The global cosmetic packaging industry is growing rapidly and is expected to reach $31.4 billion by 2020. This industry includes the packaging of all cosmetics, fragrances, and personal care products. There are various reasons for the high growth including increasing demand for these products, the constantly changing trends in the packaging sector, the rise in disposable income, and an increasing desire to look good. This is in line with wider global growth forecast for the packaging industry going forward.
Research and Markets Report Findings – Cosmetic Packaging Industry Global Market Growth
According to a new report by Research and Markets, the global cosmetic packaging sector was valued to be worth $28.3 billion in 2018. Over the forecast period of the next two years, the global cosmetic packaging market size is expected to experience a compound annual growth rate of 5.477%. This will help it reach the industry forecast figure of market growth of $31.4 billion by 2020.
The report gives key insights into various aspects of the packaging market and talks about the market based on cosmetic companies and regions, types of packaging, demand forecasts, market trends (including emerging economies), supplier market (including cosmetic packaging manufacturers) shares as well as the updates and trends of the industry. The report emphasizes the highly consumer-centric nature of the cosmetics packaging sector, especially in terms of aesthetic appeal and perceived value. It also draws attention to the packaging solutions of such products being of utmost importance to both manufacturers and consumers alike.
Cosmetics Packaging Material Type
The advancement of technology has resulted in new packaging materials and methods that are more durable and offer better protection to the product. One of the key factors that a cosmetics brand will take into consideration is choosing the right type of material type for its products. With so many options on the market, it can be difficult to know where to start and what the key benefits are. After all, it’s attractive packaging that influences and drives sales of these products the most. Glass bottles are a classic choice for high-end cosmetics brands that wish to convey a sense of luxury and sophistication and this type of packaging is also available in many different sizes and colours. Glass bottles, however, are relatively heavy and fragile making shipping costs higher. Plastic bottles are a popular choice for mass-market cosmetic brands due to their low cost and durability, but recent concerns about the use of such material must be taken into consideration. Tubes are commonly used for liquid or cream-based cosmetics and are lightweight making them easy to ship in addition to being made from recyclable and biodegradable materials. Paper has also emerged as a popular choice for cosmetic packaging in recent years amongst shifting preferences with the focus moving to some sustainable packaging solutions. Foil packaging, perfect for its heat-sealing abilities, in the form of bags and pouches, is another type of packaging that is becoming more popular.
Trends Observed in the Global Cosmetic Packaging Market
In the global market, plastic packaging had a leading share of 50-55% in the market in 2018. In industry trends for the 2019 fragrance market, which is a division of the cosmetic market, a dominant share was claimed by glass packaging in the global market.
The cosmetic packaging market report also talked about drivers and constraints for the industry. It discussed factors such as rising beauty consciousness among consumers, the rise of the e-commerce industry, and the availability of affordable, segmented cosmetic products that drive the market the most. On the other hand, economic factors like recession act as a constraint for the high-end market.
The Role of Retailers in Packaging Choice
As cosmetics are FMCG products, retailers and key market players in the cosmetics industry play a significant role in spotting market drivers that have an aesthetic appeal to the customers and placing them in their limited shelf space. This consideration for aesthetic appeal has also led to a change in perception from manufacturing companies as the previous packaging was a non-core business activity that has now evolved into a component of utmost importance. Indeed, many brands now give packaging equal parity of importance with the cosmetic formulas themselves.
The report by Research and Markets also has an in-depth analysis of cosmetic industry updates. It discusses how varying market dynamics of the cosmetic market have paved the way for the launch of new products.
Conclusion – Global Opportunity Analysis
The report also talks about key players that have a strong market presence, operating and embracing innovations in designing and using technological advancements to stay competitive.
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