Luxury packaging market, expected to reach $4.38 billion by 2021 – Beige Market Intelligence Identified the top market driving product segments for Luxury Packaging.

A recent research report on Global Luxury Packaging Market – Strategic Assessment and Forecast till 2021 has outlined the major driving factors of Worldwide Luxury Packaging Market.

Luxury Packaging includes the packaging of luxury products such as Jewellery, Confectionary, Watches, Tobacco, Premium Alcoholic Products, Food and Beverages and other personalised gift. The packaging of the products is determining the value of the product as well as helps in safeguarding the product. The type of Packaging not only gives a brand value to the product but also attracting the consumers to buy. Hence there is certainly a huge market for the packaging industry.

The Luxury Packaging Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.96% till 2021. According to the research analysts at Beige Market Intelligence. The analysts have done a value chain analysis and a detailed study of the Luxury Packaging Market to forecast the market size, growth, emerging trends and operational strategies of key vendors.

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Luxury Packaging Market- Market Analysis and Forecast
The global luxury packaging market continues to grow, driven by exciting trends. Such as the surge of personalized packaging, increasing awareness to sustainability issues, demographic and economic drivers. The Luxury packaging is one of the most lucrative opportunities in the packaging industry as the prestigious brands look for new packaging techniques and innovations to enable their products to shine in extremely competitive shelf spaces.
The packaging sales in the emerging markets are expected to continue to show strong growth as both increased consumer consumption and demand for luxury goods drives the need for more sophisticated packaging due to a growing upper middle class.

The luxury goods industry which includes cosmetics and fragrances, watches and jewellery, drinks, fashion, leather goods, tobacco, confectionery, and handbags, was valued at almost $648 billion in 2015. It is set to expand over the forecasted period which will positively influence luxury packaging.
The demand for luxury packaging, estimated to be $ 2.89 billion in 2015 is forecasted to rise $4.38 billion by 2021, growing at a CAGR of 7.16% in terms of revenue.

Some of the insights given by the analyst are:

Alcoholic drinks consumption is witnessing high growth and is directly influencing the alcoholic drinks packaging market. The luxury packaging market for Alcoholic beverages is expected to reach $4.23 billion by 2021.

With limited supplies of good leather, increased competition and innovative designs in the markets, leather goods manufacturers are often forced to resort to aggressive branding and marketing. Packaging started to gain prominence in accessory packaging for it can effectively convey the brand value to the consumer. The luxury packaging market for Fashion & Leather goods is expected to grow at a CAGR of 5.03% by 2021.

Gourmet food has traditionally been conferred in excessive packaging to convey its quality. However, the minimal style designs and graphics are increasingly used in the packaging which reflects luxury without the need of extravagance of excessive packaging. The luxury packaging market for Gourmet Food and drinks is expected to reach $2.3 billion by 2021.

In course of enhancing the brand value of Jewelry & Watches, the role of packaging became ever prominent as it has to communicate the brand values and elements, in addition to perform basic functionalities of security and storage. The global luxury packaging market for Watches & Jewelry segment was worth $1.72 billion in 2015 and is projected to reach $2.41 billion by 2021

For More Information, view report: http://www.beigemarketintelligence.com/reports/research-report-consumer-and-retail-market/luxury-packaging/

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