NEWARK, DE / ACCESSWIRE / March 22, 2023 / According to leading market intelligence firm Future Market Insights, the Europe luxury packaging market should register a valuation of US$ 2.3 billion in 2023. A slow 3.5% CAGR is likely to take the market forward from 2023 to 2033. This should result in a US$ 3.2 billion valuation for the market in 2033.
Europe is home to several prominent valuable luxury brands with an international clientele, such as Gucci (fashion), Ferrero Group (food), and Lisa Elridge (cosmetics). These brands rely on iconic and sophisticated packaging for retaining elite consumers.
Brand managers and marketers are ready to spend big just on the packaging that provides an elegant and personalized look. Brands' loyal customers expect unique identification marks on the product as well as the packaging.
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Several brand logos, colors, and designs are internationally famous owing to characteristics that enhance recall. European luxury packaging manufacturers are focusing on providing personalized pouches and bags specifically designed to carry high-end products in them.
The key players offering customized services can charge higher than usual prices for producing the packaging as per the exact needs of clients. This encourages more players in the European luxury packaging market to offer personalized packaging services.
A recently published report of Future Market Insights the Luxury Packaging Market is poised to surpass US$ 17.9 Billion by 2033 with CAGR of 5.5%.
Key Takeaways from Europe Luxury Packaging Market
- Between 2015 and 2022, the Europe market for luxury packaging accelerated at an extremely sluggish 1.8% CAGR.
- The market's value was around US$ 2.2 billion in 2022.
- The paper & paperboard segment is likely to dominate 40% of the market on the basis of material.
- The boxes & cartons segment is should accelerate at a slow but steady 4.8% CAGR between 2023 and 2033.
- The premium food, beverages, and home & personal care segments should combine to hold around 3/5th of the market from 2023 to 2033.
- The United Kingdom is projected to be a lucrative market for the luxury packaging and it is likely to expand around 1.6 times its current size in the years ahead.
"Luxury packaging companies should steer clear of using plastic to create products. This is due to the fact that governments across Europe are introducing stringent regulations for reducing plastic waste."-says an FMI analyst
Who is Winning?
From 2023 to 2033, FMI expects key players in the Europe market for luxury packaging to invest heavily in acquisitions. Collaborations with luxury brands are also likely as players look to cement their positions at the top end of the market.
The key players operating in the Europe luxury packaging market are DS Smith plc, Crown Holdings, Inc., Stoelzle Glass Group, Aptar Group, Inc., International Paper Company, WestRock Company, Ardagh Group S.A., Owens-Illinois, Inc., Robinson plc, Swiss Packaging LLC, Npack Ltd., Euro Packaging Group, Alya Packaging, GZ Media, a.s., Neenah, Inc, Cantobox®, Via Aquaria UAB, GPA Global, Fleet Luxury Packaging, Max Luxury Packaging, IPL Packaging, Rudholm Group, Knoll Prestige Packaging, Billerud AB, Milo Group, MARBER S.R.L., and The Sherwood Group.
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Future Market Insights, in its new report, offers an unbiased analysis of the global luxury packaging market, analyzing historical demand from 2015 to 2022 and forecast statistics for 2023 to 2033. The study reveals growth projections on the luxury packaging market on the basis of material (paper & paperboard, plastic, wood, glass, metal, fabric), packaging format (bags, pouches, boxes & cartons, bottles), end use (premium food, beverages, home & personal care, consumer electronics, fashion accessories & apparels) across prominent European countries.
Europe Luxury Packaging Market by Category
By Material:
- Paper & Paperboard
- Plastic
- Wood
- Glass
- Metal
- Fabric
By Packaging Format:
- Bags
- Pouches
- Boxes & Cartons
- Bottles
By End-Use:
- Premium Food
- Beverages
- Home & Personal Care
- Consumer Electronics
- Fashion Accessories & Apparels
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Table of Content
1. Executive Summary | Europe Luxury Packaging Market
1.1. Europe Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
4. Key Success Factors
4.1. Product Adoption Analysis
4.2. Product USPs / Features
5. Market Demand Analysis 2015 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Units) Analysis, 2015 to 2022
5.2. Current and Future Market Volume (Units) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
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About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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