ID: MRFR/PNT/1246-HCR | February 2021 | Region: Global | 125 pages
Cosmetic Packaging Market is projected to be worth USD 64.61 billion by 2027, registering a CAGR of 5.47% during the forecast period (2021 - 2027), The market was valued at USD 48.78 billion in 2020.
The Asia-Pacific region is expected to register the highest growth rate in cosmetic packaging market until at least 2027. What is largely driving this growth is the explosion of a huge middle class in both India and China. These nations have populations that are more than 1 billion people respectively. This has created a large pool of women and men in both nations who have strong purchasing power and relatively handsome disposable and high per capita incomes. All three are growing by the day. This is largely driven by the breakneck economic growth that both economies are experiencing.
The women in these nations are hungry for anything that is made in the West. This is especially true of cosmetics and cosmetics packaging. They view Western products as more reliable and safer for the environment. Many women are willing to pay a premium for these products. Manufacturers are taking note of this and they are focusing a good part of their marketing budgets and efforts on this region.
The middle classes in these countries also want smaller packages that are more economical in terms of cosmetics packaging. It’s important to remember that while disposable incomes and purchasing power are growing in these countries, both are still far lower than the levels that Western women enjoy.
The cosmetic packaging marketis fairly lucrative. That’s why there’s lots of competition in this industry. Players are surviving by investing heavily in research and development to try to develop a new generation of cosmetics packaging that’s lower in price point, smaller, and easier on the environment. They also want to ensure that this packaging is not tested on lab animals whenever possible.
Companies are also merging and forging partnerships. The idea is to establish and strengthen their positions in existing markets and to have a strong footing when entering into new markets.
List of companies
COVID-19 appeared on the global stage more than a year ago. Since this virus could at times have dangerous and (rarely) deadly repercussions, many governments around the world sought to contain the virus. They did so by imposing mandatory lockdowns and quarantines. The result hurt many industries.
The cosmetic packaging industry was no different. Many companies that supply companies in the cosmetic packaging marketwere forced to either scale back or halt production at least temporarily. The companies in the cosmetic packaging industry were forced to produce fewer units. They found that their production costs increased dramatically. They were forced to pass these costs onto the end consumer in the form of higher prices.
What’s really driving growth in the cosmetic packaging marketis that the fact that companies have invested heavily in research and development. This has lead to amazing technological advancements. Cosmetic packaging has become safer and more efficient. But cosmetic packaging has also become more varied in style, size, shape, and color. It has also become more innovative in function. Since most people who buy cosmetic and personal care products are women, they value this greatly.
Cosmetic packaging is also a unique and specialized type of packaging. It does more than just house eyeshadow pallets and lipstick tubes. It protects them from spoilage with time. It also protects them from contamination by the elements. But finally, it’s designed to look aesthetic.
There is exploding growth in developing markets like India and China as far as the cosmetic packaging marketis concerned. The main reasons why are because the economies are growing rapidly in these regions. This is fueling the growth of huge middle classes. These middle classes have rapidly rising purchasing power and disposable incomes.
But there is another factor that’s creating many opportunities for the cosmetic packaging market. It’s the fact that growing numbers of women in developing nations and especially in India and China want to look and feel the same way Western women do. These women (in India and China) increasingly crave Western goods. Therefore, they are willing to pay a premium for cosmetic and personal care items from the West.
There is one factor that’s restraining growth in the cosmetic packaging market. It’s the fact that much of the packaging is still not animal or environmentally friendly. Manufacturers are responding by investing heavily in the research and development that will lead to the development of new technologies that will allow the cosmetic packaging of the future to be safer and gentler on the environment, it will also not be developed using lab animals.
A major challenge for the cosmetic packaging marketwill be keeping manufacturing costs down while manufacturing quality products that are innovative and acceptable in terms of price point and range for the end consumer.
Cumulative growth analysis
The CAGR for the cosmetic packaging marketis projected to be 5.47% until the end of 2027. The entire market is projected to be worth $64.61 billion at the end of this time period.
