Global Cosmetic Packaging Market - Segmented by Material (Plastic, Glass, Paper), Packaging Type (Jars & Containers, Tubes, Caps & Closures), Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global cosmetic packaging market was valued at USD 24.86 billion in 2017 and is projected to reach a value of USD 31.75 billion by 2023, at a CAGR of 4.16% over the forecast period, 2018-2023.
Cosmetic packaging refers to the casing or primary packaging of cosmetics in packaging products, such as bottles, cans, pouches, tubes, bags, and jars, among others. The major packaging materials considered within the scope of the study include, plastic, metal, and glass, primarily. Vendors have been observed to move toward adopting recyclable and ecofriendly packaging products due to growing environmental concerns among the consumers. Urbanization and growing awareness about personal grooming have led to the expansion of the consumer base for cosmetic products. The demand for innovative designs and colors in packaging products, and focus on packaging for brand differentiation are the primary factors driving the growth of the market. Plastic has emerged as the material of choice for cosmetic packaging because of its versatile nature.
Innovations in Packaging and Design
3D printing has significantly changed the consumer’s sensorial experience. It is expected that the technology will have a significant effect on packaging over the coming years. Major brands are designing innovative products, and require high packaging standards to allow the product to stand out, supported by marketing activities. It is expected that in the future, the brands harnessing technologies, such as virtual reality, can create a blended reality into their packaging solutions. The aesthetically appealing packaging is being used by manufacturers to attract consumers by providing customized and innovative packaging solutions, create awareness by differentiating their products, and establish the brand in the market.
Plastics Segment Accounts for a Dominant Market Share
Globally, some of the plastic packaging products that are widely used by manufacturers of cosmetics are bottles, jars, squeezable tubes, and containers. In terms of volume, the hair care, deodorants, and personal care segments are the largest contributors to this market. The demand for tamper-evident closures, sprays, and pumps is expected to lead to demand for materials with high-barrier properties that can provide greater protection, such as plastics, which will drive the growth of this market. Plastic is a cost-effective and easily available material, which enables manufacturers to utilize the product for effective packaging. The inert nature and flexible nature of resins have led to plastic evolving as an ideal choice for packaging manufacturers, given the highly dynamic and demanding nature of the packaging industry.
Asia-Pacific Expected to Occupy Major Market Share
Rapid urbanization, increase in disposable incomes, and growing awareness about health and hygiene are some of the major factors driving the growth of the market. Countries, such as China, India, and Vietnam, are likely to witness rapid growth during the forecast period. As a result of growing demand for cosmetic products, APAC is expected to witness substantial demand for cosmetic packaging during the forecast period.
Key Developments in the Market