Zion Market Research has published a new report titled “Personal Care Packaging Market By Product (Flexible Packaging, Rigid Plastics, Paper, Glass, Metal, and Others), By Application (Skin Care, Haircare, Bath & Shower, Cosmetics, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, the global personal care packaging market accounted for USD 25.95 billion in 2016 and is expected to reach USD 38.05 billion by 2024, growing at a CAGR of around 4.9% between 2018 and 2024.
The personal care packaging market across the world is expected to witness significant growth over the forecast period on account of increasing rising usage of cosmetic and beauty products along with advancement in packaging technology. Personal care packaging plays an important role in the product marketing as it adds to the visual appeal and displays relevant information regarding the product. Growing disposable income and frequent demand for personal care products are further expected to drive the global personal care packaging market within the forecast period. Furthermore, the increasing awareness about the skin-related health hazards is expected to aid the growth of this industry. However, stringent government regulations and testing procedures increase the cost of the products. This could restrain the growth of personal care packaging market over the years.
Rigid plastics segment dominated the personal care packaging market with over 35% share of total volume consumption in 2015. The rigid plastics are non-corrosive, light, and cheap. The flexible plastic is another leading segment. The paper segment is predicted to experience significant growth over the forecast period due to rising environmental awareness levels among people.
Skincare application accounted for major revenue share in 2017. This growth is attributed due to increasing demand from the young population for skin care products. Skin care products take care of the skin by cleansing, protecting, maintaining, and improving skin condition.
North America accounted for substantial growth in 2017 and contributed a share of more than 23% in the global personal care packaging market. This trend is expected to continue over the forecast period owing to the robust manufacturing of cosmetic products by manufacturers such as Unilever, Johnson & Johnson, and Procter & Gamble in the U.S. Furthermore, rising demand for paper and bio-based flexible packaging due to easy availability of raw material in the region contributes to the market growth. In addition, stringent government regulations for metal cans and glass packaging is anticipated to drive the market growth for paper and flexible packaging segments. The key players are coming up with effective advertising campaigns to raise awareness regarding the advantages of personal care products. This is further expected to fuel industry growth over the forecast timeframe.
Europe, along with North America accounted for the majority of the market share in 2017. The region is expected to witness growth on account of rising awareness regarding skin and hair health hazards. The fashion industry in countries like Italy and France is expected to aid the growth of this industry even further. However, strict regulations set by the EU Cosmetics Regulation on packaging could restrain the growth of this industry.
The Asia Pacific is anticipated to grow at the highest growth rate over the forecast timeframe. The growing urbanization in countries such as China and India coupled with rising awareness towards adverse effects of pollution on skin and hair is expected to augment the market growth of personal care packaging in the region in the near future.
Latin America is expected to witness lucrative growth over the forecast timeframe due to growing demand for personal care products in Brazil. Moreover, rising disposable income of people, effective marketing strategies by industry players such as advertising campaign in the region is expected to drive personal care packaging market growth over the forecast period.
Countries in the Middle East and Africa have witnessed a rise in the living standards and infrastructure. Recently improved educational and healthcare facilities in Africa have raised awareness among the residents regarding healthcare. Globalization and migration activities in the Middle East region, mostly in countries such as Oman, UAE, and Qatar are predicted to increase demand for personal care products. These developments are expected to drive personal care packaging market growth over the forecast period.
Some of the major players in personal care packaging market include Amcor, Ardagh Group, Colgate-Palmolive Company, Gerresheimer, ITC, Mondi Plc, Procter & Gamble, Saint-Gobain, and Sonoco Products Company, among others.
This report segments the global personal care packaging market as follows:
Global Personal Care Packaging Market: Product Segment Analysis
Global Personal Care Packaging Market: Application Segment Analysis
Source: GLOBE NEWSWIRE