(MENAFN- GlobeNewsWire - Nasdaq) An In-depth market Insights of Perfume Pack Market including Standard Bottles, Pocket Spray Bottles, and Vials Covering 30+ Countries like United States, United Kingdom, Germany, France, Norway, Sweden, Saudi Arabia, United Arab Emirates, Japan, Korea, Australia, New Zealand, and Others.
NEWARK, Del, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The global perfume packs market is forecast to develop significantly over the next decade, with sales increasing from USD 2.6 billion in 2024 to an astonishing USD 3.6 billion by 2034. This rise, which has been sustained at a CAGR of 3.2%, is a result of changing consumer tastes and industry advancements.
Due to the rising demand for premium and luxury perfumes across the globe, the market for perfume packs is expanding significantly. Customers are looking for items that exhibit sophistication and elegance, and they are become more aware of packaging aesthetics. Furthermore, the industry is being further stimulated by the rise in disposable income, especially in emerging nations, which is driving demand for expensive perfumes. Eco-friendly and recyclable packaging is becoming more and more popular, which is another way that sustainability trends are affecting the sector. The market for scent packs is anticipated to increase steadily over the next several years as long as companies keep coming out with new designs and materials.
How Is Rising Demand For Decorative Bottles Are Fueling Sales Of Perfume Packs?
Flashy and attractive packs are used for packaging perfumes to increase brand awareness of the product. Luxury perfumes are packed using premium quality packaging materials for enhancing the look and feel of the bottle. Attractive bottles add to the aesthetic appeal of the product and it helps brands to differentiate themselves from others.
Customers are paying more for scented and stylish bottles for the premium look and feel associated with the perfume. Perfume packs include different product types such as standard bottles, pocket spray bottles, and perfume vials.
Bottles are primarily used to impart basic information regarding the product to the customers and contribute to increasing the brand value through visually appealing designs and graphics on the product.
The perfume pack often includes bottles of varying sizes and shapes, however, most products are packed in small bottles containing a single scent. Increasing demand for portable, convenient, and easy application packaging solutions for perfumes will drive sales of perfume packs.
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Key Takeaways from the Market Study
Growth Rate: From 2024 to 2034, the worldwide perfume pack market is expected to expand at a 3.2% compound annual growth rate (CAGR). Market Value in 2023: In 2023, the industry was estimated to be worth USD 2.5 billion. Future Market Value: It is projected that the global market for perfume packs will reach a value of USD 3.6 billion by the end of 2034. Regional Performance: With a predicted CAGR of 5.1%, the East Asia region is anticipated to develop at the fastest rate over the forecast period. Important Manufacturers: Aptar Group, Inc., Albea S.A., SGD Pharma, Gerresheimer AG, Stolzle Glass Group, and Heinz-glass are some of the leading companies in the worldwide perfume pack market. Market drivers: A growing customer base's desire for high-end, luxury scents combined with creative packaging is projected to fuel the market's expansion. Regional Influence: East Asia is a crucial growth area for the perfume pack sector because to its rapid economic development, increased disposable incomes, and shifting consumer preferences.
Key Industry Highlights:
Growing Demand for Decorative Bottles: The demand for aesthetically attractive and uniquely designed perfume bottles is on the rise. Consumers are increasingly gravitating towards decorative packaging that enhances their fragrance experience. Whether in high-end or mass-market segments, these bottles are seen as luxurious collectibles. The trend towards customized and personalized product packaging is also gaining momentum, as consumers seek to create memorable experiences through their purchases. This shift has led to the use of high-quality materials such as glass, crystal, and precious metals, offering flexibility in bottle design and the option for personalized engravings. This trend is expected to significantly boost sales in the perfume packs market.
Innovation in Sustainability: Sustainability is becoming a key driver in the perfume packaging market. Consumers are prioritizing eco-friendly options, and manufacturers are responding by adopting sustainable packaging solutions such as recyclable, biodegradable, and refillable options. Brands are also turning to materials sourced from renewable resources like cornstarch and sugarcane, further aligning with the growing consumer demand for products with a reduced ecological footprint. The integration of smart technologies, such as QR codes, is also providing consumers with real-time data on product origins and ingredients, fostering transparency and trust, which in turn, enhances brand loyalty.
Challenges from Stringent Regulations: Despite the promising growth, the industry faces challenges due to stringent government regulations aimed at ensuring consumer safety and environmental protection. The FDA's Modernization of Cosmetics Regulation Act (MoCRA), for instance, has introduced higher safety assessments and labeling requirements for cosmetic products, including perfumes. These regulations necessitate reformulation and redesign of packaging, adding complexity and costs to compliance.
The growing demand for decorative bottles and sustainable packaging is driving the perfume packs market. Consumers seek unique, personalized designs and eco-friendly solutions, prompting manufacturers to use high-quality materials and offer refillable options. This trend not only boosts brand visibility but also fosters consumer loyalty and enhances market growth.
Regional Analysis:
The Canadian market for cosmetics and personal care products is expected to develop dramatically due to the rise of e-commerce and internet sales. The market is expected to generate USD 8.29 billion in revenue by 2023, with a 1.8% growth rate. One factor contributing to this rise is the influx of younger consumers. These tech-savvy consumers are drawn to e-commerce sites that provide a large selection of goods, including perfume sets, at affordable costs. With over 75% of Canadians expected to be e-commerce users in 2022 and 77.6% by 2025, the ease and accessibility of online buying will likely drive further market growth.
Sales in Germany's home care and cosmetics sector are expected to increase with the release of the COSMILE app by the German Cosmetic, Toiletry, Perfumery, and Detergent Association (IKW) in November 2023. The software helps users make educated decisions by providing comprehensive details on about 30,000 cosmetic chemicals, especially for individuals with sensitive skin. It is anticipated that increased consumer confidence will result from this transparency, increasing demand for goods like scent packets. Furthermore, by customizing items to customer preferences using data from the app, businesses may further boost market development and maintain regulatory compliance.
Competition Landscape
With the presence of various local and regional competitors in the market, the global perfume pack market is highly competitive. Key players are focusing on various strategies to increase their revenue such as capacity expansion, mergers & acquisitions, expansions, collaborations, and partnerships.
Latest Industry Advancements in the Fragrance Packs Sector
Mixer & Pack, a Spanish company that makes air fresheners and perfumes, received FDA approval under MOCRA in February 2024 to provide its services in the United States. Bormioli Luigi introduced 50 and 100 ml bottles of Armani Si Intense, the brand-new fragrance, in September 2023.
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Key Players of the Perfume Packs Industry
B Groupe Pochet
SGD Pharma
Vitro Packaging
HEINZ-GLAS
Gerresheimer
Piramal Glass
Zignago Vetro
Bormioli Luigi
Stolzle Glass
Pragati Glass
Baccarat
Aptar Group, Inc.
Albea S.A.
Key Segments of the Perfume Packs Industry
By Material:
In terms of material, the industry is divided into plastic, paper & paperboard, metal, and glass.
By Packaging Format:
In terms of application, the industry is segregated into primary packaging and secondary packaging. Further primary packaging is categorized as bottles, cans, roll-ons, and stick packs. Secondary packaging is divided into boxes & cartons, and pouches.
By Capacity:
By capacity, the market is divided into less than 10 ml, 11 to 50 ml, 51 to 200 ml, and above 200 ml.
By Application:
The market is classified by applications such as eau de parfum (EDP), eau de toilette (EDT), and eau de cologne.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East & Africa have been covered in the report.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
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