Luxury Packaging Market - Strong Demand From EMEA Drives the Market | Technavio

The global luxury packaging market is expected to grow at an impressive CAGR of close to 5% during the forecast period, according to Technavio’s latest market research.

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Technavio has published a new report on the global luxury packaging market from 2017-2021. (Graphic: ...

Technavio has published a new report on the global luxury packaging market from 2017-2021. (Graphic: Business Wire)

In this market research report, Technavio covers the market outlook and growth prospects of the global luxury packaging market for 2017-2021. The report segments the market by material type (paperboard, glass, plastic, and others) and end-users (personal and medical care, food and confectionery, beverage, and others).

Technavio’s research analysts segment the global luxury packaging market into the following regions:

  • Americas
  • APAC
  • EMEA

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EMEA: largest luxury packaging market

The luxury packaging market in EMEA is expected to grow steadily during the forecast period. The increasing demand for premium fragrances, male grooming products, proliferation of renowned personal care product manufacturers in both Western and Eastern Europe, color cosmetics, increase in demand for luxury packaging in food and beverage products, and rising demand from the healthcare industry are projected to have positive effects on the market during the forecast period. In Europe, the increase in tourists spending on luxury products is also a major contributing factor for the growth of the luxury packaging market in the region. There is an increase in the number of online sales and flagship stores of luxury products in Europe, which will boost the growth of the luxury packaging market in the region.

According to Shakti Jakhar, a lead packaging research analyst at Technavio, “Countries that are contributing to the growth of the luxury packaging market in MEA are the UAE, South Africa, Iran, and Israel. The trends that are influencing the market are surge in demand for luxury products from the youth, increased urbanization, increased investment in food and beverage luxury packaging, increased accessibility to locally manufactured and competitively priced raw materials, advanced modern retailing, and rising penetration of luxury goods in the region.”

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Luxury packaging market in APAC

APAC will have the highest growth in the global market during the forecast period. Some factors that contribute to the growth of the market are increased disposable income of people in developing countries, such as India and China, surge in demand for luxury food and branded products in developing countries in the region, introduction of active and intelligent packaging, increasing demand for flexible packaging, growing investment in R&D to develop sustainable packaging materials, and innovation in high-end glass packaging products by major companies in APAC (particularly for cosmetic products). The increasing demand for spirits in APAC is one of the major factors for the growth of the global alcoholic beverage market. APAC accounted for more than 40% of the global whiskey market in 2016. India was the major contributor in 2016, accounting for a market share of 15% of the global whiskey market. In 2016, alcohol in India was available at more than 65,000 outlets, including bars, shops, and restaurants.

Luxury packaging market in the Americas

The key countries in the luxury packaging market in the Americas are the US, Canada, Brazil, and Mexico. The premium alcoholic beverage packaging market in the Americas is expected to grow at a steady rate during the forecast period. One of the major factors for the growth of the market in this region is the launch of innovative products by vendors. For instance, in April 2016, Jim Beam, a premium alcohol brand in the US, launched its complete lineup of all-new packaging.

“The US is the largest market in luxury packaging materials and accounts for more than 19% of the global luxury packaging market. In the US, California and New York are the fastest growing cities in the luxury packaging market in the country,” says Shakti.

The top vendors in the global luxury packaging market as highlighted in this market research analysis are:

  • Amcor
  • Crown Holdings
  • DS Smith
  • International Paper
  • Owens-Illinois

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