LONDON--(BUSINESS WIRE)--The personal care packaging market size is expected to grow by USD 3.91 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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The rising personal care spending is the key reason for the growth of the market. The sales of beauty and personal care products are expected to grow by 60% between 2018 and 2023. The demand for organic and natural beauty products is poised to witness substantial growth in demand during the forecast period. North America and Western Europe are mature markets, Eastern Europe is a developing market, and APAC and South America are emerging markets. In 2019, South America and APAC experienced a rise in demand for personal care products due to the increase in disposable income of the population. Moreover, vendors are adopting various marketing techniques to boost sales. Augmented reality is one of the tools adopted by cosmetic providers to increase their market presence. These tools allow end-users to try the products virtually through mobile apps such as Makeup Genius by L'Oréal. All the above-mentioned factors are driving the growth of the global personal care market, which in turn will drive the demand for personal care packaging.
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As per Technavio, the rise in need for innovative packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Personal Care Packaging Market: Rise in Need for Innovative Packaging
Proper packaging helps in attracting consumers through its visual appeal, which helps to highlight the brand. The rising awareness among brand owners and marketing experts with respect to the importance of packaging in attracting consumer attention is leading to the introduction of innovative packaging. Also there is a rise in the demand for miniaturized packaging for various products, such as health and beauty products such as shampoo, conditioners, and setting lotions, with portable and on-the-go functionality. Eco-friendly packaging is also witnessing a substantial increase in demand from personal care product manufacturers. Eco-friendly packaging can be easily recycled and is safe for consumers as well as the environment. Some of the eco-friendly packaging options are paper, cardboard, biodegradable plastics, and plant starch material. Advancements in packaging technologies and a rise in the demand for products sold in innovative packaging are expected to boost market growth during the forecast period.
“Other factors such as the growing demand for convenient packaging, and the growing demand for personal care products from the aging population will have a significant impact on the growth of the personal care packaging market value during the forecast period,” says a senior analyst at Technavio.
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Personal Care Packaging Market: Segmentation Analysis
This market research report segments the personal care packaging market by product (plastic, metal, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the personal care packaging market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing sales of personal care products over ecommerce channels.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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