The luxury packaging market in Europe is poised to see really extensive growth, with its price expected to reach $2. 3bn by 2023. from $2. 3bn. 3. 2bn by 2033. Major markets are expected to Europeans have a significant participation, representing 40-45% of the global specialty packaging industry.
Luxury or specialty packaging plays a very important role for premium logos as they add price to products, complement the logo image, and provide custom-designed packaging for customer engagement. The appeal of luxury packaging diversifies products and creates a strong impression in the minds of customers. expanding its willingness to invest in those high-end products.
Among fabrics used in luxury packaging, the paper and board segment is expected to dominate sales in the region, contributing an impressive 40% of market profits in 2023. The dominance of this segment is expected to continue to grow between 2023 and 2033.
In recent years, luxury brands have focused on security packaging to combat packaging theft, which is a fear due to the high price of luxury goods. In addition, players in the luxury packaging industry are integrating authentication generation to determine the authenticity of their products. distinguish them from counterfeit items.
Despite the demanding situations of the COVID-19 pandemic, which led to a slow expansion between 2015 and 2022, the luxury packaging market in Europe still controlled to succeed at US$ 2200 million in 2022. Looking ahead, the market is expected to provide an opportunity of $1. 0 billion at all, achieving roughly 1. 4 times its current length through 2033.
An analyst at Future Market Insights commented: “As packaging is considered to be as vital as the product itself, the European luxury packaging market is expected to experience significant expansion during the forecast period. “
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British fashion boosts luxury packaging sales
The booming textile and fashion industry in the UK plays a role in complementing luxury packaging sales.
Consumer spending on fashion and textiles in the UK is on the rise, reaching a staggering $45 billion a year. This accumulation in spending leads to the need for sumptuous and visually appealing packaging that fits the high-end nature of textile and fashion products. . With around 34,000 companies operating in the textile and fashion sector in the UK, it is positioning itself as a leading destination for luxury packaging companies in Europe.
As a result, the UK’s thriving fashion industry is driving growth in luxury packaging sales, demonstrating its importance in creating captivating, premium products for fashion and textile consumers.
The European Luxury Packaging market report provides valuable insights to the leaders and new entrants in the following ways:
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Luxury packaging market in Europe through category
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Future Market Insights, Inc. (certified by ESOMAR, Stevie Award – recipient of marketplaceplaceplace studies organization and member of the New York Metropolitan Area Chamber of Commerce) provides detailed information on the drivers driving demand for marketplaceplaceplace. It shows opportunities that will drive market place expansion in segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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