Packaging today is no longer done simply to protect products from damage, but has become an integral part for luxury brands, as it has become identification for setting up a brand value. Luxury brand manufacturers are investing in packaging as a strategy to improve their brand image. The global luxury packaging market is thus flourishing in this environment.
While designing luxury packaging, each brand adopts a unique style. This helps customers to associate products with a particular brand. Generally used by high-end products, luxury packaging is used in healthcare and medical, FMCG, and household products. This is boosting the growth of the global luxury packaging market.
The global increase in the number of product launches, especially in the cosmetic and fashion sectors is driving the growth of the luxury packaging market. One of the key trends, which has been observed among manufacturers in recent times is the use of sustainable, bio-degradable or eco-friendly packaging. Thus, players are increasingly investing in innovation and advanced technology so as to provide manufacturers with sustainable luxury packaging and this is boosting the growth of the market.
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Another trend which is fueling the growth of the market is the growing penetration of travel retail and online retail. The travel retail market is expanding at a high pace and is emerging as an opportunity for future growth of the global luxury packaging market.