Luxury Packaging Market Estimated To Witness High Growth Owing To Increasing Disposable Incomes
The luxury packaging market is estimated to be valued at US$ 15.82 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Luxury packaging products are extensively used for packaging premium and high-end products across industries such as food and beverages, cosmetics, fragrances, and others. Luxury packaging enhances brand appeal and helps differentiate products from competitors. Luxury packaging uses premium materials such as glass, metal, wood, and paper for attractive visual appeal.
Market Dynamics:
Rising disposable incomes and growing middle-class population especially in emerging economies are driving the demand for luxury goods which is fueling growth of the luxury packaging market. According to World Bank data, the global middle class population is expected to grow from 2 billion in 2020 to over 5 billion by 2030. Additionally, increasing online sales of luxury products is supplementing market growth as e-commerce platforms are adopting attractive packaging solutions to enhance customer experience. While supportive macroeconomic factors are fueling market growth, increasing environmental concerns and stringent regulations around plastics may hinder the market to a certain extent over the forecast period.
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