Global Personal Care Packaging Market is Estimated to Reach $44 Billion by 2024, Says Accurize Market Research
Global Personal Care Packaging Market report published by Accurize Market Research forecast that the global market is expected to reach $44 billion by 2024; growing at a CAGR of 5.3% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Rising demand for cosmetics & beauty products to drive the global market
Rising demand for cosmetics and beauty products, rapid urbanization, changing consumer lifestyle, advancements in packaging technology, and rising importance of packaging to attract maximum consumers are some factors driving the growth of global personal care packaging market. Though, stringent regulations on safety of personal care products could hamper the market. Additionally, light weight, high durability and green packaging would provide growth opportunities in the coming years.
Market Segmentation
Global personal care packaging market is split into product type, application, and geography. Product type segment is divided into flexible packaging, rigid plastic, glass, paper, metal, and others (nonwoven fabric, cardboard). The application segment is segregated into skin care, hair care, cosmetics, bath & shower, and others (oral care, wipes, and cotton pads).
North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.
"Flexible packaging accounted for the largest market share in the product type segment", says Accurize
In the product type segment, flexible packaging accounted the major share in 2017, closely followed by rigid plastics. Skin care and hair care dominated the application segment market with majority of the market share.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific held the majority of the global market share with 54.4% in 2017 due to rapid growth in disposable income, rising brand loyalties, and rapid increase in men’s grooming and baby care products. Europe held the second largest market share with 18.7%.
Top players in the market
Major companies operating in the market includeAmcor Ltd., Bemis Company Inc., Mondi Plc, Sonoco Products Company, Albea S.A., Gerresheimer AG, ITC Ltd., Colgate-Palmolive Company, Crown Holdings, Inc., and Bormioli Rocco SpA, among others.
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