Market Highlights
The global Secondary Paper & Paperboard Luxury Packaging Market is expected to register a CAGR of 6.0% during the forecast period and is expected to hit USD 6,581.2 billion by 2027.
The global market for secondary paper & paperboard luxury packaging is expected to grow at a steady rate during the forecast period. This growth can be attributed to the increasing usage of sustainable and bio-degradable packaging, rapid technological advancements, and the ability to create unique designs, shapes, finishes, and effects, and increasing dependence on e-commerce platforms. However, rising concerns over carbon emissions during manufacturing and changing consumer demands are expected to restrain the growth of the global market during the study period. Nevertheless, the rise in individual spending capacity is expected to create growth opportunities for players during the forecast period.
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Segment Analysis
The global secondary paper & paperboard luxury packaging market is mainly segmented into material and end user. On the basis of material, the secondary paper & paperboard luxury packaging market has been sub-segmented into paper & paperboard, plastic, and metal. On the basis of end user, the secondary paper & paperboard luxury packaging market has been segmented into food & beverages, confectionery, personal care & cosmetics, wines & spirits, and fashion.
Regional Analysis
The global Secondary Paper & Paperboard Luxury Packaging Market Demand has been segmented on the basis of region into US, Europe, Asia-Pacific, UAE, and South America. The European tea bag packaging market has been segmented into Germany, France, the UK, Italy, Spain, Russia, and Netherlands.
The US secondary paper & paperboard luxury packaging market is expected to witness robust growth during the forecast period. The region has witnessed increased investments in research & development and a growing focus on incorporating innovation in packaging methods. The region benefits from the presence of tier 1 secondary paper & paperboard luxury packaging manufacturers, such as DS Smith and Amcor. The growth in end use industries such as food & beverages, personal care, and cosmetics is the primary factor that is responsible for the growth of the secondary paper & paperboard luxury packaging market in the region.
The presence of a large number of manufacturing companies in countries such as China, India, and Japan, is the key factor driving the regional market. Furthermore, an increase in attractive secondary luxury packaging solutions is expected to benefit the market growth. Other key factors such as the rising per capita disposable income of the middle-class population are expected to drive the demand for secondary paper & paperboard luxury packaging in Asia-Pacific during the forecast period.
Key Findings of the Study
- The global secondary paper & paperboard luxury packaging market is expected to reach USD 6,581.2million by 2027 at a CAGR of 6.0 % during the forecast period.
- Asia-Pacific accounted for the largest market share of 35.02% in 2020, with a market value of USD 1,569.8 million.
- Based on material, the paper & paperboard segment is expected to register a CAGR of 6.0% during the forecast period.
- Based on end user, the personal care & cosmetics segment dominated the market with a share of 33.73% in 2020.
- Some of the key players operating in the secondary paper & paperboard luxury packaging market are Amcor Limited (Europe), HH Deluxe packaging (UK), DS Smith Plc (UK), MW Creative Ltd (UK), Winter & Company AG (Europe), Progress Packaging (Europe), Lucas Luxury Packaging (Europe), and CLP Packaging Solution Inc. (US) among others.
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