The global luxury packaging market is projected to grow from $12.1 billion in 2022 and reach 18.3 billions by 2032 according Future Market Insights research. Sustainability has become a key trend among end-users as consumers have become more aware of environmental degradation and are seeking products and packaging that are eco-friendly. This has posed an increasing pressure on the public and end use industry to reduce the environmental impact of packaging. These implications have made the luxury packaging companies comply with sustainability, making them use eco-friendly materials like paperboard rather than non-recyclable plastics.
Many brand owners prioritize sustainable development by offering packaging products made from biodegradable and recycled materials. Furthermore, many leading companies are making investments in R&D for manufacturing eco-friendly packaging solutions due to an enhanced focus on sustainability. Thus, sustainability as a key trend in luxury packaging is likely to create a positive influence in the forecast period.
Europe is projected to remain the most dominant region for the luxury packaging market during the forecast period 2022 -2032. Fashion accessories & apparel segment in end use industry is expected to represent the high demand for luxury packaging.