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.
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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.
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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.