The global cosmetic packaging market is characterized by intense rivalry between the top players, observes Transparency Market Research (TMR). Product development has emerged as the prime strategy for the majority of players to garner competitive advantage over others. They are leveraging the potential of cutting-edge technologies and advanced materials to design high-performance packaging solutions, in order to consolidate their shares. TMR notes that several prominent players are capitalizing on multi-dimensional image processing technology to develop innovative solutions.
Leading players operating in the global cosmetics packaging include HCP Packaging, Albea S.A., Fusion Packaging, ABC Packaging Ltd., Libo Cosmetics Company Ltd., RPC Group Plc, Quadpack Industries, Aptar Group Inc., AptarGroup, Inc., Gerresheimer AG, and Amcor Limited. The market is expected to provide many a promising avenues for manufacturers across the globe to bank upon.
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The global cosmetic packaging market is projected to rise at a modest CAGR of 4.4% during the assessment period of 2016–2024, which will propel the market to reach a worth of US$33 billion by the end of 2024. The market was valued at US$23 billion in 2015.
The variety of materials used for cosmetic packaging consists of glass, plastic, paper, metal, and wood. Of all the segments, plastic leads the pack, vis-à-vis value and volume. The segment is expected to hold almost half of the overall share in the global market. However, the uptake of other packaging materials are rising rapidly owing to the preference of eco-friendly packaging materials.
Geographically, Asia Pacific led the global market in 2016 and is expected to contribute potentially high revenues through 2024. The prominence of the regional market can be attributed to the presence of a plethora of manufacturers in key economies and a considerable consumer base.
Proliferation Demand for Cosmetics among Millennials bolsters Uptake
The cosmetic packaging is expected to grow from strength to strength underpinned by the several attractive strides being made by the cosmetics and personal care industries. The key role occupied by packaging in the brand positioning in the overall cosmetics market has provided sustained thrust to the expansion of the market. The rising demand for functional packaging that offers remarkable product protection and higher consumer functionality is a notable factor catalyzing the market growth.
The cosmetics industry is witnessing bold strides driven by the rising uptake of cosmetic products among millennials. The rising demand for effective packaging for a staggering volume of anti-aging creams and other skincare products is propelling the growth of the cosmetic packaging market. The substantial demand for an array of cosmetics among young adults in various developing regions has accentuated the demand for the packaging.
The constant thrust on product innovation among precipitous players underpins the attractive expansion of the market over the assessment period. To this end, packaging manufacturers are making sizeable investments in research and development activities to develop alluring packaging to boost brand visibility. Furthermore, industry efforts to bring innovations in packaging designs augur well for the market.
Rising demand for Biodegradable Packaging unlocks Substantial Lucrative Prospects
However, the stringent implementation of regulatory curbs on the use of non-biodegradable plastics in packaging has made slight dent in the overall revenue of the global market. On the other hand, the advent and the growing popularity of biodegradable packaging for cosmetics have opened lucrative prospects for market players. The use of variety of biodegradable packaging materials to develop innovative solutions is expanding the horizon of the market. This has stoked the popularity of silicone, bamboo, paper, and melamine as packaging materials in the cosmetics industry.