Luxury Packaging Market Poised for Remarkable Growth, set to Reach USD 28.23 billion by 2032 with a CAGR of 5.22%

The global 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.
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 InsightsTM displays this information in a report titled, "Luxury Packaging Market, 2025-2032."

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List of Key Players Present in the Report:
• DS Smith (U.K.)
• Ardagh Group (Luxembourg)
• Stoelzle Glass Group (Austria)
• WestRock (U.S.)
• Crown Holdings Inc. (U.S.)
• O-I Glass, Inc. (U.S.)
• Amcor Plc (Switzerland)
• IPL Packaging Inc. (China)
• Thou Luxury Packaging (India)
• Elegant Packaging (U.S.)
• HH Deluxe Packaging (U.K.)
• Lucas Luxury Packaging (Ireland)
• Prestige Packaging Industries (France)
• Pendragon Presentation Packaging (U.K.)
• Ekol Ofset (Turkey)

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.
Demand for Boxes & Cartons Rises Owing to Their Customizability
Based on product type, the market is segmented into boxes & cartons, bottles, bags & pouches, cans & jars, and others. The boxes & cartons segment is dominating the global luxury packaging market share as these products offer brands the option to customize their packaging in different ways to help them stand out from their competitors.
Food & Beverage Brands Increase Reliance on Luxury Packaging Due to Increasing Consumption of Gourmet Foods
Based on end-use, the market is segmented into food & beverages, fashion accessories & apparel, beauty & fragrance, consumer goods, and others. The food & beverage segment is dominating the global market as the consumption of gourmet foods and drinks, such as fine teas, coffee, baked goods, fine wine, and spirits is increasing.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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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. The rising presence of e-commerce platforms has further increased the demand for customized luxury packaging solutions, thereby creating a positive impact on the market's growth.
However, since several materials are bonded together to make these products, separating and recycling them becomes an impossible task, which can hinder the luxury packaging market growth.

Regional Insights:
North America Dominates Global Market Due to Strong Expansion of Food & Beverage Sector
North America is dominating the global market owing to the robust expansion of the region's food & beverage industry. An increasing number of customers are indulging in gourmet foods due to their rising disposable incomes, which will boost the need for luxurious packaging solutions.
Europe is holding the second-leading position in the global market due to a notable presence of several leading luxury brands.

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Competitive Landscape:
Leading Companies to Launch Novel Packaging Solutions to Gain Strong Competitive Edge
The luxury packaging market has a vast competitive landscape with the presence of leading manufacturers. These companies are collaborating with other firms to develop and launch cutting-edge and personalized packaging solutions for different industries.

Read Related News:
Single Use Packaging Market: https://www.fortunebusinessinsights.com/single-use-packaging-market-108340

Interactive Packaging Market: https://www.fortunebusinessinsights.com/interactive-packaging-market-108944

Snack Packaging Market: https://www.fortunebusinessinsights.com/snack-packaging-market-110542

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This release was published on openPR.