Xpodence Research updated data for competitive structure of the Global Cosmetic Packaging Industry to devise effective growth strategies and facilitate better decision-making.
The global cosmetic packaging market was estimated as USD 22.52 Billion in 2015 and is projected to reach USD 33.98 Billion in 2025 growing at a CAGR of 4.35% over the forecast period, 2018-2025. Rising demand for the cosmetic products and increasing consciousness among people of all age groups, particularly younger generation has spur demand for cosmetics which in turn has fueled the market growth.
Cosmetic packaging market is growing sector and has several stakeholders which include processors, raw material suppliers, cosmetic packaging manufacturers. The packaging is expected to play a major role in the extension and protection of the shelf life of cosmetics and further gaining consumer attention towards the project. Furthermore, rising demand for high tech packaging equipment is also projected to augment the industry demand for mature machinery. Packaging is considered one of the vital selling motive of cosmetics and company’s appearance to innovate and improvise the packaging for improving aesthetics of the products for boosting the demand.
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Cosmetic industry is highly consumer centric industry, in terms of aesthetic appeal, and product packaging impacts the demand among the consumers. Cosmetics and cosmetics packaging are directly related to each other, therefore, growth of cosmetic industry impacts cosmetic packaging industry. Packaging reflects the cosmetic products image and also attracts consumer attention. Changing consumer preferences to access premium cosmetics products have significantly increased the need for the premium designing, hence escalating the importance of cosmetic packaging.
Increasing men’s grooming sector along with women’s in the developing countries has driven the skin care and hair care industries with packaging depicting preferences and style, henceforth augmenting the cosmetic packaging industry. The rising diversity in the cosmetic products also inculcate male grooming products along with female products. Demand for the anti-aging creams and skin care products id growing in the developed countries, while organic cosmetic products demand is increasing in most of the countries. Consumer friendly, simple design that depicts the product brand image are expected to be key factors behind the industry growth.
Cosmetic packaging plays a significant role in protecting the contents from outer environment and shelf life. Although, lack of cosmetics sales during economic downturn and volatile raw material price are few factor restraining the industry growth and major concerns of cosmetic packaging industries.
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Global Cosmetic packaging market has been segmented based on material, container type and application. The material segment includes glass, plastic, metal and other material whereas the container segments inculcate tubes, jars, bottles, sachets, pumps & dispenser and other containers. The application segments have been further segmented as hair care, nail care, skin care and makeup.
Plastic material type segment is predicted to acquire major share in the market
Plastic segment is expected to account for above 40% of the global market despite rising population of paper packaging. Furthermore, increasing consumer preferences for eco-friendly products such as paper, wood and metals is anticipated to restrain the segment growth over the forecast period. Rising awareness among consumers and implementation of stringent government regulations have obligated users to increase the application of eco-friendly materials for packaging and manufacturers to integrate eco-friendly design principles in the development process of materials. The glass-based cosmetic packaging market is also expected to increase with the growing demand for luxury goods in the developed markets like UK. U.S., and Germany.
Asia-Pacific region is projected to acquire the largest share in the market.
Geographically, Asia Pacific region is projected to dominate the global cosmetic packaging market with a share of over 30% followed by Europe and North America over the forecast period. The high market share is attributed to the high concentration of buyer as well as manufacturers of cosmetic packaging products in the region. Increasing awareness about the anti-aging products with booming e-commerce sector in the region has led to the rising sales of cosmetic products, henceforth increasing cosmetic packaging market over the forecast period. Countries such as India, China and Vietnam are projected to witness rapid growth over the forecast period.
Key player in the cosmetic packaging includes Albea Group, Amcor Ltd., Aptargroup Inc., Cosmopak U.S.A. LLC, HCP Packaging (Shanghai) Co. Ltd., LIBO Cosmetics Company Ltd., Quadpack Group, Rexam Plc, Silgan Holding Inc. and World Wide Packaging LLC. R&D activities, new advanced product launches, mergers & acquisitions, and expansions are few strategies adopted by industry players to cater to the needs of the industry
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