Luxury Packaging Market to Reach $23 Million Globally by 2021
Reportlinker Review is a series of posts featuring Innovations, Social and Economic Megatrends to understand the World of Tomorrow. Each post is illustrated with statistics for one industry.
Reportlinker’s Luxury Packaging Industry Review in a nutshell
- Pankaboard releases new beverage packaging
- UK expected to be largest customer for product
- Three companies win Luxury Packaging Award for 2016
How is the Luxury Packaging Market ?
The luxury packaging market is forecasted to reach $23 million globally by 2021, Beige Marketing Intelligence forecasts. This represents a compound annual growth rate (CAGR) of 4.96%.
An increase in sustainable packaging and personalized packaging is fueling growth. Customer demand for luxury goods has increased and companies are seeking packaging that helps products stick out from the competition.
Finnish cartonboard manufacturer Pankaboard has launched a new package for the luxury beverage sector called PankaLux.
Beverage customers need a thick cartonboard, the company said. PankaLux is a folding box with a service made for lamination and high speed production lines. It was manufactured specially for the luxury market and is available with board from 285g to 560g per square meter.
Whiskey businesses are expected to be the largest customer base with the UK being the largest market.
“The UK is definitely a strategic market for Pankaboard and is the second largest in Europe for packaging so is most probably a strategic market for everyone. The whiskey business is very specific to the UK and Pankaboard are looking at high thickness for boxboard, it is definitely an interesting area,” Pankaboard head of product development Christer Nordman told Print Week.
PankaLux was in development for a year and exhibited at the FachPack show in Germany in September.
In August, Pankaboard opened a sales office in Stanford, Connecticut, to service American and Canadian customers.
The office is the company’s fifth outside of Finland. The new office is part of a strategy to improve service and increase global sales.
Pankaboard has 160 employees and services 500 customers in 65 countries. In addition to food and beverage customers, it also services companies in the visual communication and picture framing markets.
Meanwhile, three companies were presented awards in the food category at this year’s UK Luxury Packaging Awards.
Curtis Print & Packaging was highly commended for its Pistachio Provenance packaging. The package features a divided tray so open shells can be kept separate from those nuts that had yet to be eaten. Judges felt the design was simple and functional.
East India Co. also was highly commended for its chocolate bar wrapping. The packaging displays the company’s history. Judges felt it was unique.
Harrods department store won first place for its Easter egg packaging.
ReportLinker Review – Global Luxury Packaging Market
- Over the period 2014-2019, the global luxury packaging market is forecasted to grow at a CAGR of 4.8%. (source: TechNavio)
- From 2015 to 2020, the global luxury packaging market is forecasted to grow at a CAGR of 5%. Market growth is being driven by cultural shifts and the increasing demand for aesthetically appealing packages. (source: Mordor Intelligence)
- In 2014, the chilled processed food packaging in Singapore reached 28 million units in sales, growing at 2% annually. (source: Euromonitor International)