Market Research Future published a research report on “Beauty and Personal Care Packaging Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global beauty and personal care packaging market estimated to grow at USD 9.45 billion in the consumer products market. The market has seen a growth of 4% and will grow over the forecasted period. Innovation in packagings such as vibrant shades and a wide range of shapes, sizes, and materials acting as a major driving factor for the growth of the market. Recent trend shows that companies spend more on packaging innovation rather than on production cost. High demand for packaging solutions and volatile raw material prices directly impact the packaging cost and profit margin of the vendors. Moreover, the packaging industry is fast changing coupling with consumer demand helps the vendors to become flexible with future requirements. Moreover, development of packaging styles and growth potential in emerging economies providing enormous opportunities for beauty and personal care products.
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Beauty and personal care packaging market are expected to experience rapid growth during the forecast period due to the major driving factors such as demand for creative and innovative cosmetic packaging, demand for luxury and natural cosmetic products, and increased daily use of personal care products. Additionally, advancement in packaging technologies and availability of personal care products in innovative designs, such as pumps, sprays, sticks, pen type, and rollers balls also pushing the market towards growth.
The demand for cosmetic products depends on the packaging of the product and the quality. Most of the responsible factor for the growth of the packaged products are creative packaging and increasing the shelf life of the product. Moreover, increasing demand for the advanced packaging materials is driving the growth of the cosmetic industry, which is expected to increase the growth of the packaged products during the forecast period. According to L’Oreal/FBIC Global Retail & Technology, the global beauty product market was ~USD 371 billion in 2011 and USD 399 billion in 2014.
Beauty and Personal Care Packaging Market, by segment
The beauty and personal care packaging market is experiencing various changes and evolving customer expectations such as availability of small sizes and speedy technological innovation. On the basis of the materials, it includes plastics, glass, metal and other, by product includes bottles, jars, and cans, tubes, pouches, and others. It shows huge opportunities to plastic packaging manufacturers and focusing on launching innovative pack formats, sizes, and functionality with leading pack types in response to consumer demand for convenience. On the basis of the application, the market is segmented into skincare, cosmetics, fragrances, hair care, and others. In terms of the region, the global market is segmented into four major regions including North America, Europe, Asia Pacific, and RoW. In terms of the geography, Asia Pacific accounted for the majority market share, and is likely to dominate the market over the forecast period.
Rapid economic growth and increase in disposable income are projected to change the lifestyle pattern. China is predicted to open new growth opportunities in the beauty and personal care packaging market over the coming years. Rapidly growing cosmetic industry, changing packaging and improving the standard of living have amplified the demand for beauty and personal care packaging market, positively. A new trend in research and development carried out by the packaging manufacturers with a focus on advantageous locations for production and short-distance supply to reduce costs acts as a major factor for the growth of the Asia Pacific region.
Some of the key players operating the global beauty and personal care packaging market includes Amcor Limited (Australia), WestRock Company (U.S.), Saint-Gobain S.A.(France)., Bemis Company, Inc. (U.S.)., Mondi Group (Austria), Sonoco Products Company (U.S.), Albéa Services S.A.S.(France), Gerresheimer AG (Germany), Ampac Holdings, LLC (U.S.), AptarGroup (U.S.), Ardagh Group (Luxembourg), and HCT Packaging Inc.( U.S. )
Extensive research in this market has brought to light that expansion is the key strategy adopted by the major players in the global beauty and personal care packaging market. This strategy is widely adopted to spread their geographical presence and achieve operational efficiencies.
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To view the original version on ABNewswire visit: Beauty and Personal Care Packaging Market | Growing Population has Boosted the Market – CAGR of 4% Through 2023
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