Personal Care Packaging Market Will Soar to $36 Billion by 2027

The global personal care packaging market is projected to reach around $36 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.3% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights. 
 
Growing demand for personal care products around the globe coupled with improvements in the packaging system are expected to propel the market growth of personal care packaging. Packaging helps in attracting consumer attention and creating brand awareness among consumers. Moreover, the packaging also helps in preventing contamination and damages to the products. Thus, the packaging is expected to be an important part of branding and protection against damages. This is expected to drive the market growth of personal care packaging.
 
The advent of bio plastics as an advanced packaging solution with improved functional properties such as durability and shelf-life is expected to provide lucrative opportunities to the market of personal care packaging. Growing demand for hair care and skin care products is fueling demand for bottle packaging. Moreover, increasing young populations are expected to augment the market growth over the forecast period. 
 
Strict rules and regulations regarding the production of personal care products are expected to hinder the market growth. For example, The U.S. Food, Drug, and Cosmetic Act have imposed strict rules on the production of personal care products for maintaining consumer safety. The law mandates that every personal care product and its ingredients have to undergo testing before the commercialization of the product.
 
On the basis of product type, the flexible packaging segment dominated the global personal care packaging market in 2019 with a 42.9% of market share in terms of value, followed by rigid plastics and paper respectively. Increasing demand for lightweight and aesthetically appealing packaging is expected to drive demand for flexible packaging over the forecast period.
 
According to the Coherent Market Insights research, based on application, the skin care segment dominated the global personal care packaging market in 2019 with 38.3 % of market share in terms of value, followed by hair care and bath & shower respectively. The rising prevalence of skin diseases is driving demand for skin care products globally.
 
The rising trend of lightweight and durable packaging materials for personal care products is expected to accelerate the market growth of personal care packaging. Increasing consumption of gel, hair serum and lotions among men consumers is expected to foster the market growth over the forecast period. Rising adoption of healthy lifestyle habits among consumers and improving the manufacturing of personal care packaging products is further expected to propel the market growth.
 
The coronavirus outbreak has led to sharp declines in demand for certain types of packaging which has affected the personal care packaging industry. According to Coherent Market Insights, demand for luxury packaging is expected to decline owing to decreased consumer spending on such products. However, increasing demand for essential products such as hand wash, sanitizers is expected to drive demand for personal care packaging products. As crude oil prices have fallen owing to pandemic’s effect on demand, cost of oil-based raw materials such as plastic resins is expected to fall.