Three companies win Luxury Packaging Award for 2016
How is the 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.