Global Airless Packaging Market: Snapshot
The global airless packaging market is currently being propelled by its appeal in terms of minimizing space taken. The ability of airless packaging to provide zero wastage of space and product material required is putting it far ahead of its competitive packaging types. The market is also being driven by the massive incoming demand from the cosmetics industry, where airless packaging can be far more beneficial than other types. The global airless packaging market is, however, currently restricted in its overall growth rate by factors such as high machinery costs, the extremely low scope of product differentiation, and the steadily growing demand for its direct competitor – modified atmosphere packaging.
The global airless packaging market is expected to expand at a CAGR of 5.5% within a forecast period from 2016 to 2024, in terms of value. The market’s overall value by the end of 2016 is expected to reach US$4.13 bn. Assuming the above CAGR and incorporating the ups and downs that the market may experience over the given forecast period, it is expected to reach US$6.34 bn by the end of 2024. By volume, the global airless packaging market is expected to reach 29,303.2 kilo tons by the end of 2024.
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Plastic Continues to be Lead Material Used for Airless Packaging
Based on the type of packaging, the global airless packaging market can be segmented into the two generalized segments of plastics and glass. Of these, the market has consistently been dominated by plastics in the recent past. It is also highly likely for plastics to remain the leading material type used in the global airless packaging market for the coming years. The typical process of airless packaging allows users to seal the contents – especially food and beverage products – into an airless environment, thereby considerably increasing the product’s life expectancy. Plastics make the entire process much easier than glasses or any other material, owing to their elasticity and the ease with which they can be molded. Plastics also provide a much greater storage life than the other packaging materials, thereby making it a highly popular material for airless packaging.
Europe to Lead Demand for Airless Packaging
For a regional assessment, the global airless packaging market is segmented into the key regions of North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America. For the forecast period from 2016 to 2024, Europe is expected to remain the dominant region in terms of demand for airless packaging, registering a positive CAGR of 5.1% for the same. The packaging industry holds a strong ground in Europe owing to a high demand in general coupled with speedy rates of product innovation and development. The airless packaging market in Europe is also being pushed towards providing greener alternatives to conventional plastic airless packaging. North America is also likely to continue contributing a large stream of revenue in the global airless packaging market, primarily due to the massive demand originating from the U.S.
Meanwhile, Asia Pacific is expected to register a phenomenally high rate of growth in demand for airless packaging. A high and still increasing urban population in this region is expected to ramp up its demand for several types of packaging in the consumer goods industry, providing plenty of opportunities for players in the global airless packaging market.
The key players that have been a part of the global airless packaging market to date, include Albéa Beauty Holdings S.A., Aptar Group, Inc., HCP Packaging, LUMSON SPA, Libo Cosmetics Company, Ltd., Quadpack Industries, WestRock, Fusion Packaging, and ABC Packaging, Ltd.
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Rise in Demand for Smaller Packaging to Influence Growth of Airless Packaging Market
The airless packaging market is expected to attract expansive growth prospects across the assessment period of 2016-2024. The growing demand for airless packaging on the back of the varied benefits they provide may prove to be a growth-accelerating factor for the airless packaging market. Furthermore, the increasing demand from the cosmetics industry may serve as a vital growth indicator for the airless packaging market.
- The heightening demand for cosmetics and skin products from a considerable chunk of the populace may further enhance the growth opportunities across the airless packaging market. The need for effective packaging solutions has also influenced the growth of the airless packaging market to a great extent.
- Sustainability has become an important aspect across the globe. Individuals around the world are preferring eco-friendly materials and thus, such materials are gaining immense traction. Some airless packaging materials like glass are sustainable and 100 percent recyclable. Based on this aspect, the airless packaging market may invite tremendous growth opportunities.
- In addition, the rising urbanization across a considerable populace may improve the growth rate of the airless packaging market. The growing disposable income and purchasing power parity of many individuals may further invite promising growth opportunities for the airless packaging market.
- The novel coronavirus pandemic has negatively affected a plethora of sectors. The strict stay-at-home orders announced by numerous countries on the back of the escalating transmission rates led to the closure of manufacturing facilities and production units. Furthermore, supply chain disruptions and logistics were also affected to a certain extent due to the border restrictions. Based on all these factors, the airless packaging market observed a reduction in the growth rate.
- However, the relaxations announced by the governments of numerous countries have provided some relief to the players in the airless packaging market. The players have a great opportunity to revive the lost growth.
