Luxury Packaging Market to Reach US$ 20.9 Billion by 2028

According to the latest report by IMARC Group, titled "Luxury Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global luxury packaging market size reached US$ 15.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.

Luxury Packaging Industry Outlook:

Luxury packaging includes packaging solution that combines design and craftsmanship to produce beautiful, high-quality packaging that reflects the quality of the product inside. It is a way to differentiate products from the competition and show their value. The materials used in luxury packaging are usually of a higher quality than standard packaging, as they are specially chosen for their unique characteristics and luxurious feel. The design and artwork used in luxury packaging are often intricate and unique, using textured finishes, embossing, and other techniques to give the packaging an extra touch of sophistication. Since consumers tend to spend more on products if the packaging is appealing, the demand for luxury packaging is increasing across the globe.

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Global Luxury Packaging Industry Demand:

The escalating demand for sustainable packaging solutions majorly drives the global market. This can be supported by the accelerating awareness about environmental degradation and benefits associated with the products and packaging produced from natural materials. Coupled with this, several brands are prioritizing sustainable development over other aspects, which are acting as another growth-inducing factor.

Along with this, the widespread adoption of luxury packaging for corporate gifting that utilizes custom-made boxes, intricate designs, and unique materials that help to make a special occasion special is also significantly supporting the market. Apart from this, leading manufacturers are developing new solutions and products to offer enhanced functionality and multi-use designs using premium materials is a major driving factor.

Moreover, the emergence of packaging equipped with radio-frequency identification (RFID) tags and decorative holograms is creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and changing consumer preferences.

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Key Market Segmentation::

Top Luxury Packaging Brands:

• Amcor
• Ardagh Group
• Crown Holdings
• DS Smith
• HH Deluxe Packaging
• Lucas Luxury Packaging Limited
• MW Luxury Packaging
• Owens-Illinois Inc.
• Pendragon Presentation Packaging Ltd
• Prestige Packaging Industries
• Progress Packaging Ltd.

Breakup by Material:

• Paperboard
• Wood
• Plastic
• Glass
• Metal
• Others

Breakup by Application:

• Cosmetics and Fragrances
• Confectionery
• Watches and Jewelry
• Alcoholic Drinks
• Food and Non-Alcoholic Drinks
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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