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Cosmetics industry to drive growth of global airless packaging market

The global airless packaging market is expected to reach US$6.34 billion by the end of 2024, according to a new report by Transparency Market Research. The personal care industry plays a key role in the growth of the demand. However, low product differentiation could restrict player profiles.

Low rate of product differentiation that manufacturers can achieve with airless packaging is the leading issue

Low rate of product differentiation that manufacturers can achieve with airless packaging is the leading issue

According to the research report released by Transparency Market Research (TMR) [1], the global airless packaging market is likely to progress at a CAGR [2] of 5.5% from 2016 to 2024 in terms of value. The overall value of the market is estimated to US$4.13 billion in 2016. It is expected to reach US$6.34 billion by the end of 2024.

Massive scope for incorporation into cosmetics industry

Airless packaging offers several benefits over conventional methods. Airless packaging can provide a great way for distributors to save space as well as overall packaging material used, thus helping them cut costs down to a large extent over time. Additionally, the use of airless packages for products, such as airless pumps, allows a consumer to use up at least 95% of the contents in a bottle, which is much higher than conventional pumps.

As stated by a TMR analyst, “The zero-wastage advantage presented by airless packaging alone is expected to revolutionize several industry verticals, especially the cosmetics industry. Several of the leading producers of cosmetics and personal care products, such as L’Oréal, Olay, Nivea, and Oriflame, are indulging in airless packaging and are gaining a highly positive feedback from users in terms of usable volume available in a given package.

Low product differentiation could restrict player profiles

One of the leading issues with airless packaging today is the very low rate of product differentiation that manufacturers can achieve. This makes it very difficult for manufacturers to achieve a high number of consumer value propositions. The lack of value propositions further makes it difficult for manufacturers to incorporate innovations and speed up development processes because they cannot tell effectively whether their products are being received well or not, making it difficult for them to understand their customers and achieve a higher level of product organization.

The personal care industry plays a key role in the growth of the demand for airless packaging

The personal care industry plays a key role in the growth of the demand for airless packaging

There is still, however, a very high scope of growth left for the global airless packaging market. A lot of this lies in the growing demand for premium packaging and luxury packaging. The cosmetics industry especially is showing a positive inclination towards the greater use of premium packaging as it allows them to introduce several luxury cosmetic products with greater product appeal,” adds the analyst.

Europe will be the place to watch out for in terms of the competitive landscape of the global airless packaging market, notes TMR. “A large proportion of the key players in this market are based in Europe or hold large manufacturing capabilities in the region.

Footnotes

[1] “Airless Packaging Market - Global Industry Analysis and Forecast 2016 - 2024,” Transparency Market Research

[2] Compound Annual Growth Rate

© 2017 - Premium Beauty News - www.premiumbeautynews.com
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