Luxury products market is expected to exhibit high CAGR during the forecast period; risein the number of product launches in fashion and cosmetic sector is anticipated to boost the growth of global luxury packaging market

Albany, NY -- (SBWire) -- 12/13/2016 --Packaging is a key element for luxury brands as it has a major role in identification and setting a brand value. The luxury brand manufacturers are strategically investing in packaging to enhance the brand image. The luxury packaging can be broadly classified as high street and pure luxury packaging based on the price of the product. Pure luxury packaging focuses more on the target audience while designing the packaging. In this case, each brand adopts a unique style of packaging. High street packaging focuses on the price of packaging and follows a particular trend such as use of lightweight and durable designs. Luxury product manufacturers are inclined towards sustainable development and hence are investing in biodegradable and environment-friendly packaging. Shredhouse, a UK-based supplier of luxury packaging material, has launched shredded paper made from recycled coffee cup paper.

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Luxury Packaging Market: Drivers and Restraints

The luxury products market is expected to exhibit high CAGR during the forecast period, which is the major driver for the growth of global luxury packaging market. The increase in the number of product launches in fashion and cosmetic sector is anticipated to boost the growth of global luxury packaging market. The investments by luxury product manufacturers in sustainable development drives the need for innovation and technologies in luxury packaging, which is anticipated to boost the growth of global luxury packaging market. The rise in penetration of online retail and travel retail also contributed the growth of global luxury packaging market.

Luxury Packaging Market: Segmentation

On the basis of product type, the global luxury packaging market can be segmented as follows:-

Rigid Box
Cartons
Bags
Slipcases
Folders

On the basis of packaging product, the global luxury packaging market can be segmented as follows:-

Perfumes
Cosmetics
Fashion and Eyewear
Wine and Alcohol
Pastries and Sweets

Luxury Packaging Market: Region Wise Outlook

The global luxury packaging market can be divided into five regions, namely North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA). North America holds major share in global luxury packaging market due to increase in sales of personal luxury products in the region. Europe holds the second position in global luxury packaging market due to increase in tourists spending on luxury product in the region. There is an increase in number of flagship stores and online sales in Europe, which is anticipated to exhibit significant share in global luxury packaging market. APAC is expected to register high CAGR during the forecast period due to the increase in consumer spending in China, Japan and ASEAN.

Luxury Packaging Market: Key Players

Some of the key players in the global luxury packaging market are as follows:

MW Creative Ltd.
Progress Packaging
Design Packaging, Inc.
HH Deluxe Packaging
WINTER&COMPANY AG
Ekol Ofset
DS Smith
Lucas Luxury Packaging
Pendragon Presentation Packaging Ltd.
Elegant Packaging