by The Cosmetic Packaging Market is estimated to be valued at US$ 31588.71 Mn or Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic packaging refers to the containers and packaging solutions offered for cosmetic products including makeup products such as lipsticks, eye shadows, nail paints and skin care products such as creams and lotions. Common packaging types include plastic jars, tubes, bottles, sachets and others. Customized and eco-friendly packaging solutions are gaining popularity owing to increasing focus on sustainability. Digital printing on packaging is also expected to drive innovations in the market.
Market Dynamics:
Growing focus on sustainability is one of the key drivers in the cosmetic packaging market. Consumers are increasingly demanding eco-friendly packaging made from recycled or recyclable materials. Brands are responding to this demand by introducing packaging with reduced plastic content or derived from renewable sources. Another driver is the growing trend of customized cosmetic packaging. Digital printing enables brands to offer personalized and small batch packaging solutions. This fosters brand loyalty and experience for customers.
Segment Analysis
The global Cosmetic Packaging market is segmented into jars, tubes, bottles, pots & jars, sachets, and aerosol cans. Among these, bottles dominate the market with a share of over 30%. Bottles are a highly convenient format for packaging cosmetic products like lotions, creams, liquids, gels, and fluids. They provide effective protection to products against leakage while maintaining product quality. Their ease of use and handling also contributes to their widespread adoption.
PEST Analysis
Political: Stringent regulations regarding the use of materials for cosmetic packaging could impact market dynamics. Regulations may ban the use of certain chemicals or materials.
Economic: Rising disposable incomes in developing countries is fueling the demand for premium cosmetics, driving the need for innovative packaging solutions. Additionally, high growth of the e-commerce industry is also propelling the cosmetic packaging market.
Social: Growing beauty and personal care industry driven by changing lifestyles, increasing working women population, and rising social media influence is benefiting the cosmetic packaging market. Attractive and sustainable packaging plays a vital role in brand promotion and purchase decisions.
Technological: Advancements in packaging formats, materials, decoration techniques, and sustainable solutions are augmenting market opportunities. Innovation in intelligent and connected packaging incorporating QR codes, AR/VR is gaining traction.
Key Takeaways
The Global Cosmetic Packaging Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing disposable incomes, growing middle-class population, and surging e-commerce sales in Asia Pacific and Latin America. The market size for 2023 is estimated to be US$ 31588.71 Mn.
Regional analysis: Asia Pacific dominates the global market with over 35% share owing to thriving cosmetics industries in China, India, Japan, and South Korea. Growth rate is projected to be highest in the region attributable to rising living standards.
Key players operating in the cosmetic packaging market are Aptar Group, Inc., RPC Group Plc, Gerresheimer AG, Amcor Limited, Albea S.A., Libo Cosmetics Company, Ltd, Quadpack Industries, HCP Packaging, Fusion Packaging, and ABC Packaging Ltd. AptarGroup leads the market with wide product portfolio for varied applications while RPC Group focuses on sustainability initiatives through innovative designs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
