Smithers Pira sees bright future for global luxury packaging market
Data from the Smithers Pira (smitherspira.com) report "The Future of Global Packaging to 2020" estimates a total world market for all packaging in 2015 worth $839 billion. This will grow steadily at a rate of 3.3% year-on-year through to the end of the decade; with the market will be worth nearly $1 trillion in 2020.
Luxury packaging is a lucrative, fast developing segment of this; Smithers Pira values it at $14.8 billion in 2015. Its relative share belies its importance to the broader industry, however. It is a segment where higher unit costs and the willingness of brands to invest in designs that directly enhance their products make it a cockpit for the entry and perfection of novel technologies.