Cosmetic packaging products are used to house personal care items like face creams, lotions, perfumes, and makeup products. These packaging solutions protect the cosmetic products from damage and contamination while also helping create brand appeal through attractive designs and graphics. The growing focus on sustainability is driving demand for eco-friendly packaging materials like paper, glass, and recycled plastics for cosmetic products. The Global Cosmetic Packaging Market Size is estimated to be valued at US$ 36390.2 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for eco-friendly packaging is one of the key trends propelling the cosmetic packaging market. Manufacturers are increasingly focusing on sustainable packaging to appeal to environmentally conscious consumers. Paper packaging and glass containers are gaining popularity as they are recyclable and compostable. Companies are also utilizing recycled plastic in packaging to reduce waste. The use of green materials allows brands to promote their ethical and sustainable credentials. Furthermore, packaging made from renewable resources like paper provides good branding opportunities through print capability. The rising focus on sustainability in the cosmetic industry will continue driving demand for eco-packaging solutions in the coming years.
Strength: Cosmetic packaging market caters to the growing personal care and cosmetic industry. It protects the product from external factors like moisture, air, microbes etc. allowing longer shelf life.
Weakness: Frequent changes in packaging designs and trends increase costs for manufacturers. Growing environmental concerns around non-biodegradable plastic packaging.
Opportunity: Emerging trends like sustainable packaging using recycled plastics and paper presents an opportunity. Rapid urbanization in developing countries boosts demand.
Threats: Strong competition among existing players. Economic slowdowns can negatively impact the discretionary spending on cosmetic products.
The global cosmetic packaging market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: Asia Pacific region holds the major share of over 35% of the global cosmetic packaging market in 2024. Countries like China, India, Japan and South Korea are driving the market growth due to increasing focus on personal care, changing lifestyles and rising disposable incomes. Western Europe and North America regions are also significant cosmetic packaging markets.
Key players operating in the cosmetic packaging market are Abbott Laboratories, Baxter International Inc., Danone S.A., NestlÃ© S.A., GlaxoSmithKline plc., Sun Pharmaceutical Industries Ltd., Fresenius Kabi AG, BASF, Zeon Lifesciences Ltd., Mead Johnson & Company, LLC., B. Braun Melsungen AG., Nutrimed Healthcare Pvt. Ltd, and Zenova Bio Nutrition.Packaging manufacturers are focusing on developing sustainable packaging solutions using recycled plastics and paper based materials to address the environmental concerns.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it