by The global Cosmetic Packaging Market is estimated to be valued at US$ 29295.61 Mn in 2022 and is expected to exhibit a CAGR of 3.84 % over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic packaging refers to the packaging solutions used for cosmetic and personal care products such as nail care, skin care, hair care, fragrances, and makeup products. It protects the product from contamination and prevents leakage. Some key advantages associated with cosmetic packaging include product differentiation, ease of application, communication of brand message & values. Cosmetic packaging plays a crucial role in promoting the product and driving sales. Manufacturers focus on packaging solutions that resemble luxury, are compact & portable for travel, enable 360-degree product viewing, and are eco-friendly.
Market key trends:
Trend towards eco-friendly packaging: Manufacturers are increasingly focused on adopting sustainable packaging materials such as paper, glass, natural resins to develop packaging designs that are recyclable, reusable, and made from renewable resources. Eco-friendly packaging appeals to the health and environmentally conscious consumers.
Multi-functional and customizable designs: Customers demand innovative packaging that serves dual purposes such as applicator functions, easy portability, and visible product content. Manufacturers offer customizable shapes, sizes, and decoration as per the brand needs that attract customers and boost brand awareness.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the cosmetic packaging market is moderate. Established players dominate the market with vast manufacturing and supply chain infrastructure making entry costly.
Bargaining power of buyers: Buyers in the cosmetic packaging market have moderate bargaining power due to the fragmented nature of the market with many national and international brands.
Bargaining power of suppliers: A few large suppliers supply specialized packaging materials globally giving them some bargaining power over buyers in the cosmetic packaging market.
Threat of new substitutes: Substitute products pose a low threat as there are limited alternatives to specialized packaging for cosmetic products.
Competitive rivalry: The global cosmetic packaging market is highly competitive with major players improving innovation in packaging formats.
Key Takeaways
The global Cosmetic Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 3.84% over the forecast period, due to increasing demand for premium cosmetic products globally. The market size for 2021 was US$ 29295.61 Mn.
Regional analysis: Asia Pacific dominates the global cosmetic packaging market and is expected to witness the fastest growth over the forecast period. Factors such as growing GDP, rising disposable incomes, and increasing focus on personal grooming in major countries like China and India are driving market growth in the region.
Key players: 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. Major players are focused on developing innovative and sustainable packaging solutions to attract consumers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
