Luxury rigid boxes market is projected to reach over US$ 5.4 Bn by 2030, as per the new market study published by the ESOMAR recognized research firm Future Market Insights.
Luxury rigid boxes have been an ideal solutions for product premiumization. They add to the appearance and aesthetics, boosting sales of the beauty and personal care products. This has prompted the end-use segment to use luxury rigid boxes to make impactful designs to lure in more consumers. With a booming beauty products market, analysts anticipate that luxury rigid boxes will see excellent growth opportunities.
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The global leaders of beauty and personal care industries including Unilever, L’Oréal, Estée Lauder Procter & Gamble, and Shiseido and Coty have collectively reported soaring revenues, which is expected to translate with bigger budgets for luxury packaging of products. North America and Asia Pacific leading market for beauty and personal care markets and holding nearly 64% market share. All of these statistics point towards brilliant growth opportunities for luxury rigid boxes, which are continuously evolving to keep with the changing demands. Today, demand for eco-friendly packaging materials is also being factored in the production of luxury rigid boxes.
Furthermore, gradual shift from traditional packaging trend to smart and connected packaging trend has been observed in recent years. Digital shopping platforms and e-commerce have drastically increased connectivity with the consumers and it has created a great exponential opportunity for the manufacturers in the luxury boxes market. The luxury boxes with Near Field Technology and RFID technology are expected to be next-gen intelligent packaging formats, as the demand for anti-counterfeiting and anti-theft prevention packaging solutions is increasing.
KEY TAKEAWAYS OF LUXURY RIGID BOXES MARKET STUDY
- Consumer goods industry is estimated to account for more than 1/3rd of the luxury rigid boxes market by 2030
- Two piece boxes estimated to have an incremental opportunity of US$ 268 Mn by 2025
- Paper and paperboard estimated to account for 68% of the global market by value, and reach slightly over US$ 3.6 Bn in 2030
- Magnetic closure is estimated to gain by 180 bps of current market share during the forecast period
- Foam inserts are estimated to have a significant market share by insert types, accounting for more than half of the market share by 2030
- Asia Pacific is estimated to have an incremental opportunity of US$ 930 Mn by 2030 with the increasing demand for luxury boxes for confectionery product packaging
“Luxury rigid boxes are the elegant and sophisticated medium for presenting products. Additionally, these boxes promote impulse purchasing of the products. Demand for luxury rigid boxes among end users is consistently increasing to build and enhance positive brand image. In spite of declining phase of luxury rigid boxes market in 2020 due to COVID 2019, significant revenue generating opportunities are anticipated with explosive nature of e-commerce and digital shopping,” says and FMI analyst.
PLAYERS AIM AT MERGERS & ACQUISITIONS TO EXPAND PRODUCT PORTFOLIO
As a part of growth strategy, companies are emphasizing on mergers & acquisitions of small or medium sized specialized companies in order to expand their product portfolio, market footprint, increasing brand value, strengthen supply chain network etc. Some of the deals in past years are as follows –
- In January 2019, Metsä Board, the paperboard and packaging manufacturer, introduced new luxury box named SkinCare 2.0 gift box which uses fibre-based materials to replace plastic
- In November 2018, Fresnels Inc, the company which provides packaging solutions, developed a new recycled folding carton features dynamic nanotechnology decorative elements to catch the eye and interact with customers in the retail beverages environment.
Catering to the growing sentiment of eco-friendly packaging to reduce the pressure on landfills and to ensure responsible packaging is expected to create worthwhile opportunities for the players.
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IMPACT OF COVID-19 ON LUXURY RIGID BOXES MARKET
Manufacturers across the globe are facing several challenges in production of luxury rigid boxes due to COVID-19. This is primarily due to disrupted supply chain and trade related regulations. COVID-19 has had a negative impact on the economic activities and unfortunately, a quick recovery of the situations is possibly difficult. However, as global supply chains are disrupted, governments across various regions are considering stimulus packages to revamp the economy.
Owing to the declining economic condition, less demand for luxury packaging is estimated in 2020. Luxury rigid boxes market is largely dependent on sales of cosmetic, perfumes, and confectionery products packaging. A gradual shift from luxury product purchasing to essential product purchasing is witnessed in the mid of 2020. Therefore, as per FMI analysis, the luxury rigid boxes market is expected to decline till year end. However, the production activities are slowly resuming and expected to create growth opportunities for luxury rigid boxes in next decade.
LUXURY RIGID BOXES MARKET LANDSCAPE
The global luxury rigid boxes market is fragmented and it is anticipated to witness tough competition among the manufacturers across several regions. This market consist of strong key players focusing on innovative product development. Besides this, new players are entering into the market owing to significant sales creation with the increasing demand for luxury boxes in cosmetics, food and beverages and personal care industries.
The key players of global luxury rigid boxes market are Robinson Plc, McLaren Packaging Ltd, DS Smith Packaging Limited, PakFactory, Madovar Packaging Inc., Burt Rigid Box, Inc., Holmen AB ADR (Iggesund Paperboard), Elegant Packaging, Elite Marking Systems, Design Packaging, Inc., Bigso Box Of Sweden, ACG | Ecopack (Finn Industries, Inc.):, JohnsByrne, Sunrise Packaging, Inc., Asia Korea Printing Inc., Bell Printers, Prime Line Packaging, Autajon, Npack ltd., Taylor Box Company, among others.
The Tier structure is categorized in three stages. The Tier 1 stage highlights prominent players such as DS Smith, Holmen AB ADR (Iggesund Paperboard), Bigso AB, and PakFactory. These leaders are characterized by wide product portfolio and high sales for luxury boxes. The Tier 2 players are Taylor Box Company, Robinson Plc These players are identified on the basis of their product portfolio, segmental revenue and market presence. The Tier 3 stage includes McLaren Packaging Ltd., Burt Rigid Box Inc., Sunrise Packaging Inc., Design Packaging, Inc., Madovar Packaging Inc. etc. which are characterized by strong customer relationship in the local markets. Overall these companies are expected to hold nearly 15-20% market share in the global luxury rigid boxes market.