Wood packaging is the fastest growing segment in the global luxury packaging market
Arizton’s recent market research report on the luxury packaging market identifies Amcor Limited, Crown Holdings Incorporated, International Paper, WestRock, and Owen – Illinois, Inc as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation bymaterial (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), and by geography (APAC, Europe, North America, Latin America, and MEA).
The luxury packages market is expected to reach revenues of over $21 billion by 2024, growing at a CAGR of approximately 5% during 2018-2024.
The market research report also offers market share analysis in terms of volumes (mn tons) during the forecast period.
The luxury packages market is divided into three major segments that consist of materials, end-users, and geography.
Wood packaging segment to grow at a significant CAGR in the luxury packages market during the forecast period
The luxury packages market by materials is segmented into paper and paperboard, plastics, glass, metal, wood, and other. Wood packaging is the fastest growing segment in the global market, at a CAGR of around 6% during the forecast period. Wood materials offer both cutting-edge creativity and time-honored craftsmanship, thereby, boosting its popularity in the global market. Wood packaging offers sustainability and is 100% renewable. The life cycle analysis (LCA) of wood is exceptional, as minimal non-renewable energy is utilized during its harvesting, processing, and preservation in the luxury packages market. Wood is extremely trendy among the luxury brands in the beauty sector. The addition of wooden sleeve or cap adds prestige to the packaging of high-end fragrance and cosmetics brands in the global market. Some of the multitudes of benefits, such as a sensory appeal, high perceived value, and sometimes, an extensive life beyond the product is appealing consumers. Technotraf (based in Spain) manufactures wooden components for the beauty packaging industry, including jar caps, boxes, compacts, perfume bottle and lipstick shells, and other parts. The incorporation of different design ideas such as laser etching, silk screening, and hot stamping will boost the demand for wood materials in the luxury packages market.
Fashion and leather goods segment to grow at a considerable CAGR in the luxury packages market during the forecast period
The end-user segment in the luxury packages market is classified into cosmetics and fragrance, premium alcoholic drinks, fashion and leather goods, gourmet food and beverages, watches and jewellery, confectionery, tobacco, and others. Fashion and leather goods segment dominated the third largest market share in 2018, growing at a CAGR of approximately 5% during the forecast period. The increasing focus on manufacturing solutions that are innovative, unique, and conform to the expectations of “luxury” is driving the growth of this segment in the global market. The growing demand for fashion and leather goods such as belts, wallets, handbags, hats, jackets, skirts, shoes, and related accessories is driving the need for innovative packaging solutions in thefashion and leather goods segment in the luxury packages market.The leather and fashion goods market are tightly controlled by a few brands such as LVMH, Kering,and Richemont who are looking for innovative packaging solutions to attract the maximum number of consumers. With limited supplies of good leather, increased competition, and innovative designs, leather goods manufacturers are often forced to resort to aggressive branding and marketing to gain a larger market share. The vendors are leveraging packaging solutions to increase their brand value and boost revenues in the luxury packages market.
APAC to grow at the fastest CAGR in the luxury packages market during the forecast period
The luxury packages market by geography is categorized into APAC, Europe, North America, Latin America, and MEA. APAC occupied the second largest market share in 2018, growing at a CAGR of over 7% during the forecast period. The exponential growth of the consumer products segment such aspackaged food and beverages, personal care and healthcare goods, confectionary, tobacco products, and alcoholic beverages are driving the growth of the APAC market. The increase in the purchasing power and consumption size is leading to the growth of the APAC region in the global luxury packages market over the next few years. China, South Korea, and Japan are the largest revenues generators in the APAC market. The growing demand for luxury products will boost the demand for innovative packaging solutions in the APAC luxury packages market.
The other prominent players in the luxury packages marketare Ardagh Group, BC Boncar, Ch. Dahlinger GmbH & Co. KG, Stolzle Glass Group, Stolzle Glass Group., Fleet Luxury, HH Deluxe Packaging, Eurobox, Keenpac, and MW luxury Packaging.
The complete overview of the latest market research report on luxury packaging market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, andprovides the market size and forecast for major geographical regions and key countries.
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