As per expert analysts, the global fragrance packaging market is anticipated to usher at 5.0% CAGR during the forecast period of 2017 to 2025. The initial valuation of the market stood at US$2,031.9 mn and it is expected to rise to reach a valuation of US$2,119.9 mn by the end of the forecast period.
The global fragrance packaging market displays a moderately competitive market landscape owing to diverse approaches adopted by several prominent players, reports Transparency Market Research. The competition between the market plays is mainly driven by new product innovations. Key players in the global fragrance packaging market include Continental Bottle Co. Limited, Alcion Plasticos, Quadpack Ltd, Glaspray Engineering & Manufacturing Co. Ltd., Intrapac International Corporation, Gerresheimer AG, and Swallowfield Plc. These companies are focusing on expanding their footprints in the developing countries to gain stronghold in the market. Moreover, they are working on enhancing the appearance and packaging of the products.
Based on material type, the global fragrance packaging market is classified into paperboard, plastic, glass, and metal. Out of these, the metal material segment is expected to lead the market during the forecast period owing to extensive use in packaging deodorants and aerosol cans.
On the geographical front, the global fragrance packaging market is segmented into Asia Pacifuc, North America, Latin America, the Middle East and Africa, and Europe. Of them, Europe holds dominance over the market on account of high demand from France and Germany.
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With an increase in the number of e-commerce sites and the ease of use offered by these sites, consumers are highly incline towards e-retailing. Moreover, it enables the consumers to purchase numerous foreign brands sitting in the comfort of their home. This factor has influenced the global fragrance packaging market favorably, thus propelling its growth.
Furthermore, changing lifestyle has led to an increase in the focus on grooming products, especially in the younger generation. This has played a prominent role in augmenting the growth of the fragrance packaging market. Moreover, progression economies leading to an increase in the purchasing power has contributed to the market’s expansion.
The enhanced visual appeal of perfumes has also led to their popularity among the masses, thereby supporting the market’s expansion. In addition to this, extensive use of perfumes as gift items and high demand for luxury good has spiked the global fragrance packaging market’s growth. Another factor boosting the market’s growth is the development of new fragrances.
However, along with the numerous drivers, there are a few restraints confining the fragrance packaging market’s growth. Factors such as high costs of perfumes and rise in perfume imitations may hinder the market’s growth. Nonetheless, development of cost-effective products and products with lesser concentration of chemicals may offset the effects of the restraints.
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Development of Recyclable Packaging Solutions to Create Avenues
A perfume brand, Floral Street appointed James 3D Products develop a substitute to conventional over-packaging. As a result, James 3D Products came up with an idea of recyclable packaging. They developed a box using renewable natural wood fibers from their own recycling plant and forests. The packaging is naturally biodegradable and fully recyclable. Moreover, it had an aesthetic look and feels. Development of such sustainable packaging solutions has created nume