Global Luxury Packaging Market 2017-2021
About Luxury Packaging
Luxury packaging is used to package high-end premium products. This type of packaging is utilized by many industries, such as food and beverage (F&B), healthcare, household products, cosmetics, and FMCG products. The vendors in the global luxury packaging market are increasingly offering novel luxury packaging products, which are aesthetically appealing and prevent contamination of products, such as food and beverages.
Technavio’s analysts forecast the global luxury packaging market to grow at a CAGR of 4.70% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global luxury packaging market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Luxury Packaging Market 2017-2021
Technavio recognizes the following companies as the key players in the global luxury packaging market: Amcor, Crown Holdings, DS Smith, International Paper, and Owens-Illinois.
Other Prominent Vendors in the market are: CLP Packaging Solutions, Curtis Packaging, DuPont, Elegant Packaging, Ekol Ofset, HH Deluxe Packaging, MW Creative, Pendragon, WestRock, and WINTER&COMPANY.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing demand for sustainable packaging materials. Many vendors in the market are adopting environment-friendly policies for sustainable development. Consumers also look for products, which are eco-friendly and bio-degradable. Vendors are increasingly investing in R&D to develop materials, which can be recycled but do not compromise on properties, such as moisture, friction, and heat resistance. For example, companies, such as The Dow Chemical Company and Braskem, have been investing heavily in developing technologies to produce bio-based polymers through biomass.”
According to the report, one of the major drivers for this market is Increased importance of aesthetically appealing packaging. The major vendors in the cosmetic industry are Unilever, L'OREAL, SHISEIDO, and P&G. The beauty and cosmetic industry market is growing in various geographies. For instance, the beauty products market grew by more than 280% during 2014-2016 in Europe, more than 230% during 2014-2016 in North America, and in emerging markets, such as India, the UAE, China, Iran, South Africa, and Malaysia, by more than 180%. This increase in the sales of beauty products is due to the surge in professional make-up treatments, growing style adoption among the new generation, and increase in exclusive branded make-up retail stores.
Further, the report states that one of the major factors hindering the growth of this market is Rise in cost of raw materials. Raw materials, such as plastic, aluminum, and paper that are used to manufacture luxury packaging products have volatile prices that are based on their demand and supply. The widening of the demand-supply gap in the last few years, especially during 2011-2015, has led to a substantial surge in the cost of raw materials. In addition, suppliers of raw materials price their products at several rates. An increase in the prices of raw materials, such as plastic resins, has an impact on the manufacturing cost of luxury packaging products, which leads to reduced profit margins for the luxury packaging vendors.
Amcor, Crown Holdings, DS Smith, International Paper, Owens-Illinois, CLP Packaging Solutions, Curtis Packaging, DuPont, Elegant Packaging, Ekol Ofset, HH Deluxe Packaging, MW Creative, Pendragon, WestRock, and WINTER&COMPANY.
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