Airless Packaging Market Reaching $5,938.0 Mn by 2023
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.
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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.
Increase in need for ecological products, high rate of consumption & degradation of products, and significant growth of skincare and haircare products in developing countries drive the airless packaging market. Furthermore, increase in consumption for packaged food & beverage in sprawling cities of developed countries offer significant growth potential for the global market. In addition, continuous inflow of new, innovative design offerings in the airless packaging market offer lucrative opportunities for the market growth. However, high manufacturing costs, low product differentiation, and intense competition limit 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.
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