Cosmetic Packaging Market: Rising Global Spending on Cosmetics to Boost Demand for Innovative Packaging

Cosmetic Packaging Market: Rising Global Spending on Cosmetics to Boost Demand for Innovative Packaging

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.

The factors have significantly benefitted the global market for cosmetic packaging and are expected to lead to the development of healthy growth opportunities for the market in the next few years as well. Transparency Market Research estimates that the global cosmetic packaging market will exhibit a 4.4% CAGR over the period between 2016 and 2024. If the prediction holds true, the market will rise from a valuation of US$23 bn in 2015 to US$33 bn by 2024.

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.

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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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Pragati Pathrotkar

As one of the lead news writers on cmfenews, Pragati’s specialization lies in the science and technology domains. Her passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Pragati’s take on the impact of digital technologies across the science, technology, and business domains gives her writing a fresh and modern outlook.

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