Overview
The global cosmetic packaging market is projected to grow at a CAGR of 5.2% during the forecast period. As per the cosmetic packaging market research report, the global market for cosmetic packaging is projected to grow swiftly by US$35.6 by 2023. According to analysts, innovative packaging as well as creative advertising will drive the market growth during the forecast period. The cosmetic packaging market research report offers a comprehensive analysis of the global cosmetic packaging market and its materials, products, and applications segments. The decreasing profit margins along with lack of creative expertise are the elements that could influence the cosmetic packaging market advancement throughout the forecast period. The cosmetic packaging market research report by expert analysts is developed to assist organizations in the cosmetic packaging market.
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Market Segmentation
The global cosmetic packaging market has been segmented based on materials, products, and applications. On the basis of materials, the market for cosmetic packaging is segmented based on plastic, glass, metal, and paper. Additionally, the market on the basis of products, is segmented into bottles & jars, containers, dispensers, pouches, rollerballs, sticks, tubes, and others. The global market for cosmetic packaging is also covered based on applications segment which is further split into hair care, skin care, and others.
Major elements such as lack of skilled designers could obstruct the cosmetic packaging market growth. However, according to the cosmetic packaging market research report, the advancement of varied packaging styles along with innovations in packaging will propel growth throughout the forecast period. The cosmetic packaging market is set to register growth at a high CAGR owing to these key factors. The exploration of materials, products, and applications segments along with regional markets has been given in the global cosmetic packaging market research report. The research analysts studying the cosmetic packaging market have put out market forecasts in the cosmetic packaging market research report in order to support cosmetic packaging market-based companies. The cosmetic packaging market research report provides an extensive understanding of the cosmetic packaging market based on the information and forecasts till 2023.
Cosmetic Packaging Market – Regional Analysis
The Asia Pacific region dominates the global cosmetic packaging market. The largest market share attributes to the rising demand from the burgeoning cosmetic industries across the region. Besides, rising consumer preference for eco-friendly products and increasing demand for small packaging sizes are the key factors driving the regional market growth. Moreover, rising consciousness about anti-aging products, the e-commerce sector, and the demand for high-end luxury products boost the regional market's growth.
Increase in disposable income led by the rapid economic growth in the region has led to changing consumer lifestyles in emerging countries, such as China and India. Cosmetic packaging markets in India, China, and Indonesia witness a vast demand. Especially, India and China are projected to witness various growth opportunities during the years to come. The APAC cosmetic packaging market is projected to continue its dominance throughout the forecast period.
Developed economies in North America and Europe are too expected to demonstrate significant cosmetic packaging market growth. Especially, North America is projected to show rapid growth in the personal care industry due to the vast consumer base of beauty care products. Additionally, the pharmaceutical industry contributes to the cosmetic packaging market growth, pursuing the high demand for medicated personal care products. The North American cosmetic packaging market is estimated to expand at a substantial CAGR throughout the review period.
In Europe, high living standards due to the high disposable income of consumers drive the growth of the cosmetic packaging market. Furthermore, stringent government regulations for the packaging of sensitive medicated personal care products influence the region's market growth. Also, the growing demand for quality cosmetics packaging fosters the growth of the market in the region. The European cosmetic packaging market is expected to grow at a high pace during the forecast period.
Global Cosmetic Packaging Market– Competitive Analysis
Highly competitive, the cosmetic packaging market appears to be fragmented, characterized by the presence of several large and small players. To maintain their positions in the market, players adopt strategies such as acquisition, collaboration, expansion, and product/technology launch. Industry players try to expand existing production capacities in response to the increased demand for innovative and sustainable packaging solutions by brands and consumers.
Major Players:
Players leading the global cosmetic packaging market include Rexam Plc. (U.K), Amcor Ltd (Australia), Silgan Holding Inc. (U.S.), Quadpack Group (Spain), World Wide Packaging Llc (U.S.), Albea Group (FranceCosmopak U.S.A. Llc. (U.S.), Aptargroup Inc. (U.S.), HCP Packaging. (U.S.), Gerresheimer (Germany), LIBO Cosmetics Company Ltd. (Taiwan), Bemis Company, Inc. (U.S.), and ABC Packaging (India), among others.
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Industry/ Innovation/ Related News:
November 11, 2020 ----- An American commodity chemical company Dow Inc. announced winners of the 2020 Packaging Innovation Awards recognized for breakthrough packaging achievements in design, technology, and sustainability & user experience. The highest honor is the Diamond Award, which went to Henkel AG & Co KGaA's Social Plastic Ecosystem in collaboration with Plastic Bank.
Henkel conducted a pilot program to create a new line of sustainable cosmetic packaging, utilizing recycled materials from Plastic Bank, a social enterprise that aims to stop plastic waste from entering the ocean and provide economic opportunities for people in extreme poverty. Since its launch in 2018, Henkel has produced 25,000 bottles made from recycled plastic across Western Europe.
The Hut Group (THG) has launched for its consumers a recycling regime for cosmetic packaging. The global network in Manchester has launched its recycling initiative known as recycle: me by THG (eco). This allows consumers to return all beauty items to the company for recycling, irrespective of their brand. Consumers on THG beauty pages in the United Kingdom will have to wash out and return their beauty items free of charge. They can also return items of any brand, although they were not bought from THG.
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