Cosmetic Packaging Market worth USD 64.61 billion by 2027, registering a CAGR of 5.47% – Report by Market Research Future (MRFR)
New York, July 19, 2021 (GLOBE NEWSWIRE) — Cosmetic Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Cosmetic Packaging Market Research Report, Materials, Product, Application and Region – Forecast till 2027” the market worth USD 64.61 billion by 2027, registering a CAGR of 5.47% during the forecast period (2021 – 2027), The market was valued at USD 48.78 billion in 2020.
The cosmetic packaging market outlook appears extremely positive. Increasing research and development activities and huge investments by packaging manufacturers are the latest cosmetic packaging market trends. Moreover, increasing consumer preference for high-quality products and changing lifestyles escalate the market on the global platform. With the increasing consumer focus on high-quality products and the changing lifestyle, the market is projected to garner significant accruals in the years to come.
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Competitive Analysis
List of the key companies profiled in the Cosmetic Packaging Market Research Report are-
- Amcor Ltd (Australia)
- Rexam Plc. (UK)
- Silgan Holding Inc. (US)
- World Wide Packaging LLC (US)
- Quadpack Group (Spain)
- Albea Group (France)
- Aptargroup Inc. (US)
- Cosmopak USA LLC (US)
- HCP Packaging. (US)
- LIBO Cosmetics Company Ltd. (Taiwan)
- Gerresheimer (Germany)
- ABC Packaging (India)
- Bemis Company Inc. (US)
The highly competitive cosmetics packaging market appears fragmented due to many big and small market players forming a competitive landscape. Players drive the strategic expansion of businesses in emerging markets, relying on various initiatives.
For instance, on Jun.04, 2021, LVMH Perfumes & Cosmetics announced its partnership with Eastman, a plastics material giant, to develop packaging that can eliminate virgin plastic. Eastman and LVMH would continue to work together on sustainable packaging solutions across LVMH’s family of beauty brands using Eastman’s molecular recycling technologies.
The collaboration marks a critical milestone towards progressively eliminating fossil-fuel-based plastics from our packaging. LVMH’s recently published LIFE 360 program contains zero plastic from virgin fossil resources in the years ahead.
Browse In-depth Market Research Report (125 pages) on Cosmetic Packaging
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Rising Demand from the Burgeoning Cosmetics Industry Boost Market Size
Advancements in packaging technologies alongside the rising demand for cosmetics and personal care products with innovative packaging designs boost the growth market. The market is undergoing several changes, including acceleration of technological innovation, and the shift in competitive power increases customer expectations.
The development of versatile and diversified packaging solutions and the high potential in emerging economies provides tremendous growth opportunities to create exciting opportunities in the packaging industry. Moreover, innovation in technologies associated with packaging and manufacturing techniques plays a major role in driving the cosmetic packaging market.
Innovation in the appearance and convenience of these packing types has also altered the product’s look on store shelves, attracting consumers. For instance, familiar products in unfamiliar packages are quickly welcomed by consumers worldwide. Over recent years, cosmetic companies have been spending more on packaging innovation than production costs. They prefer active and intelligent packaging, which can define the quality of their product self explanatorily.
COVID-19 Impact:
COVID-19 severely hit the global cosmetic packaging industry. The pandemic caused certain changes in consumer behavior patterns that led their focus more on hygiene and personal care products. Also, consumers started to purchase products developed with natural and organic ingredients and packaged in eco-friendly and biodegradable packaging solutions.
Manufacturers suffered issues such as disrupted supply chains and shortages of key raw materials required. In addition, getting the workers during the lockdown was a big issue that industry leaders faced. However, the market is rapidly returning to normalcy with government initiatives towards promoting eco-friendly packaging materials across cosmetic products. By region, the analysis is segmented into Americas, Europe, Asia Pacific, and the rest-of-the-world.
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Segments
The report is segmented into materials, products, applications, and regions. The product segment is sub-segmented into jars, tubes, containers, sticks, rollerballs, pouches, and others. The material segment is sub-segmented into plastics, paper, glass, and others. The application segment is sub-segmented into haircare, skincare, and others (makeup)
Regional Analysis
Asia Pacific is the largest region in terms of the global cosmetic packaging market value. Increase in disposable income led by the rapid economic growth has led to changing lifestyle patterns in China and India. Besides, ample availability of raw materials and cost-competitive workforces drive the cosmetic packaging market growth in the region.
Various state-backed initiatives and investments increase the region’s cosmetic packaging market share, leading to the faster development of advanced packaging technologies. Also, the burgeoning medicated cosmetic product industry boosts the cosmetic packaging market size.
Spurring growth in beauty care & cosmetics sectors due to rising disposable incomes and the increasing demand for small packaging sizes are some of the leading cosmetic packaging trends. Furthermore, efforts of regulatory forces to increase the packaging quality and functionality and rising numbers of cosmetic companies in the region influence the cosmetic packaging market value.
Increase in disposable income led by the rapid economic growth that has led to changing lifestyle patterns in emerging countries, such as China and India, would allow the regional market to expand at a massive CAGR over the forecast period. The cosmetic packaging market in China is expected to witness various growth opportunities during the years to come.
Segmentation of Market covered in the research:
Information by Materials (Plastic, Paper, Glass, Metal), Product (Bottles & Jars, Tubes, Containers, Pouches, Sticks, Roller balls, Dispensers), Application (Hair Care, Skin Care, Nail Care), & Region (North America, Europe, Asia-Pacific and Rest of the World)
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