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Market Research Future (MRFR) expects the global beauty and personal care packaging market to grow at a significant pace from 2022 to 2030 (forecast period).
Innovation in packaging, like vibrant shades and a wide variety of shapes, sizes, and materials, is a key driver of the growth of the industry. Recent trends indicate that companies spend more on packaging innovation than on manufacturing costs. High demand for packaging solutions and volatile raw material prices has a direct effect on the packaging cost and profit margin of the vendors. In addition, the packaging industry is rapidly evolving, combined with customer demand, which allows manufacturers to become flexible with future requirements. Moreover, the emergence of packaging styles and growth potential in emerging economies offers tremendous opportunities for beauty and personal care products.
The beauty and personal care packaging market is expected to develop rapidly during the forecast period due to major drivers such as demand for creative and innovative cosmetic packaging, demand for premium and natural cosmetic products, and increased daily use of personal care products. In addition, the advancement in packaging technologies and the availability of personal care products in creative designs, like pumps, sprays, sticks, pen type, and rollerballs, are also driving the market towards growth.
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The demand for cosmetic products relies on the packaging and quality of the product. Creative packaging and increasing shelf life of the product are the most responsible factors for the growth of the packaged products. In addition, the growing demand for advanced packaging materials is driving the growth of the cosmetics industry, which is projected to increase the growth of packaged goods during the forecast period. According to L’Oreal/FBIC Global Retail & Technology, the global beauty product market amounted to USD 371 billion in 2011 and USD 399 billion in 2014.
COVID-19 Impact on the Global Beauty and Personal Care Packaging Market
The spread of COVID-19 had a negative impact on the market as a result of disruptions in the supply chain, culminating in extended factory closures worldwide. Logistically, it has been difficult for bottles, cartons, and pump manufacturers to deliver to personal care companies. In most countries, governments have placed the personal care industry in the essential commodity category, allowing it to function. Still, there is no clarity about the operation of ancillary units that make the foil, packaging materials, printers, and consumables, such as briquettes/gases (required to run boilers).
The global beauty and personal care packaging market has been segmented into materials, products, and applications.
Based on the materials, the global beauty and personal care packaging market has been segmented into plastics, glass, metal, and others.
Based on product, the global beauty and personal care packaging market has been segmented into bottles, jars, and cans, tubes, pouches, and others. It provides great opportunities for plastic packaging manufacturers and focuses on the introduction of new packaging formats, sizes, and functionality with leading packaging types in response to customer demand for convenience.
Based on the application, the global beauty and personal care packaging market has been segmented into skincare, cosmetics, fragrances, hair care, and others.
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By region, the global beauty and personal care packaging market has been segmented into four major regions, including North America, Europe, Asia Pacific, and the rest of the world.
APAC to lead the global beauty and personal care packaging market.
The Asia Pacific accounted for the majority market share and is likely to lead the market over the forecast period. Strong economic growth and an increase in disposable income are estimated to change lifestyle patterns. China is projected to open new growth opportunities in the beauty and personal care packaging market over the near future. The rapidly growing cosmetics industry, changing packaging, and improving standard of living have increased the demand for the beauty and personal care packaging market in a positive way. A new trend in research and development by packaging manufacturers focusing on advantageous locations for production and short-distance supply to reduce costs is a key factor in the growth of the Asia Pacific region.
With a range of international and regional players, the global beauty and personal care packaging market is relatively fragmented and competitive. Market players are heavily engaged in technological growth, global expansion, and mergers and acquisitions in order to protect their market position.
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List of the key players operating the global beauty and personal care packaging market include.
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