Substantial Growth Projected for Global Cosmetic Packaging Market owing to Rise in Geriatric Population
Global Cosmetic Packaging Market: Snapshot
The focus of cosmetic product manufacturers on innovative and alluring packaging has significantly increased in the past few decades. Key cosmetics and personal care brands have started considering effective packaging as a critical attribute of product marketing. The strategy has translated in enhanced brand visibility, increased sales, reduced brand recall rates, as well as a larger footprint in the respective target geographies.
The factors have significantly benefitted the global market for cosmetic packaging and are expected to lead to the development of healthy growth opportunities for the market in the next few years as well. Transparency Market Research estimates that the global cosmetic packaging market will exhibit a 4.4% CAGR over the period between 2016 and 2024. If the prediction holds true, the market will rise from a valuation of US$23 bn in 2015 to US$33 bn by 2024.
Plastic to Remain Most Preferred Cosmetic Packaging Material despite Rising Popularity of Paper Packaging
A variety of materials is used for packaging cosmetics, including glass, plastic, paper, metal, and wood. Of these, the plastics segment presently leads the global cosmetic packaging market, in terms of both value and volume. The segment is expected to account for a 50% of the global market throughout the forecast period. However, rising consumer preference to eco-friendly products such as wood, paper, and metals is expected to hinder the growth prospects of the plastic segment to a certain extent.
Increasing awareness and implementation of stringent environmental laws along with competitive benefits have compelled users to increase use of eco-friendly materials for packaging and manufacturers to integrate eco-friendly design principles in material development processes. As a result, the global demand for materials such as paper, silicone, melamine, and bamboo is expected to see a significant rise in demand across the cosmetic packaging market in the next few years.
The market for glass-based cosmetic packaging is expected to rise in response to the substantial demand for luxury goods in the developed markets like the U.S., UK, and Germany. However, the adoption rate of metal as packaging is expected to remain low owing to higher costs in comparison with other materials.
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Asia Pacific Cosmetic Packaging Market to Present Most Lucrative Growth Opportunities
In terms of geography, the market for cosmetic packaging is dominated by Asia Pacific in terms of total demand. The region is estimated to account for a share of 32.5% in the global market in 2016, followed by Europe and North America. The top spot of Asia Pacific in the global market can be attributed to the high concentration of manufacturers as well as buyers of cosmetic packaging products in the region. Furthermore, a large number of the cosmetic products, as well as cosmetic packaging product manufacturers, which previously had manufacturing facilities in China are opting for China plus one policy. Under the policy, these companies might set up facilities ASEAN countries such as Indonesia and Malaysia.
Sales of cosmetic packaging in Asia Pacific are expected to be mainly driven by market growth in countries such as China, Japan, and India where the demand for cosmetic products is anticipated to expand at a robust CAGR over the forecast period. Rising awareness about anti- aging products coupled with the flourishing e-commerce sector in the region Asia Pacific is also expected to fuel demand for cosmetic packaging over the forecast period. Markets in Latin America and Middle East & Africa are expected to witness relatively sluggish growth over the forecast period.
Key players in the global cosmetic packaging market include 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.