According to the latest report by IMARC Group, titled “Luxury Packaging Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the luxury packaging market reached a strong double-digit growth in 2019. Luxury packaging plays a pivotal role for luxury brands in protecting the products from damage, enticing potential customers and creating brand value. Consequently, it is gaining significance in the fields of cosmetics, fragrances, confectionery, premium alcoholic drinks, tobacco, gourmet food and drinks, and watches and jewelry.
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The growing demand for cosmetics and fragrances is driving the market growth as consumers are willing to spend more on products that look appealing and luxurious. Furthermore, the rising awareness among the masses about environmental degradation has encouraged them to opt for packaging made from natural materials. Owing to this, manufacturers are introducing sustainable, bio-degradable or eco-friendly packaging with enhanced functionality and multi-use designs. They are also developing packaging equipped with decorative holograms or, radio-frequency identification (RFID) tags, and returnable packaging options to cater to the unique challenges presented by online retailing and product counterfeiting. These innovations and trends are expected to create a positive outlook for the market in the coming years. Looking forward, By IMARC group the global luxury packaging market is expected to grow at a CAGR of around 4% during 2020-2025.
Market Breakup by Material Type:
- Paperboard
- Wood
- Plastic
- Glass
- Metal
- Others
- Cosmetics and Fragrances
- Confectionery
- Watches and Jewelry
- Alcoholic Drinks
- Food and Non-Alcoholic Drinks
- Others
- Overview
- Strengths
- Weaknesses
- Opportunities
- Threats
- Amcor
- Ardagh Group
- Crown Holdings
- DS Smith
- HH Deluxe Packaging
- Lucas Luxury Packaging Limited
- MW Luxury Packaging
- Owens-Illinois Inc.
- Pendragon Presentation Packaging Ltd
- Prestige Packaging Industries
- Progress Packaging Ltd
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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