According to the latest "2019 global luxury packaging market forecast" shows that in the next few years, the global luxury packaging market will grow at a rapid rate of 4.4% per year. By 2019, the global luxury packaging market will reach 17.6 billion US dollar, but because of its small share in the entire packaging market, it partially masks its importance in the industry, and with the increasing brand awareness of brand owners, as well as bold attempts and applications in functional materials, anti-counterfeiting technology, digital printing technology, etc., luxury packaging will win new development space in the future.
1. Application area prediction
More and more luxury packaging designers enhance the consumer's shopping experience through high-quality materials, textures, decorations, and styling innovations (such as novel opening and closing methods). In the "2019 Global Luxury Packaging Market Forecast", SmithersPira has identified six key applications for luxury packaging in the future: candy, cosmetics and fragrances, food and beverages, high-end alcoholic beverages (white wine, wine, and champagne), Tobacco, watches and jewellery. Among them, cosmetics and perfume luxury packaging accounted for the largest market share, accounting for 43.3% in 2014; followed by high-end alcoholic drinks and tobacco, respectively accounting for 21.9% and 16.5%.
The survey report shows that cosmetics and fragrances, watches and jewellery will be the fastest growing applications for luxury packaging in the next three years. This is mainly due to the rapidly growing demand in emerging markets. In contrast, the consumption of tobacco packaging will show a slow growth in the next three years.
The above application areas can be potential markets for "profitable" luxury packaging suppliers. The profits of luxury packaging are usually higher than those of ordinary goods. This is because it can bring greater experience and collection value to consumers through packaging. While promoting the sales of goods, it also brings immeasurable brand value to brand owners. Therefore, luxury packaging suppliers should invest more effort in structural design, innovative materials and craftsmanship to attract more brand owners.
2.Changes in packaging materials
The main materials used for luxury packaging are cardboard, glass, metal, plastics, textiles, leather and wood. Among them, cardboard is the most commonly used material for luxury packaging, accounting for 41.9%; followed by glass and plastic, respectively accounting for 30.1% and 15.4%. However, in terms of market volume, glass accounted for the largest share, about 58.3%; followed by cardboard, accounting for about 25.9%.
3.The application of innovative technologies
With the advent of economic globalization, global well-known multinational brands, such as Monetique Hennessy-Louis Vuitton Group, Richemont Group, PPR Group, etc., are increasingly eager to apply innovative technologies, such as anti-counterfeit technology and digital packaging printing technology, special surface finishing technology, smart interconnection technology, etc., to better protect the brand, and establish the greatest brand value in the consumer group.
In short, the continuous and steady development of the global luxury packaging market will continue in the next few years, while the development space of the global luxury packaging market will be greatly improved from the perspectives of multi-field applications, multiple materials, and technological innovation. ,let us wait and see.
WSG(Asia Pacific) Ltd. provides the luxury jewellery and watch brands with high-quality materials for display & packing, such as luxury suede (0.4~0.6mm), leatherette with a wide range of pattern, flocking cloth and other covering materials. Besides, we provide the cleaning gloves, jewellery pouches, anti-oxidative cotton cloth, and fabric, etc.