Transparency Market Research states that the global fragrance packaging market is likely to witness moderate competition as players are investing in innovative methods. Key players such as Gerresheimer AG, Saverglass sas, Verescence France SASU, and Swallowfield Plc are expected to focus on designing innovative packaging solutions to appeal to a larger crowd. Vendors are expected to look at materials that are long-lasting to making the packaging durable. Furthermore, the wave of developing environmental-friendly packaging materials to add a green touch to the product is also expected to be a key strategy of the global players. Several companies are also venturing into emerging economies to grab wider consumer base in order to expand their businesses.
According to the research report, the global fragrance packaging market is estimated to be worth US$2,119.9 mn by the end of 2025 from US$2,031.9 mn in 2016. During the forecast period of 2017 and 2025, the global market is estimated to register a CAGR of 5.0%. Out of the various materials used for packaging perfumes, metals are expected to dominate the global market as they offer the best durability. Metals held a share of 40% in the overall market in 2016, a trend that is anticipated to remain persistent throughout the forecast period. In terms of regions, Europe is projected to dominate the global market as it slated to rise at a CAGR of 3.9% over the forecast period.
Demand for Luxury Goods Bodes Well for Global Fragrance Packaging Market
The research report observes that the growing e-commerce business and the e-retailing industry have collectively augmented the growth of the global fragrance packaging market. The rapid penetration of the internet in the remotest corners of the world has allowed several consumers to shop from the convenience of their homes and various other locations. This fast-growing trend has allowed consumers a quick access to various international brands thereby boosting the sales of perfumes across borders in carefully packaged boxes. The research report also states the increasing awareness about personal grooming, appearance, and increasing interest in cosmetics and beauty products has also led to a demand for better fragrance packaging solutions.
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The soaring demand for luxury goods fueled by rising disposable incomes has also coaxed the industry to design stylish packaging solutions that make a mark in the consumer’s mind. Growing importance to advertising has also encouraged fragrance companies to focus on their packaging as the way their products are eventually marketed speaks volumes about it. Analysts anticipate that consideration of perfumes as valuable gifts, the notion of luxury associated with them, and their long-lasting nature are also some of the key growth drivers for the fragrance packaging market.
Fluctuation of Raw Material Prices to Challenge Market Growth
On the other hand, the increasing demand for environment-friendly packaging solutions is likely to hamper the market’s growth. Growing awareness about the hazardous impact of plastic, glass, and metal on the environment is dissuading several buyers. Owing to this reason, consumers are making a conscious move toward traditional perfumes. Furthermore, the consistent fluctuation of raw material prices is also expected to challenge market growth in the near future.
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