Knowledge Sourcing Intelligence announces the publication of report on the topic “Luxury Packaging Market – Forecasts from 2020 to 2026” to their offering.
The prime factor driving the market of the Luxury packaging is the rising disposable income and adoption of western culture by developing economies of the east are the major factors driving the market.
As per the report, the market about Luxury Packaging is expected to grow at a steady pace.
The Growing consumer demands for aesthetically pleasing packaging is estimated to serve as a key driver of the luxury packaging market. Furthermore, the growing consumer awareness concerning sustainable packaging solutions is forcing manufacturers to focus on introducing biodegradable or eco-friendly packaging solutions with enhanced functionality and, Multi-use designs.
Moreover, the paperboard material type witnessed a dominant share in the luxury packaging market, followed by the glass type. According to a comparative study mentioned in the report, the European region witnessed growth in the paper recycling rate in 2019. The growth in the region can be associated with a stable utilization of Paper for Recycling (PfR) in the European paper industry. Similarly, metal and plastic are projected to grow at a noteworthy rate owing to significant cost benefits. However, innovations in the plastic industry and high demand from end-users are factors driving demand in the plastic luxury packaging market.
The Cosmetics and Fragrances segment is expected to dominate the market over the forecasted period owing to increasing. Further, the European region possesses a significant market share due to the growing presence of flagship stores and the surge in demand through online channels of distributions. Moreover, the Asia Pacific region is projected to grow at a significant rate owing to rising disposable income, urbanization and growing population in the region, resulting in a boost to the market over the forecasted period.
The spread of the Covid-19 virus instilled nationwide lockdowns and travel restrictions globally. The pandemic negatively impacted the Luxury packaging market. However, the luxury packaging market is recovering and the significant impact of Covid-19 on the market is unlikely.
As a part of the report, the major players operating in the Global Surgical Lights Market, which have been covered, are Classypac, WestRock Company,Crown,Curtis Packaging,Fleet Luxury Packaging,Luxpac Ltd,McLaren,Berry M&H,Delta Global Source and K-1 Packaging Group.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/luxury-packaging-market
The analytical report has bifurcated the Luxury Packing Market on the following basis:
• By Material
• By Material
• Premium Beverages
• Watches and Jewelry
• Cosmetics and Fragrances
• By Geography
• North America
• South America
• The Middle East and Africa
• Saudi Arabia
• Asia Pacific
• South Korea