LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global transparent barrier packaging films (TBPF) in the consumer goods industry to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global TBPF in the consumer goods industry for 2017-2021. The report also lists body deodorants and beauty care, hair care, and skin and body care as the three major end-user segments.
According to Shakti Jakhar, a lead analyst at Technavio for packaging research, “Transparent barrier packaging has great marketing appeal, as it allows customers to see the product they want to buy. Also, the inclusion of UV absorbers prevents photo-degradation of products due to UV light barrier properties of the packaging. These factors along with a surge in demand for cosmetic consumer goods products augurs well for the growth of the global TBPF market.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global TBPF in the consumer goods industry:
- Low crude oil price
- Increased demand from the e-commerce market
- Rise in demand for cosmetic products worldwide
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Low crude oil price
Crude oil prices have reduced drastically since 2013, from more than USD 100 per barrel to less than USD 50 per barrel in 2017. Transparent barrier packaging is made from plastic polymers, such as PVC, PP, PA, and EVOH, which are derived from crude oil. The change in crude oil price will directly reflect on polymer pricing leading to a positive impact on the TBPF market in consumer goods industry. Crude oil prices are expected to remain low or medium till 2018.
Increased demand from the e-commerce market
The global e-commerce market has witnessed an increase in the demand for personal care products, such as shampoos, conditioners, lipstick, body creams, face creams, and soaps. TBPF are used for the shipment of consumer goods. The ease of online shopping has made many customers switch from the traditional method of shopping to online shopping, thus fueling the growth of global TBPF market in consumer goods industry.
Rise in demand for cosmetic products worldwide
Major vendors in the cosmetic industry are L'Oreal, Unilever, Procter & Gamble, and Shiseido. The beauty industry market is growing at the fastest rate in various geographies. This increase in sales of beauty products is due to the increase in exclusive branded make-up retail stores, professional make-up treatments, and increased style adoption among the new generation.
Lipstick was the highest selling product in the cosmetic industry, with a sales volume of more than 1.4 billion products and an annual growth rate of more than 12% during 2015-2016. Due to the light weight properties of TBPF, there is an increased adoption of these packaging films in the cosmetic industry.
“Customers can see the product, as transparent barrier films are not opaque in nature. These films are stretchable and can be molded according to the size of the personal care product, which provides this packaging ease of handling properties. As the cosmetic products sales are increasing globally, there will be a surge in demand for TBPF for these consumer goods,” says Shakti.
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