US$ 1.7 Bn Global Cosmetic Pencil and Pen Packaging Market to Grow at a 6.1% CAGR Through 2024

VALLEY COTTAGE, New York, January 16, 2017 /PRNewswire/ --

More consumers are opting for easy-to-apply cosmetics over time-consuming beauty care products, necessitating the deliverance of innovative packaging solutions for such personal care goods. 

According to a latest research study by Future Market Insights, growth of the global market for cosmetic pencil & pen packaging will be majorly impacted by prominent trends in the consumer retail and beauty care industry. Considerable proportion of consumers in the world are expected to be more inclined towards DIY products instead of opting cosmetic facilities from beauty specialists and salons. In order to keep up with the surging demand for cosmetic pencils & pens, manufacturers of these products as well as packaging solution providers are intensifying their measures towards providing striking features on packets and using effective packaging materials for protective wrapping purposes.

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According to the report, around 2,615 million units of cosmetic pencil & pen packaging products were sold in 2016, and global volume is predicted to surpass 3.7 billion units by the end of 2024.

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In terms of revenue, the report forecasts the US$ 1.7 billion global market for cosmetic pencil & pen packaging to procure revenues worth US$ 2,863.3 million by the end of forecast period, registering a 6.1% CAGR.

The report also projects that global demand for cosmetic pencil & pen packaging will be primarily concentrated in the sharpenable wooden pencil segment. With nearly 50% revenue share, global sales of sharpenable wooden pencils are projected to be valued at US$ 1,392 million by the end of 2024. Demand for mechanical pencils and sharpenable moulded pencils, on the other hand, is likely to drop globally.

Plastic materials will continue to dominate the global cosmetic pencil & pen packaging market by accounting for sales of over 1,600 million units in volumes by 2024-end. Although, the global market value share of wood materials is likely to rise from 30% to 34% between 2016 and 2024. Nevertheless, volatile prices of such materials will influence the choices for product manufacturers, packagers as well as consumers.