by The Cosmetic Packaging Market is estimated to be valued at US$ 29295.61 Mn in 2022 and is expected to exhibit a CAGR of 3.84 % over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic packaging refers to the packaging of cosmetic products such as skin care, hair care, makeup, and fragrances. It plays an important role in brand promotion, product differentiation, and consumer experience. Cosmetic packaging comes in different forms including tubes, bottles, jars, cans, pouches, and sticks that are produced using materials such as plastic, glass, metal, and paper. Growing youth population, increasing disposable incomes, rising awareness about personal care, and expanding beauty & personal care industry are some of the key factors driving the demand for cosmetic packaging globally.
Market Dynamics:
Two major drivers that are supporting the growth of cosmetic packaging market are increasing online sales of cosmetic products and growing focus on sustainable and eco-friendly packaging. Online sales of cosmetic products have witnessed significant rise in recent years owing to convenience of shopping from home and wide range of products available on e-commerce platforms. Growing preference for online shopping has compelled cosmetic brands to invest more on attractive and differentiated packaging that can create impression and drive purchases even in the digital world. Furthermore, there is rising focus among consumers and cosmetic brands towards adopting sustainable packaging materials and solutions to reduce environmental footprint. Bioplastics, paper, aluminum, and glass are some of the eco-friendly materials gaining traction in cosmetic packaging. Growing sustainability movement is encouraging brands to shift toward green packaging formats.
Segment Analysis
Cosmetic packaging market has various segments but the dominating one is skin care which holds around 30% of the total market share. Skin care products require intricate and well-designed packaging for effective preservation and visual appeal. The growing demand for anti-ageing creams and serums is pushing manufacturers to use innovative packaging solutions for these premium skin care products.
PEST Analysis
Political: Stringent regulations regarding packaging material and printing inks may impact the cosmetic packaging market. However, favorable governmental policies for cosmetic industry support market growth.
Economic: Rising disposable incomes and growing middle-class population especially in developing countries is fueling the demand for premium cosmetics and innovative packaging.
Social: Increasing consciousness about physical appearance and busy lifestyle shifting focus towards premium cosmetic products with sophisticated packaging.
Technological: Advancements in printing technologies enable incorporation of security features and interactive elements in packaging. Use of eco-friendly materials through sustainable practices also gains traction.
Key Takeaways
The global Cosmetic Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 3.84% over the forecast period, due to increasing focus on visual aesthetics and branding. The Asia Pacific region is expected dominate the market and projected to grow at the fastest rate during the forecast period, driven by large population, rapid urbanization and changing lifestyles.
Regional analysis: The Asia Pacific region is projected to grow at the fastest rate during the forecast period, driven by the huge consumer base, rapid urbanization and improving living standards especially in China, India and other southeast Asian countries.
Key players: Key players operating in the cosmetic packaging market incorporate Aptar Group, Inc., RPC Group Plc, Gerresheimer AG, Amcor Limited, Albea S.A., Libo Cosmetics Company, Ltd, Quadpack Industries, HCP Packaging, Fusion Packaging, and ABC Packaging Ltd. The intense competition among these players to gain maximum market share drives innovation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
