Press release
Cosmetic Pencil & Pen Packaging Market is expected to touch an approximate value of more than US$ 2763.3 Mn Till Year 2024
The global cosmetic pencil and pen packaging market is expected to surge in the years to come. In 2015 the global cosmetic pencil and pen packaging market was valued more than US$ 1,604.6 Mn and expanded at a CAGR of 6.1%. The market is expected to touch an approximate value of more than US$ 2763.3 Mn by 2024 end. In volume terms, the market is anticipated to rise by 4.5% by 2024 end. The market is likely to create incremental dollar opportunity of more than US$ 1070.2 Mn within the assessment period. Furthermore, the market is anticipated to expand 1.6X during the projected period. A rising beauty conscious population and increasing per capita disposable income are the key factors driving substantial growth of the cosmetic pencil and pen packaging market around the globe.
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The future of the global economy is highly dependent on some of the emerging economies of the globe. India and China are anticipated to play a pivotal role in this massive economic evolution. These countries will also influence the expansion of the Asia Pacific cosmetic pencil and pen market. The market in the APAC region is expected to gain more than 180 basis points towards the close of 2024. The North America and Latin America market share is expected to lose more than 40 basis points jointly by 2024. The developed market of Europe is anticipated to account for a significant loss of more than 100 basis points during the studied period. Though North America and Europe along with the Middle East and Africa are expected to register uneven growth throughout the forecast period, the Asia Pacific market is likely to record a steady Y-O-Y growth rate from 4.8% in 2015 to 7.9% by 2024. Asia Pacific is anticipated to emerge as the key region driving a significant demand for cosmetic pencil and pen packaging products during the period of forecast. The market in Asia Pacific is expected to register a significantly high attractiveness index of 1.0 during the assessed period.
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Asia Pacific is anticipated to rule the global cosmetic pencil and pen packaging market during the evaluation period
The worth of the Asia Pacific cosmetic pencil and pen packaging market was pegged at more than US$ 540 Mn in 2015 and the market is projected to expand at a CAGR of 6.9% during the foreseen period. The market is anticipated to cross US$ 967 Mn by 2024 end. By volume, the Asia Pacific cosmetic pencil and pen packaging market to expand at a CAGR of 5.3% within the forecast period. The region is likely to curate an incremental dollar opportunity of more than US$ 390 Mn within the period of forecast. Market in this region is expected to grow 1.7x within the forthcoming years. The demand for cosmetic pencil and pen packaging in China is expected to be high throughout the foreseen period. The market will likely gain more than 300 basis points, recording a strong growth in the next eight years. Incremental dollar opportunity in China is anticipated to jump above US$ 210 Mn during the period of forecast.
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Asia Pacific cosmetic pencil and pen packaging market: Segment-wise growth analysis
On the basis of material type, the plastic segment is expected to lead the cosmetic pencil and pen packaging market in Asia Pacific during the evaluation period. The plastic segment was valued at US$ 260 Mn in 2015 and is projected to expand at a CAGR of 6.8% during the projected period.
The wood segment in the APAC region to record a promising CAGR of 8.2% during the prediction period. Sharpenable wooden pencil segment was valued at over US$ 260 Mn in 2015 and is projected to expand at a CAGR of 7.6% during 2016 2024. The sponge segment was valued at more than US$ 140 Mn in 2015 and is projected to expand at a CAGR of 6.0% during 2016 2024.
The brushes segment is expected to grow 1.6x from 2016 to 2024, registering a CAGR of 6.7% during the same period.
The lead segment is likely to grow 1.7x and register a CAGR of 7.4% from 2016 to 2024.
The parabens segment was valued close to US$ 110 Mn in 2015 and is projected to expand at a CAGR of 4.9% from 2016 to 2024. The segment is anticipated to create incremental dollar opportunity above US$ 50 Mn from 2016 to 2024.
Lip segment is projected to register high Y-o-Y growth by value by 2024. The lip segment is expected to grow 1.7x from 2016 to 2024, registering a CAGR of 7.1% during the assessment period.
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