The demand for the global luxury packaging market is growing day by day because of the changing people’s preferences for luxury products. Further, it has been expected that the global market can expand extensively across different parts of the world. Let’s explore some important things that you should know about the luxury packaging market.
What are the growth driving factors in the luxury packaging market?
In the present scenario, exponential growth has been seen in the luxury packaging market share due to several important factors that include:
- Rising adoption of bio-degradable and sustainable packaging solutions
- Increasing e-commerce sectors with the social media influence
- Increasing consumer preference for luxury items and rising middle-class income
- Rising demand for brand identity
- The arrival of personalized and curated packaging formats
What are the major segments in the luxury packaging market?
The global luxury packaging market is predicted to expand a significant luxury packaging market size in various segments such as materials and industry. Globally, the material segment of the luxury packaging market has been segregated into paper & paperboard, metal, glass, textiles, plastics, and other materials types. Further, the luxury packaging industry segment has been classified into various sub-markets such as premium food & beverages, fashion & leather goods, cosmetics & fragrances, watches & jewelry, confectionery, and other industries.
What are the key market trends in the luxury packaging industry?
While looking into the luxury packaging market trends, there are several things that are propelling the global market.
- Asia-pacific to achieve a high growth rate
The Asia-Pacific regional luxury packaging market is anticipated to expand its market share during the forecast period because consumers are spending more on luxury products and the rising disposable income in the region. As per the 2019 National Bureau of Statistics of China, nearly 60.16% of the total population of Asia Pacific has started living in cities. It shows the higher growth of the luxury packaging market in the near future.
Moreover, the Asia-Pacific regional market is fuelling due to several other reasons, such as the introduction of sustainable packaging, the rising launch of cosmetics and fashion products, and growing penetration of travel retail and online retail in the region.
- Rising adoption of paperboard
Paperboard is an extensively used material in packaging because it maintains a strong position in premium and luxury packaging and serves as the canvas for eye-catching decoration and flawless graphics.
As many key market players are investing in the luxury packaging market, it is expected to generate high growth in market share in the future.
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