The global demand for personal care packaging is expected to reach USD $25.77 billion by 2019 - growing at a CAGR of 4.3% from 2013 to 2019. The global demand was valued at $19.26 billion in 2012. In terms of volume, the demand was 130.03 billion units in 2012.
This is stated in the new report by Transparency Market Research: Personal Care Packaging for Skin Care, Hair Care, Bath & Shower, Cosmetics and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.
So what’s driving the market?
An increasing demand for personal care products, as well as an increase in innovation in product design. Plus, increasing demand for personal care products in BRIC is expected to open opportunities for the growth of the market in the near future.
However, rising number of regulations regarding packaging and manufacturing personal care products is expected to subsequently hamper the growth of the market, as the overhead costs may result in increased price of the finished product.
Flexible packaging is expected to be the fastest growing segment over the forecast period due to its growing demand by manufacturers as well as consumers.
Light weight, lower costs, high durability, reduced consumption and superior aesthetic appeal are vital factors that are expected to contribute to the growing demand for flexible packaging in this market over the next few years.
Hair care is expected to be the fastest growing application segment of the personal care packaging market, at a CAGR of 4.3% from 2013 to 2019.
A rising consumer awareness regarding healthy hair is expected to drive demand, and the packaging market, along with the introduction of various types of hair care products that are expected to increase the need for innovative packaging.
In 2012, the demand for packaging was highest for skincare products, followed by hair care.