The luxury packaging market size was valued at USD 17.98 billion in 2023 and is expected to be worth USD 18.79 billion in 2024. The market is projected to reach USD 28.23 billion by 2032, recording a CAGR of 5.22% during the forecast period.
Luxury packaging is a state-of-the-art style of packaging that increases the overall visual appeal of a product and also helps companies improve their brand image. Several market players have started using digital technologies to improve the overall visual appeal of the packaging materials. A robust rise in the number of customers opting for online shopping is one of the key factors accelerating the market’s growth.
Source: https://www.fortunebusinessinsights.com/luxury-packaging-market-107307
During the COVID-19 pandemic the demand for luxury goods dipped most customers focused on buying products that met their basic needs, which hindered the production of luxury products.
Fortune Business Insights™ displays this information in a report titled, “Luxury Packaging Market, 2024-2032.”
Segmentation:
Paper & Paperboard Widely Used in Luxury Packaging Products Due to Their Recyclability and Sustainability
Based on material, the market is segmented into paper & paperboard, metal, glass, plastic, and others. The paper & paperboard segment has captured the largest share of the market as this material offers various lucrative features, such as high recyclability and sustainability, making it a preferred choice among brands wanting to become eco-friendly.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading materials, product types, end uses, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Growing Need for Personalized Packaging Products to Accelerate Market Expansion
The concept of having customized packaging products is gaining immense traction among luxury brands across the world to help them differentiate themselves from their competitors. Customizations in packaging can include making changes in the dimensions of the packaging products to help a brand safely transport its products to customers or having strategic and unique placement of their logos to help customers identify them immediately.
