Global Personal Care Packaging Market Report, published by Variant Market Research, forecast that the global market is expected to reach $44.2 Billion by 2024 from $29.1 Billion in 2016, growing at a CAGR of 5.4% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 5.7% and 5.5%, respectively, during the forecast period.
The global personal care packaging market is significantly driven by factors such as, 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. 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.
Product type, application, and geography are the major bifurcations considered in the report. Product type segment is sub-segmented as flexible packaging, rigid plastic, glass, paper, metal, and others (nonwoven fabric, cardboard). Among which, flexible packaging accounted the major share in 2016, closely followed by rigid plastics. Further the application is categorized as skin care, hair care, cosmetics, bath & shower, and others (oral care, wipes, and cotton pads). Skin care and hair care dominated the market with majority of the market share.
Geographically, the global personal care packaging market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific held the majority of the global market share with 54.4% in 2016, and will also dominate with fastest CAGR during the forecast period, driven by 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%.
Major market players comprise of Amcor 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.