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According to a report from Smithers Pira sponsored by Asia Pulp and Paper (APP), demand for luxury packaging is driving innovations in the industry. New technology, including sustainable solutions and anti-counterfeit measures, is facilitating these innovations.
Titled “Paper based packaging trends to 2019,” the report expects the global luxury goods packaging market to increase from $14.2 billion in 2014 to $17.6 billion by 2019—an increase of 19 percent.
According to the report, cosmetics and fragrances make up 43 percent of luxury goods sales and will increase at around six percent each year over the next five years, remaining the main driver of growth in the market.
Lee Henderson, Manager of European Sustainability and Stakeholder Outreach at APP, said the report indicates that the luxury packaging market will soon enter a “Golden Era” of product development. He also said current trends in the luxury packaging industry may indicate what other segments of the packaging industry can expect.
“Packaging that is sustainable, personalized, has the ability to interact with digital technology, prevents counterfeiting and uses the latest state-of-the-art printing technology is not just a demand of buyers of luxury goods, but reflective of general consumer preferences. The packaging industry should now plan for these trends to become the norm far beyond simply luxury packaging.”