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| Luxury Packaging Market | Beige Market Intelligence |
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 Analysisand 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.
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| Geographic Analysis Of Luxury Packaging Market | Beige Market Intelligence |
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.
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