The report also predicts the market impact and new opportunities created due to the COVID-19 pandemic. Technavio expects the impact to be significant in the first quarter but to gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
Factors Driving Growth
Rising personal care spending is the key reason for the growth of the market, according to the report. The sales of beauty and personal care products are expected to grow by 60% between 2018 and 2023. The demand for organic and natural beauty products is poised to witness substantial growth in demand during the forecast period.
“Other factors such as the growing demand for convenient packaging, and the growing demand for personal care products from the aging population will have a significant impact on the growth of the personal care packaging market value during the forecast period,” commented a senior analyst at Technavio.
North America and Western Europe are mature markets, Eastern Europe is a developing market, and APAC and South America are emerging markets. In 2019, South America and APAC experienced a rise in demand for personal care products due to the increase in disposable income of the population. Moreover, vendors are adopting various marketing techniques to boost sales. Augmented reality is one of the tools adopted by cosmetic providers to increase their market presence. These tools allow end-users to try the products virtually through mobile apps such as Makeup Genius by L'Oréal. The report says that all the above-mentioned factors are driving the growth of the global personal care market, which in turn will drive the demand for personal care packaging.