Luxury Boxes Market is expected to grow at a CAGR of 4.1%
According to Transparency Market Research’s recent market report titled “Luxury Boxes Market: Global Industry Analysis, 2013 – 2018 and Opportunity Assessment, 2019 – 2027”, worldwide growth of luxury cosmetics industry is projected to drive the growth of the luxury boxes market, during the forecast period. Globally, the revenue generated by the luxury boxes market has been anticipated to be around US$ 6.85 billion in 2018 and is expected to grow at a CAGR of 4.1% in terms of value throughout the forecast period.
Worldwide Beauty & Personal Care Market Growth is Drives Luxury Boxes Market
The aesthetic appeal of luxury boxes in the packaging of cosmetic products is relatively high as compared to other packaging formats. As stated by L’Oréal S.A., 2017 Annual Report, the global beauty products market was valued at around US$ 228.31 Billion in 2017.
North America and the Asia Pacific are the key markets for beauty and personal care industry and accounted for near about 62% of the global market share. In 2017, the global leaders in beauty & personal care products, L’Oréal, Unilever, Procter & Gamble, Estée Lauder, and Shiseido and Coty, together collected near about US$ 90 Bn of revenue. The luxury cosmetics market is continuously evolving and has seen a high demand in the last few years, owing to increased disposable income of an average consumer. These global leaders have strong influence on the global luxury boxes market in present market scenario.
Personalised Luxury Boxes for Confectionery Packaging
Confectionery manufacturers and marketers are offering personalised luxury boxes to customers to fulfil their gifting needs. Chocolate gifting luxury boxes with custom messages are trending in the market. Many confectionery shops and delivery services provide the option of printing images or photos on luxury boxes to delight their customers.
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Smart & Connected Luxury Boxes trending in the Luxury Boxes Market
The adoption of connected packaging to reach customers from a digital marketing perspectives has created a great innovation opportunity for key players of luxury boxes market. The luxury boxes with NFC-enabled (Near Field Technology) and RFID tags (radio-frequency identification) are expected to be next door intelligent packaging formats, due to anti-counterfeiting and anti-theft prevention.
The adoption of unique shapes and sizes of luxury boxes, along with typography and glossy or matte printing on the luxury boxes for packaging of alcoholic beverages is trending in the global market.
Developments in the Global Luxury Boxes Market
- Europe based corrugated packaging company, Smurfit Kappa Group Plc, acquired French packaging company Papcart. The acquisition will expand Smurfit Kappa’s product portfolio with the addition of products in the luxury boxes, fast-moving consumer goods (FMCG) products packaging, alcoholic beverages packaging, and bag-in-box
- Pozzoli S.p.A. launched new luxury box, Pozzoli Flat, a range of patented rigid lift-off lid boxes, which can be printed on the entire surface and folded flat
- Sulapac Oy, a biodegradable packaging products manufacturer, developed a new gift or luxury box made up with wood chips, and natural biodegradable binders for Fazer Food Services Company
- Metsä Board launched new design in luxury boxes product line, Gift Box SkinCare 2.0, a packaging solution for beauty & personal care products that targets to improve the consumer experience and reduce the use of plastics. The luxury boxes are designed in a way to reduce the packaging material and provides a recyclable and plastic-free packaging format.
Electronics Industry is projected to boost the Demand for Luxury Boxes
In order to attract and delight customers throughout the shopping experience and ensure superior product quality, electronics brands are adopting luxury boxes for packaging. Mobile companies are adopting luxury boxes enabled with high-security tamper evident and durable packaging. The packaging of apparels in luxury boxes have created a new horizon for the growth of luxury boxes market.
Global Luxury Boxes Market Volume is projected to Expand 1.4X from 2018 to 2027
In the global luxury boxes market report, manufacturers with high production volumes from different geographical regions are profiled. The overview, competing strategies, product lines, company revenue, and segmental share of key players in the luxury boxes market are evaluated in the competitive landscape. The key manufacturers operating in the global luxury boxes market include WestRock Company, Sunrise Packaging Incorporated, Stora Enso Oyj, Stevenage packaging limited, Solutia Italia Srl, Smurfit Kappa Group plc, Robinson Plc, Mondi Group, Metsä Board Oyj, McLaren Packaging Limited, Mayr-Melnhof Karton AG, KOLBUS GmbH & Co. KG, Keskeny & Co. Ltd., KARL KNAUER KG, International Paper Company, HH Deluxe Packaging, Groupe VERPACK, DS Smith Plc, Diamond Packaging Corp, and Coveris Holdings S.A.
In the global luxury boxes market report, we have analysed strategies of key players to expand business and sustain the competition. A competition dashboard of significant key players is provided in the global luxury boxes market report