‘The Future of Personal Care Packaging’ report from the UK-based market research and consulting company revealed the continuing dominance of the impact of changing consumer lifestyles on this industry segment.
The multifunctionality trend is being driven by increasingly hectic lifestyles that demand more ‘on-the-go’ products, according to the report. As a result, packaging has evolved beyond the remit of protection, containing and informing, to boast added benefits.
In the future, greater adaptation of technologies such as electronics into packaging will be seen, the report predicted, citing the examples of vibrating mascaras and razors which provide the consumer with additional benefits.
Although the adoption of such technologies can also give manufacturers a competitive advantage, the report said that it remained to be seen whether the technology if used by retailers and brand owners - which could include moving images on pack labels - would lead to increased sales.
User-friendly products spell big opportunities
The need for user-friendly products is set to increase as the ageing population grows, which will impact upon packaging opening mechanisms and branding, according to the report.
Pira highlighted that the opportunity for packaging companies to tap into this growing demand and exploit the potential of this area is large, as there are currently few such products on the market.
Another factor likely to translate into demand for a certain type of packaging is the increasing accessibility of airline travel. As a result of airline restrictions on liquids, it was noted that smaller travel sizes in line with these will be a future trend.
Positive growth outlook
According to the report, the personal care packaging industry, (which represents nearly 3 percent of the global packaging market), is expected to reach almost $21.4bn (€15.9bn) by 2014.
The industry has been growing at a rate slightly ahead of the global economy over the past few years, with annual growth rates in the region of 5 percent.
In terms of potential growth markets, the report highlighted that South America, the Middle East and Africa, Eastern Europe and Asia Pacific will be key to driving growth.
While future growth in the mature markets of Western Europe and North America is expected to remain relatively static at rates of between 1 and 2 percent, the report emphasized that given the value of these markets,even this small predicted growth can translate into large sales volumes.