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The growth of the cosmetics industry and the need to appeal to customers through their packaging is likely to culminate in thoughtful designs by product manufacturers. The functional features and benefits of packaging while providing ample protection to the product is likely to be an integral step before marketing to consumers.The global cosmetic packaging market report by Market Research Future (MRFR) considers the various dynamics of drivers and challenges to provide estimations for growth and revenue of the industry for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry are included in the report with counteractive measures to weather its effects.
The global cosmetic packaging market size is projected to attain a share of more than USD 35.6 billion by 2023, as per the analysis of MRFR. It is expected to expand at a CAGR of 5.2% over the forecast period.
The rise in expendable income levels of customers and access to online shopping sites are expected to spur demand in cosmetic packaging. Rise in consumer confidence indices and need for domestic solutions are factors favoring the market. Investments in right decoration and tubing technology which adhere to environmental laws can spur the market growth. Availability of various tube formats and packaging designs will entice customers and drive consumer spending.
The COVID-19 pandemic has brought production of cosmetics to a standstill. The proliferation of the virus has led to concerns of products and brought to the forefront of safety of cosmetics and their packaging. Investments in packaging techniques that adhere to social distancing norms and lower risks of contamination are in high demand in the market. Agreements with regional suppliers and ecommerce players to ensure no disruptions in the supply chain are likely to sustain demand in the global cosmetic packaging market.
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The global cosmetic packaging market is segmented on the basis of material (plastics, metal, paper, glass, and others), product (pouches, sticks, bottles & jars, tubes, containers, rollerballs, dispensers, and others), applications (skin care, hair care, and others).
The different cosmetic packaging materials available in the market are plastic, glass, metal, and paper. The plastic segment is expected to gain a major market share due to its convenient and hygienic qualities. Plastic is mainly popular due to its low cost, light weight, cost effective nature, and versatility. However, fluctuating raw material prices can hinder its growth in the market. Nowadays, brand owners are looking to reduce and replace plastic with biopolymers to reduce carbon footprint. Paper and wood material segments might gain momentum due to increasing focus on environmental issues.
Geographically, the regions analyzed in the global cosmetic packaging market include North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America is expected to capture a large market share owing to large number of consumers in the U.S. and the huge disposable income levels. The local demand and export of various cosmetics can drive the regional market demand. The evolution of cosmetic product packages and formulas can favor the market exponentially.
The APAC cosmetic packaging market is expected to grow at a high pace during the forecast period. Demand from India, China, and Indonesia lead the cosmetic packaging market, owing to factors such as rising consumer preference for eco-friendly products and increasing demand for small packaging sizes. Moreover, rising consciousness about anti-aging products, e-commerce sector, emphasis on skin care by both genders, and demand for high-end luxury products in these regions are further pushing the market growth.
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Innovation in product containers and packaging materials are of prime concern to players and play an instrumental part in their strategies.
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