The global perfume packaging market to grow at a CAGR of 5.76% during the period 2017-2021
Global Perfume Packaging Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report considers the revenue generated by the vendors operating in the market.
The latest trend gaining momentum in the market is Emergence of organic perfumes. The rising demand for organic products has led to an increase in the demand for organic perfume. Despite the high cost, organic perfume is driving the global perfume packaging market. Organic perfume uses pure ingredients that are free from solvents, dyes, alcohols, petrochemicals, and pesticides.
These perfumes are vegan and are certified by PETA. Organic perfumes are being preferred over the synthetic perfumes due to the increase in environment and health consciousness. Manufacturers of organic perfumes are looking for all-natural and organic packaging products that can promote their brands and product lines. Thus, manufacturers are focusing on the procurement of eco-friendly and sustainable packaging solutions.
According to the report, one of the major drivers for this market is Growth of the e-retailing market. The e-retail market across the world will grow steadily during the forecast period and is expected to grow at CAGR of around 5.50%. The global e-commerce sales in 2014 accounted for 6% of the total sales, which is expected to increase to 10%-10.50% of the total sales by 2021. The major economies of the e-commerce market are China, the US, the UK, France, Canada, and Germany. The penetration of the Internet in the population of these countries is 78%-82%. The growth of the e-commerce market is supporting the sales of perfume across the world, as it provides a marketplace for both local and multi-national companies operating in the perfume market.
Further, the report states that one of the major factors hindering the growth of this market is Volatile raw material prices. Most of the packaging materials used in the perfume packaging industry are plastic, glass, paper, and metal cans. The increase in the gap between demand and supply in the last few years has led to a substantial increase in the prices of raw materials.