Market Trends of Asia Pacific Personal Care Packaging Industry
This section covers the major market trends shaping the APAC Personal Care Packaging Market according to our research experts:
Skin Care Accounted for The Highest Market Share
- Skincare products are growing soundly, with facial care and medical skincare witnessing a robust demand. Moreover, growth potential is also provided by anti-aging products and those intended to protect against environmental pollution. For instance, in China, the diminishing economic growth and a tangible downturn in Chinese consumers' willingness to spend leverage China's skincare sector.
- Moreover, high awareness regarding Skincare products, such as body lotion, body soap, and Moisturizer products, is expected to drive the market's growth shortly. For instance, in May 2021, Sukin, a skincare company in the Natural channel in Australia, has announced the launch of its newest facial skincare product range, the Purely Ageless line. The packaging is made with carbon neutral and grey water safe and incorporates recyclable packaging.
- In February 2021, the P&G-owned personal care and grooming brand Gillette has announced its latest venture. The new Planet KIND shave and skincare brand have partnered with Plastic Bank to limit plastic waste in the oceans.
- Further, to sustain the increasing competition and capture maximum market share in Japan, a few players are increasing their production capacities. For instance, Shiseido plans to open two new plants before 2022 in Japan, for which it has the intended investment of JPY 120 billion. Also, the company has an ongoing new plant in Otawara. Such investments are anticipated to augment the growth of skincare packaging in the country.
- Further, the investments in skincare manufacturing, coupled with the increase in R & D activities that target enhanced material capabilities, are expected to provide a strong impetus for market growth. For instance, Milott Laboratories Co, the Thai-Japanese contract manufacturer for skincare products, is planning to infuse about 500 million baht to cash in on the growing beauty industry in Thailand. The investment is being used to build a 30,000-square-metre warehouse in Bang Phli, Samut Prakan province.
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China to Account for Significant Share in the Market
- The cosmetics market in China has been one of the fastest-growing sectors in the last few years, benefitting from an increasingly engaged consumer base, augmenting the market's growth. In addition, consumer spending on cosmetics continues to grow, facilitating the trend toward adopting processed, packaged, and expensive products. Skincare and decorative cosmetics are growing soundly, with facial care and medical skincare witnessing a robust demand. Moreover, growth potential is also provided by anti-aging products and those intended to protect against environmental pollution.
- According to Tmall Innovation Center, the young women of the post-90s generation have become the most crucial consumer group driving growth in China'sChina's cosmetic sector. The post-90s age has independent consuming power, and a simultaneous surge of interest in beauty and skincare amongst this demographic has translated into significant growth. This is aiding the development of the cosmetic packaging market in the country.
- Players in the industry are strengthening their manufacturing capabilities in the country to tackle new opportunities. For instance, in 2020, Albéa, a cosmetic packaging company, is planning to begin the operations of their new manufacturing facility in China on the lookout to capitalize on the growing e-commerce opportunities.
- Also, in March 2020, AptarGroup, a global provider of a range of packaging delivery solutions based out of Illinois, United States, has planned to close two of its US-based facilities in Torrington and Stratford, as part of strategic steps in its Beauty business, to acquire 49% equity interest in China'sChina's BTY and of Fusion Packaging.
- However, in the wake of the COVID-19 pandemic, the effects caused by rules about lockdown and self-isolation have resulted in companies moving to source away from China and reconsidering the raw materials used in packaging. At the same time, companies such as APC Packaging have stated that their manufacturing plant in China is up and running at total capacity and has been receiving shipments regularly.
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