Global Luxury Packaging Market: Brief Account
Packaging today is no longer done simply to protect products from damage, but has become an integral part for luxury brands, as it has become identification for setting up a brand value. Luxury brand manufacturers are investing in packaging as a strategy to improve their brand image. The global luxury packaging market is thus flourishing in this environment. While designing luxury packaging, each brand adopts a unique style. This helps customers to associate products with a particular brand. Generally used by high-end products, luxury packaging is used in healthcare and medical, FMCG, and household products. This is boosting the growth of the global luxury packaging market. Players in the market are concentrating on developing packaging materials that prevent contamination of products (food and beverages) apart from being aesthetically appealing.
The report offers a complete overview of the global luxury packaging market, including the present, past, and future market size, which has been predicted after extensive research and analysis. The key trends impacting the market and the various growth opportunities are studied. Factors hampering the growth as well as those factors that are helping the market to grow are analyzed in great detail. Information regarding degree of competition, threat of new entrance, bargaining power of buyers and suppliers, and threat of substitutes is given.
Global Luxury Packaging Market: Trends and Opportunities
The global increase in the number of product launches, especially in the cosmetic and fashion sectors is driving the growth of the luxury packaging market. One of the key trends, which has been observed among manufacturers in recent times is the use of sustainable, bio-degradable or eco-friendly packaging. Thus, players are increasingly investing in innovation and advanced technology so as to provide manufacturers with sustainable luxury packaging and this is boosting the growth of the market. Another trend which is fueling the growth of the market is the growing penetration of travel retail and online retail. The travel retail market is expanding at a high pace and is emerging as an opportunity for future growth of the global luxury packaging market.
Global Luxury Packaging Market: Geographical Analysis
The global luxury packaging market can be segmented on the basis of geography into Asia Pacific, Europe, North America, and the Middle East and Africa (MEA). Of these, North America is currently the leading regional segment in the market, closely followed by Europe. The sales of personal luxury products in North America and a growth in tourists spending on luxury products in Europe are behind the growth of the luxury packaging market in these respective regions. Another reason behind the growth of the market in Europe is the rise in the number of flagship stores. A surge in online sales is also a growth driver for the market in Europe. Asia Pacific is anticipated to witness a fast paced growth in the coming years on account of growing consumer spending in Japan, China and ASEAN. Consumers from China have considerable share in luxury spending driving the market in China. Moreover, the Euro depreciation is also having a positive impact on the growth of the market. Moderate growth can be expected in the Middle East and Africa on account of the expansion by global luxury products manufacturers in the area.