Beauty And Personal Care Packaging Market Estimated To Grow At USD 9.45 Billion During Forecast 2023 At 4 % CAGR
Market Scenario
Market Research Future (MRFR) asserts that the global beauty and personal care packaging market is predicted to expand at a CAGR of 4% during the forecast period (2017-2023). Innovation in packaging has led to the expansion of the market worldwide. Packaging plays an integral role in branding products. Besides the quality of the product, the first thing that attracts the customers is the look of the product. Owing to surging demand from the customers, new demographic conditions, and rising purchasing power, the packaging sector is facing continuous transformation.
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Market Potential and Pitfalls
The packaging sector is undergoing continuous innovations like change in sizes, wide variety of shapes, vibrant shades, and materials which has highly influenced the market across the globe. With companies spending more on packaging rather than on production cost, the market for beauty and personal care packaging is set to flourish. The growth potential in the emerging nations coupled with the development of the packaging styles are some of the major factors considered to contribute to its growth. The market is predicted to steal the limelight across the globe owing to the surging demand for natural and luxury cosmetic products, rising demand for innovative and creative cosmetic packaging, and growing use of personal care products on a daily basis.
The availability of personal care items in innovative designs like sprays, pumps, pen, sticks, roller balls, and pen type and advancements in the packaging technology have enabled the market to reach out to a wider range of audiences. As per the L’Oreal/FBIC Global Retail & Technology, the beauty product market was valued at USD 371 billion in 2011 and USD 399 billion in the year 2014. Moreover, the rising adoption of lightweight rigid plastics is estimated to propel its growth as it helps to reduce the carriage and transportation costs, resulting in an increased profit. The growing trend of e-commerce and online shopping propels the need for protective packaging which offers the product protection from damage during transportation, thereby impacting the market positively.
On the contrary, personal and beauty care products consist of chemicals which are harmful to the human skin. The U.S. Food, Drug, and Cosmetic Act have thus imposed strict mandates regarding its use and manufacturing in order to ensure safety of the consumers. This has further impacted the market’s growth negatively across the globe.
Global Beauty and Personal Care Packaging Market: Segmental Analysis
The global beauty and personal care packaging market has been segmented on the basis of material, product, and application.
By mode of material, the global beauty and personal care packaging market has been segmented into glass, plastics, metal, and others. Among these, the plastic packaging is highly preferred among the consumers. The material is extensively used for beauty and personal care packaging as it helps the manufacturers to reduce cost. The surging demand for lightweight, cost-efficient, and durable materials are propelling its demand.
By mode of product, the global beauty and personal care packaging market has been segmented into cans, bottles, tubes, pouches, and others. Among these, the bottle segment is likely to gain preference as it is convenient for the consumers to carry and use.
By mode of application, the global beauty and personal care packaging market has been segmented into cosmetics, skin care, hair care, fragrances, and others.
Regional Insights
Geographically, the beauty and personal care packaging market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region is considered to gain prominence with China generating the maximum revenues. The growth in disposable income and rapid economic growth is likely to create new growth opportunities for the beauty and personal care packaging market. With the transforming packaging sector, improved standard of living, and rapid growth in the cosmetic sector has amplified the demand for beauty and personal care packaging in this region. Moreover, R&D activities by the packaging manufacturers with rising focus on locations for the production and short distance supply is likely to reduce the cost, thereby impacting the market growth positively.
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Industry Updates
February 2018: With the commercialization of its first consumer package, Amcor has proven its game-changing LiquiForm technology. To reduce the supply chain costs, LiquiForm technology has efficiently improved the packaging consistency and also reduced the carbon footprint related to packaging and filling. Amcor has partnered with Greenblendz to commercialize and develop packaging for the Nature’s PromiseTM brand of hand soap.
Competitive Dashboard
The prominent players operating in the global beauty and personal care packaging market comprises Amcor Limited (Australia), Sonoco Products Company (U.S.), Albéa Services S.A.S.(France), Saint-Gobain S.A.(France), AptarGroup (U.S.), HCT Packaging Inc.( U.S. ), WestRock Company (U.S.), Ampac Holdings LLC (U.S.), Bemis Company Inc. (U.S.), Mondi Group (Austria), Gerresheimer AG (Germany), and Ardagh Group (Luxembourg).
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