The luxury rigid boxes market shall register a value of US$ 5.4 Bn by the end of the 2020-2030 forecast period, opines Future Market Insights in its report.
The packaging industry has witnessed considerable advancements since the past several decades, with the introduction of luxury rigid boxes being an important one. As consumers’ disposable incomes have risen, the demand for luxury goods has risen considerably in the past few years.
As social interactions have become more common, the trend of gifting has also surged. Therefore, the uptake of luxury rigid boxes has increased as they provide aesthetic value to the gifted product. Also, using luxury boxes for premiumisation has become an emerging trend amongst several gifting startups and companies.
Over the years, the sales of cosmetics, personal care items, apparel, jewellery and cosmetics are anticipated to provide significant traction to the luxury rigid boxes market, keeping the market afloat.
“Increasing number of e-commerce platforms to purchase luxury items is shifting the customer base, prompting market players to invest in online packaging over and above traditional channels,” infers an FMI analyst.
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Key Takeaways from FMI’s Luxury Rigid Market Study
- Consumer goods segment shall capture 60% of the global luxury goods market by 2030
- Material-wise, paper and paperboard based boxes shall generate an opportunity worth US$ 572 Mn over the next half-a-decade
- 2-piece boxes shall generate an incremental $ opportunity worth US$ 268 Mn until 2025
- By closure type, magnetic closure shall gain 180 BPS across the forecast period
- Asia-Pacific shall emerge as a prominent regional market, attributed to application in confectionery packaging
- Market players are capitalizing on mergers & acquisitions in order to acquire stronger revenue footprints
Luxury Rigid Boxes Market- Key Trends
- Festive occasions record the highest incidences of luxury goods sales prompting market players to introduce innovative and aesthetically pleasing packaging
- Luxury rigid boxes are incredibly light weight and cost-effective, increasing their uptake, pushing up revenue prospects
- Technological advancements such as RFID and NFC are being incorporated to enhance consumer experiencing, stimulating revenue prospects
- The COVID-19 pandemic has induced sluggishness ascribed to falling industrial production in the wake of mandatory social distancing measures
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Luxury Rigid Boxes Market- Region-wise Analysis
- Asia-Pacific shall generate a US$ 930 Mn incremental opportunity by 2030
- Opportunities in wedding planning activities shall provide traction to growth in the Asia-Pacific region
- North America is generating opportunities on the technological front, with the introduction of NFC and RFID systems to track orders
- Effective distribution networks across LATAM and MEA shall make them lucrative markets in the future
Luxury Rigid Boxes Market- Competitive Landscape
The luxury rigid boxes market is highly fragmented, making it highly competitive. Market players are concentrating on innovations and new product developments.
For instance, Madovar Packaging Inc. launched custom apparel gift boxes for the Antoniella apparel company in February 2020. Besides, companies also focus on collaborations to remain afloat in the market.
An example of this is McLaren Packaging Ltd acquiring Moelle Interlok Packaging, a company specializing in producing solid board divisions and layer pads for electronics, glasses and beverage industries in 2019.
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
4. Key Success Factors
4.1. Product Adoption Analysis
4.2. Product USPs / Features
5. Global Luxury Rigid Boxes Market Demand Analysis 2015–2019 and Forecast, 2020–2030
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