According to a new report by Research and Markets, the global cosmetic packaging industry was valued to be $24.3 billion in 2014.
Over the next five years, the market is expected to experience a compound annual growth rate of 4.3%.
This will help it reach $31.4 billion by 2020.
The report touches upon various aspects of the cosmetic packaging industry and talks about the market based on vendors and regions, types of packaging, demand forecasts, market size, supplier market shares as well as the updates and trends of the industry.
The report emphasises the highly consumer-centric nature of the cosmetic industry, especially in terms of aesthetic appeal and perceived value. It also draws attention to the fact how this makes the packaging of such products very important.
After all, it’s attractive packaging that influences the market sales of these products the most. Interestingly, packaging for most cosmetic products uses glass, plastic, and metal. Paper too is emerging as a favoured choice in the recent years.
Trends Observed in the Cosmetic Packaging Industry
In the cosmetic packaging industry, plastic packaging had a leading share of 50-55% in market in 2014. In the fragrance market, which is a division of the cosmetic packaging market, a dominant share was claimed by glass packaging.
The report also talked about drivers and constraints for the industry. According to it, factors such as consumers’ rising beauty consciousness, e-retailing and availability of affordable, segmented cosmetic products drive the market. On the other hand, economic factors like recession act as a constraint for the high-end market.
As cosmetics are FMCG products, retailers play a significant role in spotting the brands that have an aesthetic appeal for the customers and placing them in their restricted shelf space.
Thus, manufacturing companies’ perception of packaging has now changed from being a non-core activity to emerging as an extension of their arm.
The report by Research and Markets also talks about cosmetic packaging industry updates. It discusses how varying market dynamics of the cosmetic industry has paved the way for the launch of new products.
At the same time, it also talks about packaging companies embracing innovations in designing and using technological advancements to stay competitive.
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