Luxury Packaging Market is expected to register a CAGR of about 4.67% during the forecast period (2018-2023)| Major Vendors - GROUP VERPACK, MW LUXURY PACKAGING, CROWN HOLDINGS INC., ARDAGH GROUP, OWENS-ILLINOIS INC., amongst others.

Market Analysis:

Asia-Pacific to witness the Highest Growth Rate
Asia-Pacific is expected to be the fastest growing region, owing to the increase in consumer spending in China, India, Japan, and other countries. Moreover, the demand for cosmetics and food products is expected to grow, owing to the growing population and the demand for quality products, urbanization, and consumers inclining toward technology.

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An increase in the luxury product consumption rate and the number of product launches in the fashion and cosmetic sectors are some major factors driving the market growth. Major packaging manufactures are gaining access to various high-quality materials and innovative shapes, as these properties enhance the consumer experience. The factors, like changing consumer preferences, growing willingness to spend more, and rising focus of several brands on design, processes, and the overall product development, are boosting the luxury packaging demand. The companies, with broader product portfolios, are expected to outperform on the basis of their capability, to address challenges in the major market space. The demand for glass material is being driven by the recovering and growing main luxury markets, such as cosmetics and fragrances. Glass material remains popular with brand owners and consumers, due to its strong sustainability associations and aesthetically appealing properties.

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Market Segments:
Luxury Packaging Market is segmented by:
1. Material: Paperboard, Wood, Plastic, Glass, Metal, Others
2. End User: Cosmetics and Fragrances, Confectionery, Watches and Jewelry, Alcoholic Drinks, Food and Non- Alcoholic Drinks, Others
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• October 2017 - Port Glasgow-based McLaren Packaging, a Scottish manufacturer who drives the bulk of its business from the Scotch whiskey industry, announced a multi-million-pound expansion plan. The company planned to invest about GBP 3 million, in order to build a luxury packaging facility in Stirling.

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