packaging includes an entire host of new concerns for the global luxury packaging market such as cost, material choice, practicality, aesthetics, and preserving brand image. The rising number of consumers are becoming environmentally conscious and are seeking out more sustainable lifestyle choices thereby, driving the need for eco-friendly and recyclable products in the market. This drastic shift in consumer preferences is encouraging manufacturers to obtain the sustainable packaging coalition status and use an eco-friendly material such as paperboard instead of plastics in the market. The manufacturers are opting for eco-friendly materials such as paperboard instead of plastics and are reducing the environmental impact of the manufacturing process by implementing lightweight techniques in the global luxury packaging market. For instance, Gucci, an international fashion brand, has redesigned its luxury packaging with 100% recyclable FSC (Forest Stewardship Council) certified paper and reduced excess wastage.
E-commerce to revolutionize packaging formats and templates
The emergence of e-commerce websites is revolutionizing the transportation and exchange of goods and boost demand in the global luxury packaging market. The changes in the business models and the need for convenience, fast fulfillment, and smart packaging solutions will drive the development of the global market. The leading manufacturers are increasingly adopting multiple packaging formats to suit their sale channels in the global luxury packaging market. For instance, seamless rectangular and octagonal tins have become a preferred format for packaging boutique chocolates and cookies, particularly for the e-commerce sales. Various players are designing templates for e-commerce that are weightless, durable, and reduced costs to attract a maximum number of consumers in the global luxury packaging market.
The leading vendors in the global luxury packaging marketare Amcor Limited, Crown Holdings Incorporated, International Paper, WestRock, and Owen – Illinois, Inc.
The complete overview of the latest market research report on the global luxury packaging market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and alsoprovides the market size and forecast for major geographical regions and key countries.
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