Personal care packaging market worth $37.25 billion by 2022
The global personal care packaging market is expected to reach USD 37.25 billion by 2022, according to a new report by Grand View Research, Inc. Rising consumption of cosmetic and beauty products along with advancements in packaging technology is expected to drive the global over the next seven years. In addition, changing lifestyle along with rapid urbanization is expected to stimulate industry growth. Growing demand for flexible packaging owing to its lightweight property as well as high durability in China, India and Brazil is expected to propel growth over the forecast period.
Rigid plastics accounted for over 35% of the global revenue and are expected to witness significant gains over the next seven years as they are non-corrosive, light and cheap. Increasing demand for rigid plastics in hair care and skin care applications owing to its superior properties of high impact strength, high stiffness and high barrier properties will drive industry.
Further key findings from the report suggest:
· Fragrances are expected to witness growth at a CAGR of 6.3% from 2015 to 2022 on account of its growing demand in perfumes, deodorants, soaps, body washes and moisturizers. Large manufacturing base of perfume industry coupled with growing domestic demand in U.S., Germany, India, Saudi Arabia, China, Mexico, France and UK is expected to drive market growth. Rising disposable income coupled with increasing penetration of players such as P&G and RB through new product launches in China and India is expected to promote fragrances industry growth, thereby, .
· North America accounted for 23.4% of the global market share and is expected to grow in light of robust manufacturing of cosmetic manufactures such as Unilever, Johnson & Johnson and Procter & Gamble in the U.S. In addition, demand for paper and bio-based flexible packaging will rise on account of raw material availability along with strict government regulations on metal cans and glass packaging.
· Latin America personal care product market was valued at USD 1.29 billion and is expected to witness lucrative growth over the forecast period as a result of increasing expenditure on beauty products and cosmetics in Brazil. In addition, effective marketing strategies by companies including advertising campaigns, rising disposable income levels along with high demand for perfumes will spur packaging sector.
· Pouches will witness significant rise over the next seven years on account of ease of use and superior properties including chemical resistance and high barrier ability. Growing demand for stand-up pouches, owing to their lightweight property, excellent barrier properties, ease of decoration, and flexibility of size. The segment is anticipated to generate revenues exceeding USD 1.60 billion by 2022.
· Personal care packaging market is fragmented in nature with major key participants including Amcor, Mondi plc, Bemis Company, Sonoco and Ardagh Group accounting for over 30% of the global share in 2014. Introduction of bioplastic packaging for cosmetics in order to reduce pollution is expected to spur industry. In addition, advancements in glass packaging to reduce glass bottles weight by 50%, thereby reducing energy required to produce and transport them will promote growth.