Personal Care Packaging Market Size To Reach $37.2 Billion By 2024 | Hexa Research

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Research Report on Personal Care Packaging Market Size, Share, Trends, Key Players, Research Report and Forecasts – 2024

The worldwide personal care packaging market is likely to surpass USD 37.2 billion by 2024. ‘Packaging technology’ innovations coupled with increasing consumption of beauty & cosmetic products should propel the market during the forecast period (2015 to 2024). Escalating demand for skin & hair products (due to awareness towards healthy living) will also fuel market growth.

In addition, greater consumption of nail paints, perfumes, and aftershaves could boost market demand. On the basis of applications, ‘skin care’ led the market in 2014. This segment contributed over USD 7 billion the same year. It is predicted to experience significant gains owing to awareness regarding cosmetics. Concerns regarding global warming and pollution may also drive this application.

Rising demand for products such as skin care and hair care due to rising consumer awareness towards healthy lifestyle habits is projected to fuel growth. High consumption of aftershaves, perfumes, and nail paints are expected to further bolster market growth. Rapid industrialization has led to set up of numerous cosmetic manufacturing units especially in countries such as China and India. This is projected to further stimulate industry growth over the forecast period.

Technological innovations to improve the manufacturing process of flexible packaging have helped to minimize energy and raw material costs. This is expected to augment industry growth over the forecast period. However, fluctuating raw material prices such as that of PP and HDPE is projected to hinder market growth over the forecast period. Growing utilization of bioplastics along with ongoing product development to improve packaging performance is projected to open new avenues over the forecast period.

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‘Bath & shower’ accounted for over 20% shares in 2014. This application will undergo expansion till 2024. The same would be attributed to awareness about hygiene & health, especially in Asia Pacific and the Middle East. Also, inclination towards shower gels, body washes, and liquid soaps & bars can boost segment sales.

In view of products, ‘flexibles’ dominated the personal care packaging market in 2014. This segment is estimated to experience considerable expansion during the forecast period. It should notice over 6% CAGR in the same period. Demand for the ‘metals’ segment will decrease in the coming seven years. The same would be credited to this product’s negative environmental effects, high storage expenses, and heavyweight.

With respect to packagings, bottles were the leading segment in 2014. Bottles generated over 28% of the total incomes that year. They are projected to dominate the market in the near future. This should result from their wide adoption across skin & hair care and shower & bath products. In terms of regions, ‘Asia Pacific’ dominated the market in 2014. It stood over USD 8.1 billion the same year.

‘MEA’ is anticipated to expand significantly (at over 7%) in the seven years ahead. Augmenting demand for perfumes in Kuwait, Saudi Arabia, and U.A.E. could fuel this region. MEA would also be propelled by its higher purchasing power and active & young populace. Leading participants in the global personal care packaging market are Albea Group, Amcor, Sonoco, Mondi plc, and Bemis Company.

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