Packaging is a key element for luxury brands as it has a major role in identification and setting a brand value.
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Luxury product manufacturers are inclined towards sustainable development and hence are investing in biodegradable and environment-friendly packaging. Shredhouse, a UK-based supplier of luxury packaging material, has launched shredded paper made from recycled coffee cup paper. The coffee cup paper is manufactured by recycling the coffee cups, which are single-used. Arjowiggins Graphic, a French recycled papers manufacturing company, has manufactured recycled papers suitable for luxury packaging, which contains 60% to 100% recycled paper.
Luxury Packaging Market: Drivers and Restraints
The luxury products market is expected to exhibit high CAGR during the forecast period, which is the major driver for the growth of global luxury packaging market. The increase in the number of product launches in fashion and cosmetic sector is anticipated to boost the growth of global luxury packaging market. The investments by luxury product manufacturers in sustainable development drives the need for innovation and technologies in luxury packaging, which is anticipated to boost the growth of global luxury packaging market. The rise in penetration of online retail and travel retail also contributed the growth of global luxury packaging market.
Luxury Packaging Market: Region Wise Outlook
The global luxury packaging market can be divided into five regions, namely North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA). North America holds major share in global luxury packaging market due to increase in sales of personal luxury products in the region. Europe holds the second position in global luxury packaging market due to increase in tourists spending on luxury product in the region. There is an increase in number of flagship stores and online sales in Europe, which is anticipated to exhibit significant share in global luxury packaging market. APAC is expected to register high CAGR during the forecast period due to the increase in consumer spending in China, Japan and ASEAN. Chinese consumers have significant share in luxury spending and the euro depreciation is anticipated to fuel the luxury packaging market in the country. MEA is expected to register moderate CAGR during the forecast period because of expansion by global luxury manufacturers in the region.
Luxury Packaging Market: Key Players
Some of the key players in the global luxury packaging market are as follows:
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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On the basis of product type, the global luxury packaging market can be segmented as follows:-
On the basis of packaging product, the global luxury packaging market can be segmented as follows:-
On the basis of end users, the global luxury packaging market can be segmented as follows:-
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Jan 27, 2023