In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~USD 5 Billion |
|
Forecast Year Market Size (2033) |
~USD 10 Billion |
The global airless packaging market is estimated to garner revenue of ~USD 10 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of ~USD 5 billion in the year 2022. The growth of the market can primarily be ascribed to the higher demand for airless packaging in medicine development and distribution. For instance, it is estimated that in 2021, around USD 1.5 trillion was spent on medicines.
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Global airless packaging market trends such as, the significant utilization of airless packaging in the hair & care industry and growing demand in the pharmaceuticals are projected to influence the growth of the market positively over the forecast period. It is projected that in 2020, the skin care segment grew by 25% of the beauty & personal care. Moreover, the booming demand for airless packaging in the food & beverage industry is further anticipated to hike the growth of the market over the forecast period. For instance, the global food segment was estimated to generate total revenue of approximately USD 275 billion in 2022. Airless packaging evacuates the product by 95% and avoids wastage by exhibiting a high restitution rate. Therefore, all these factors are estimated to hike the growth of the market over the forecast period.
It is observed that around 40% of the skincare industry is made of cosmetics segments while the total sale of cosmetics solely in the USA was estimated to be approximately USD 50 billion per year.
Cosmetic products are very expensive and need proper maintenance to last long. Slight negligence can ruin the entire essence of the product. That’s the major reason to force major cosmetics manufacturers to adopt airless packaging. Airless packaging is mostly found in pump form but it can also work with jars, tubes, and others. hence, such a higher requirement is estimated to hike the growth of the market during the forecast period.
As of 2021, about 80 million metric tons of cow milk were consumed by the global population.
For instance, in 2020, it was noticed that nearly 300 Americans were using deodorants on a daily basis and the number is further estimated to hit 310 million by the year 2024.
In 2022, the total worth of the Nails segment was projected to be around USD 10 billion
The global airless packaging market is segmented and analyzed for demand and supply by packaging into bottles, tubes, jars, bags & pouches, and others, out of which, the bottles segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the rising demand for airless bottles to carry home, gym, picnic, and the possibility of getting several diseases due to using plastic bottles. For instance, in 2020, the total production of airtight bottles across the globe was estimated to be around 700 million units.
Regionally, the global airless packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed to the growing demand in the hair & skin care industry. As of 2020, the beauty and personal care segment in the USA was valued at approximately USD 300 billion. Moreover, higher penetration of major key players in the market is further projected to hike the growth of the market over the forecast period.
The global airless packaging market is further classified on the basis of region as follows:
Our in-depth analysis of the global airless packaging market includes the following segments:
|
By Packaging |
|
|
By Material |
|
|
By Dispensing System |
|
|
By Application |
|
FREQUENTLY ASKED QUESTIONS
Growing sales of cosmetics across the globe and increasing utilization of nail care products are estimated to majorly boost market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
The presence of alternatives in the market and disrupted supply-chain due to COVID-19 is estimated to challenge the market growth.
The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are company AptarGroup, Inc., Pharma Packaging Solutions, Albéa Services S.A.S., Eastman Chemical Company, Silgan Dispensing Systems, Webpac Ltd, Lumson S.p.A., WestRock Company, HCP Packaging UK Ltd, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by packaging, material, dispensing system, application, and by region.
The bottles segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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