Top Countries having the major market share in Luxury Packaging Market

Luxury Packaging

Luxury Packaging can be defined in both ways including the packaging type or packaging luxury products. When it comes to Luxury products generally the luxury products are considered luxury when they are of the highest quality and have the strength and weight required to maintain pack integrity. Packaging enables brands to interact with consumers before they even purchase the product. Having an appealing packaging is a vital element to consider for the product's packaging redesign.

Luxury Packaging Market segmentation by Geography

The Global luxury packaging market – Strategical Analysis and Forecast till 2021 research report published by Beige Market Intelligence provides the market sizing, Market forecast, Growth factors, emerging trends of the worldwide luxury packaging market. On the basis of geographic segmentation, the research report gives a detailed study of the luxury packaging market of the following regions.

The top countries who are having an accountable market share in Luxury Packaging market are

The US
The US is the largest luxury market in the world with a revenue share of approx. 21.5%. It is home to half of the brand of North America region almost 50% of the total market. US is also a key hub for tourist shopping, particularly, attracting tourists from Latin America and APAC. The luxury packaging market in US is forecasted to reach a growth of 3.51% over the period 2016-2021. Mostly Personal Care products, food and beverages (both alcoholic and non-alcoholic) are a major share having an accountable share of revenue in the luxury packaging market. Paper and paperboard is the widely used packaging material for luxury packaging in US, followed by rigid plastics, metal and glass. The region is also a hub for luxury packaging manufacturers with four out of five leading manufacturers headquartered in US.

China

China is the world’s second largest consumer of luxury goods and second largest luxury packaging manufacturer in the world. Hosting one of the most remarkable manufacturing growth story of the past three decades, China is truly the powerhouse of the world. Rise in disposable incomes, favourable regulatory regime and trade policies, easier access and cheaper availability of factors of production has made the country a key manufacturing hub for luxury goods. Educated, well-travelled and tech-savvy, this generation of shoppers are soon emerging to be the ideal target market for gourmet food and beverage products, leather goods, fashion accessories and premium beverages. Though the country is the largest consumer of luxury goods, the goods are not completely manufactured or sourced from within the country. Although all the luxury brands have a Chinese manufacturing presence, these luxury goods often are termed to be expensive when compared to beyond the boundary purchases. With the robust demand for luxury goods comes the demand for effective packaging solutions. The demand for luxury packaging is estimated to reach approx. $4.38 billion by 2021, growing at a CAGR of 7.16% in terms of revenue. Paper and paperboard packaging followed by rigid plastics are the widely used packaging types for luxury goods and constitute a major part of the packaging market in terms of revenue.

Japan

Japan’s GDP is the third highest in the world and has few large manufacturing industries including automobiles and electronics. Although the nation is hugely dependent on imports of raw materials, they handle the manufacturing well using advanced technologies. Japan is among the leading consumers of luxury goods that range from alcoholic beverages, cosmetics, personal care products and leather goods. Japan stands as the third largest luxury market in the world behind US and China. With Japanese economy struggling to just retain its anemic growth of 1-1.5%, the demand for luxury goods moderated with demand contracting in certain product segments such as jewellery and general leather goods.Paper and paperboard packaging remains to be the widely used packaging variant for luxury goods, followed by rigid plastics and flexibles. The pulp and paper products consumption in Japan is quite high.

India

India has another remarkable growth story that has been predominantly driven by domestic consumption. Driven by rapidly rising disposable incomes, growing purchasing power of the middle class in tier-1 to tier 3 cities, young aspirational population, increased brand awareness among the youth, there has been a rapid rise in demand for luxury goods and services. Leather goods, fashion accessories, gourmet food and beverages, alcoholic drinks, jewellery, cosmetics and fragrances constitute the major luxury good segments in the country. Paper and paperboard remain to be the widely used variant for packaging of luxury goods in the country, constituting a revenue share of 41%, followed by rigid plastics (22%).Almost all the major luxury packaging vendors have presence in the country either through joint ventures or on a standalone basis, and are constantly expanding their operational capabilities to match to the dynamic requirements of the end use consumer.

The report gives a detailed analysis of other major areas such as Eastern Europe, Western Europe , Mexico, Russia, Brazil, Nigeria, South Africa to name a few.

For more information, Click here:

http://www.beigemarketintelligence.com/reports/research-report-consumer-and-retail-market/luxury-packaging/

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