Luxury Packaging Market is Anticipated to Reach USD 17.1 Billion by 2030 | Growth Rate (CAGR of 4.1%)
Research Reports
Apr 13, 2023
The Luxury Packaging Market Size was valued at USD 10.4 Billion in 2022 and is expected to hit USD 17.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.1% during the forecast period (2023 – 2030).
The increasing demand for luxury packaging solutions in the cosmetics, healthcare, and consumer goods industries is driving the growth of the market. Moreover, the increasing demand for eco-friendly and sustainable packaging solutions is also expected to drive the growth of the market.
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Market Segmentation:
The global luxury packaging market has been segmented on the basis of material, product type, end-use industry, and region.
Based on material, the market has been segmented into paperboard, plastic, glass, metal, and others. The paperboard segment is expected to dominate the market during the forecast period, owing to the high demand for paperboard packaging solutions in the cosmetics and healthcare industries.
Based on product type, the market has been segmented into bags, boxes, pouches, and others. The boxes segment is expected to dominate the market during the forecast period, owing to the high demand for luxury gift boxes in the consumer goods industry.
Based on end-use industry, the market has been segmented into cosmetics, healthcare, consumer goods, and others. The cosmetics segment is expected to dominate the market during the forecast period, owing to the high demand for luxury packaging solutions in the cosmetics industry.
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Regional Analysis:
The global luxury packaging market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Europe is expected to dominate the market during the forecast period, owing to the presence of a large number of luxury brands in the region. Moreover, the increasing demand for eco-friendly and sustainable packaging solutions in the region is also expected to drive the growth of the market.
Asia-Pacific is expected to witness significant growth during the forecast period, owing to the increasing demand for luxury packaging solutions in the cosmetics and consumer goods industries. Moreover, the growing middle-class population in the region is also expected to drive the growth of the market.
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Industry Trends:
The global luxury packaging market is highly competitive, with a large number of players operating in the market. Some of the key players in the market include Amcor plc, Crown Holdings, Inc., DS Smith plc, Smurfit Kappa Group plc, and WestRock Company.
The market is witnessing the entry of new players, owing to the increasing demand for luxury packaging solutions among consumers. Moreover, the increasing demand for eco-friendly and sustainable packaging solutions is expected to drive the growth of the market in the coming years.
Key Players:
Some of the key players operating in the global luxury packaging market include Amcor plc, Crown Holdings, Inc., DS Smith plc, Smurfit Kappa Group plc, and WestRock Company.
Amcor plc is a leading provider of luxury packaging solutions for the cosmetics, healthcare, and consumer goods industries. The company has a strong presence in the European market, and is focusing on expanding its operations in other regions.
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