Aptargroup Inc is a major American firm in the cosmetics packaging market. The name for the company is derived from the Latin root word Aptar which means ‘to adapt!’ Indeed, Aptargroup is adapting to the changing environment that characterizes the cosmetics packaging industry. Customers are savvier and information hungry. This is true in developing markets where the demand for innovative, technologically savvy, and environmentally friendly cosmetic packaging is growing rapidly. It’s especially true in developed countries which still have the highest market share. These customers want to be assured that the products that they buy are smart and are safe for the environment. They also want to be sure that the cosmetics packaging conforms to PETA’s latest standards.
One of Aptargroup Inc’s latest advances in technology has been to develop safer nasal delivery systems for drops that are to be administered through the nose. The intent behind this is to prevent accidental overdose of opioid-based medicines. Overdoses of these medicines can be dangerous and even deadly.
The products in the cosmetics packaging marketare made out of the following materials:
Most cosmetics packaging is in plastic form because this the safest and most hygienic. While plastic can crack and break, it occurs much more rarely than with glass packaging largely because of its atomic and chemical composition and nature. Plastic is also easier to deal with in the manufacturing process. It weighs less and costs less to procure and manufacture. This drives the overall manufacturing costs down. Manufacturers can pass these savings onto the end consumer in the form of higher prices.
However, many manufacturers are seeking paper and other forms of packaging that are easier on the environment. This has largely been driven by pressure from the end consumer. The reason why is because producing plastic produces and releases a lot of carbon particles into the air. This is what has accelerated the greenhouse effect and global warming.
Many companies are recycling plastic materials when making cosmetic packaging, they find that this is easier on the environment. It also drives their overall manufacturing costs down dramatically. Wood is also a candidate that is increasingly being considered by cosmetics packaging manufacturers because it’s not tested on lab animals. It’s also easier on the environment. Additionally, companies are investing heavily in and experimenting with new technologies that can produce products and solutions that are more environmentally friendly. They’re investing heavily in research and development to do so!
Cosmetics packaging can come in many forms. These include bottles and jars, tubes, containers, sticks, rollerballs, pouches, and others.
The different applications for cosmetics packaging are haircare, skincare, and others (makeup)
The cosmetics packaging marketapplies to the following regions in the world: North America, The European Union, the Asia-Pacific region, and the Middle East and North Africa (MENA) region.
The cosmetics packaging market has been growing at a CAGR of more than 5.47%. This is expected to continue until 2027. The cosmetic packaging market is lucrative yet competitive. Companies are entering into partnerships and engaging in mergers and acquisitions to try to stay afloat. They’re also investing heavily in research and development.
Cosmetics packaging is used for packaging makeup, lotion, and other personal care goods to be sold in retail markets to the end consumer. This packaging must be attractive and environmentally friendly. It must also be produced under conditions that are favorable to lab animals in order to appeal to most consumers. Other prerequisites are that this packaging must be portable and compact.
|Market Size||2027: USD 64.61 billion|
|CAGR||5.47% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Materials, Product and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amcor Ltd (Australia), Rexam Plc. (U.K), Silgan Holding Inc. (U.S.), World Wide Packaging Llc (U.S.), Quadpack Group (Spain), Albea Group (France), Aptargroup Inc. (U.S.), Cosmopak U.S.A. Llc. (U.S.), HCP Packaging. (U.S.), LIBO Cosmetics Company Ltd. (Taiwan), Gerresheimer (Germany), ABC Packaging (India), Bemis Company Inc. (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||heavy investment by companies in research and development|
Frequently Asked Questions (FAQ) :
Cosmetic packaging market valuation would be USD 64.61 billion by 2027.
Cosmetic packaging market CAGR would be 5.47% during the forecast period.
The market has players like Rexam Plc. (U.K), Amcor Ltd (Australia), World Wide Packaging Llc (U.S.), Silgan Holding Inc. (U.S.), Albea Group (France), Quadpack Group (Spain), Cosmopak U.S.A. Llc. (U.S.), Aptargroup Inc. (U.S.), LIBO Cosmetics Company Ltd. (Taiwan), HCP Packaging. (U.S.), ABC Packaging (India), Gerresheimer (Germany), and Bemis Company, Inc. (U.S.)
The Asia Pacific region would dominate the cosmetic packaging market.
Fluctuation in raw material prices can prevent cosmetic packaging market growth.
Changes in the prices of raw materials. This a real threat and concern with the presence of COVID-19.