February 12, 2020 10:00 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
LOS ANGELES, Feb. 12, 2020 (GLOBE NEWSWIRE) -- The global cosmetic and personal care packaging equipment market is expected to grow at a CAGR of around 5.3% during forecast period 2019 to 2026.
The Cosmetics and Personal Care Packaging Equipment Market is poised to reach the market value of around US$ 5.5 billion by 2026.
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North America dominated the global cosmetic and personal care packaging equipment market in 2018. This can be attributed to high awareness about cosmetics and personal care products, local presence of many multinational beauty companies such as L’Oreal, MAC Cosmetics, Revlon, and Avon. The U.S. has taken initiatives in the formation of the Advanced Manufacturing Partnership (AMP) to make the federal government, industry, and universities invest in emerging technologies. This initiative has helped to achieve a competitive edge in the global economy, by investing in packaging equipment, which is used in the final line of production. However, beauty giants are observing a decrease in sales due to changing taste of consumer and agile competitors. The Asia Pacific region is anticipated to observe the significant growth during the forecast period due to the population growth, flourishing economies, increasing automation of manufacturing, rise in average wealth of people, and a rising interest in health and wellness. The rising demand for digitalized and greater efficiency products are expected to propel the advanced packaging equipment market. New technological developments and demand for advanced materials such as printed RFID chips are emerging as an enabler for more transparency and efficiency.
Based on the product, the global cosmetic and personal care packaging market has been segmented into the filling, labeling, cleaning, form-fill-seal, cartoning, wrapping, and palletizing. In 2018, the filling machine accounted for the largest share of the market. This can be attributed to its low maintenance costs, high-performance, and user-friendly properties. Aseptic filling machines are expected to gain traction in the market as they offer performance benefits and uniformity in product quality which is expected to boost the segment growth during the forecast period.
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Based on the application of packaging, the market is divided into skincare, decorative cosmetics, haircare, perfumes, and bath & shower. The skincare segment accounted for the largest share of the market in 2018. This can be attributed to increased demand for anti-aging cream and serums in the younger generation to avoid acne, early signs of aging, and dullness in the skin. Consumer shift towards natural skincare products and sustainable packaging material are expected to maintain the skincare packaging segment dominance during the forecast period. However, packaging for haircare products is anticipated to observe the fastest growth during the forecast period due to rising demand for hair care products and the presence of sophisticated products by multinational companies in the market. Increasing pollution, unhealthy lifestyle and eating habits, and growing stress are the key factors responsible for the thinning and greying of hair in the young generation. Hence, the demand for hair care products is anticipated to increase in the coming years at a significant rate.
Key players operating in the cosmetic and personal care packaging equipment market are AMET Packaging, Inc. (acquired APACKS);Bosch Packaging Technology, Inc.; IMA – Industria Macchine Automatiche S.p.A., Marchesini Group S.p.A., Prosy's Innovative Packaging Equipment and Wimco Ltd. Multinational companies’ products comply with the regulations is expected to drive the market growth during the forecast period.
Some of the key observations regarding the cosmetics and personal care packaging equipment industry include:
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