According to the latest survey conducted by Paradox International, in the next five years, the compound annual growth rate of the luxury packaging market in the Asia-Pacific region will reach 7.1%. This will exceed the 4.9% growth rate of the global luxury packaging market and the 3% growth rate of the global consumer packaging market. Due to the strong growth momentum of luxury goods in the Chinese market, the luxury packaging market in the Asia Pacific region has become a well-deserved leader in the global market, and in 2010 accounted for 35% of the total global sales.
According to the survey, in 2010, the luxury packaging market accounted for 3% of sales in the global consumer packaging market, which is expected to be 11.9 billion US dollars and its total consumption reached 7.6 million tons. With the global financial crisis and the continued sluggishness of the global economy, global luxury packaging began to slow down in 2008. In 2009, luxury goods and packaging sales fell again due to the intensification of the economic crisis. In 2010, with the gradual recovery of the global economy, the sales of luxury goods and packaging have seen a fairly significant recovery.
The study found that the development of luxury goods and packaging is closely related to the prosperity of the region’s economy. Countries and regions with high national income levels, such as North America, Western Europe and Japan, are large markets for luxury goods and their packaging. At the same time, developing countries with rapid economic development, such as Brazil, Russia, China and India, have developed rapidly in the luxury goods and packaging market in recent years, and their growth rate has even surpassed that of developed countries.
Paragon International predicts that with the continuous economic growth in the Asia-Pacific region, its growth rate will exceed that of North America and Western Europe. From 2010 to 2015, the Asia-Pacific region will occupy a larger share in the global luxury packaging market. Although the United States will still maintain its position as the largest country in the luxury packaging market, China will continue to narrow the gap with it. In 2010~2015, South America led by Brazil, Eastern Europe led by Russia, and Middle East and Africa will gradually increase their share in the global luxury packaging sales market.
According to the survey, China has become the leader in the luxury packaging market in the Asia Pacific region, and has become the second largest consumer of luxury packaging after the United States. In the past five years, its compound annual growth rate reached 10.8%. By 2015, China’s sales in luxury packaging will reach US$2.5 billion, exceeding the estimated US$1.5 billion in 2010.
Today, in China, the consumption of luxury goods has surpassed the United States, becoming the largest luxury goods market after Japan. By 2015, Paragon International predicts that China will consume 29% of the world's luxury goods and become the world's largest luxury goods market.
In 2010, the proportion of luxury packaging market in the world was health care products, cosmetics and fragrances, which were the largest end-users of luxury packaging. Its total market share reached 46% in 2010, followed by alcoholic beverages and food and beverages. In 2010-2015, Paragon International predicts that alcoholic beverages will be the most promising category, with a compound annual growth rate of 6%, and health, cosmetics, and fragrances market growth will be equally strong at 5.6%. And 5.3%. In contrast, the tobacco market will decline in the next five years.
Percentage of luxury packaging terminal customers in various regions of the world in 2010 In addition, according to Palo International, the biggest development trend in the field of luxury packaging is the development of sustainable packaging. As luxury brand owners will continue to focus on their luxury appearance and packaging, they will be more inclined to use environmentally friendly packaging and materials. The most environmentally friendly material, paperboard, will be used more and more in luxury packaging.
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