PORTLAND, Oregon and PUNE, India, April 18, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Airless Packaging Market: Global Opportunity Analysis and Industry Forecast, 2017-2023", the global airless packaging market was valued at $4,046.0 million in 2016, and is expected to reach at $5,938.0 million by 2023, growing at a CAGR of 5.9% during the forecast period. Europe accounted for more than one-third of the market share in 2016, and is expected to witness significant growth during the forecast period.
An airless packaging system is a non-pressurized device that uses a dispensing pump, provides high restitution rate & low wastage, and avoids backflow of air in the system. The demand for airless packaging products has increased, owing to the increased demand for natural and organic products globally, rise in sales of homecare products due to modernization, and growth in its applicability in the personal care & food & beverages. In addition, government regulations and legislations for reducing pollutants and increased awareness about eco-friendly products are expected to propel the market growth. However, high production cost airless packaging products pose a threat to the market growth.
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Key Findings of the Airless Packaging Market:
- The bottles & jars segment dominated the market, in terms of revenue, in packaging type segment, and is projected to grow at a CAGR of 5.0% during the forecast period.
- Personal care segment generated the highest revenue in 2016, and is estimated to grow at the highest growth rate of 5.3%.
- In 2016, Europe was the dominant region in terms of revenue, but LAMEA is anticipated to grow at the highest CAGR in the market.
- U.S. was the revenue generating country in North America airless packaging market, accounting for around 55.48% of the market share in the region in the year 2016.
The key market players profiled are ABC Packaging Ltd., Alba, AptarGroup, Inc., Fusion Packaging, HCP Packaging, Libo Cosmetics Company, Ltd., Lumson SPA, Quadpack Industries, Raepak Ltd., and Silgan Dispensing Systems.
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SOURCE Allied Market Research