The economic crisis and the growth of the emerging markets have sparked a significant change in the personal care packaging market. Consumer trends have changed drastically and suppliers have become increasingly focused on costs.
The strategies of suppliers will gradually shift to the emerging markets and, coupled with a global economic recovery, the personal care packaging market will see strong growth over the next decade. As a consequence, Visiongain has determined that the value of the global personal care packaging market in 2012 will reach $40.99bn.
Environmental awareness campaigns have propelled sustainability initiatives to the forefront of consumer considerations in personal care purchasing. Consequently sustainability will be a tool utilised by suppliers to cut costs and create product differentiation. Market conditions have created a situation where consumers are demanding the same level of quality but at a lower price. Thus there will be an increase in the sale of higher volume, cheaper ranges and plastic is expected to be the big winner over the next decade.
Visiongain expects an increase in innovation and sustainability initiatives as suppliers keep up with rapidly evolving consumer trends . Consumers will remain in a position of power and cost cutting will become the main priority for suppliers. Competition from overseas is expected to significantly alter the competitive landscape of the personal care packaging market.
National personal care packaging markets for the US and major European countries will remain the focal point for suppliers over the forecast period. Growth within the Asian and Latin American personal care packaging markets is forecast by Visiongain to be significant and companies will gradually shift their strategies to eventually focus on the emerging markets.
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