Global Luxury Packaging Market: Brief Account
Packaging today is no longer done simply to protect products from damage, but has become an integral part for luxury brands, as it has become identification for setting up a brand value. Luxury brand manufacturers are investing in packaging as a strategy to improve their brand image. The global luxury packaging market is thus flourishing in this environment. While designing luxury packaging, each brand adopts a unique style. This helps customers to associate products with a particular brand. Generally used by high-end products, luxury packaging is used in healthcare and medical, FMCG, and household products. This is boosting the growth of the global luxury packaging market. Players in the market are concentrating on developing packaging materials that prevent contamination of products (food and beverages) apart from being aesthetically appealing.
The report offers a complete overview of the global luxury packaging market, including the present, past, and future market size, which has been predicted after extensive research and analysis. The key trends impacting the market and the various growth opportunities are studied. Factors hampering the growth as well as those factors that are helping the market to grow are analyzed in great detail. Information regarding degree of competition, threat of new entrance, bargaining power of buyers and suppliers, and threat of substitutes is given.
Global Luxury Packaging Market: Trends and Opportunities
The global increase in the number of product launches, especially in the cosmetic and fashion sectors is driving the growth of the luxury packaging market. One of the key trends, which has been observed among manufacturers in recent times is the use of sustainable, bio-degradable or eco-friendly packaging. Thus, players are increasingly investing in innovation and advanced technology so as to provide manufacturers with sustainable luxury packaging and this is boosting the growth of the market. Another trend which is fueling the growth of the market is the growing penetration of travel retail and online retail. The travel retail market is expanding at a high pace and is emerging as an opportunity for future growth of the global luxury packaging market.
Global Luxury Packaging Market: Geographical Analysis
The global luxury packaging market can be segmented on the basis of geography into Asia Pacific, Europe, North America, and the Middle East and Africa (MEA). Of these, North America is currently the leading regional segment in the market, closely followed by Europe. The sales of personal luxury products in North America and a growth in tourists spending on luxury products in Europe are behind the growth of the luxury packaging market in these respective regions. Another reason behind the growth of the market in Europe is the rise in the number of flagship stores. A surge in online sales is also a growth driver for the market in Europe. Asia Pacific is anticipated to witness a fast paced growth in the coming years on account of growing consumer spending in Japan, China and ASEAN. Consumers from China have considerable share in luxury spending driving the market in China. Moreover, the Euro depreciation is also having a positive impact on the growth of the market. Moderate growth can be expected in the Middle East and Africa on account of the expansion by global luxury products manufacturers in the area.
Global Luxury Packaging Market: Companies Mentioned
Some of the key players in the market are: Progress Packaging, HH Deluxe Packaging, Ekol Ofset, DS Smith, Design Packaging, Inc., Pendragon Presentation Packaging Ltd., Elegant Packaging, MW Creative Ltd., WINTER&COMPANY AG, and Lucas Luxury Packaging.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.