Ascending Consumption of Cosmetic Products Drives Growth of Cosmetic Packaging Market
Great packaging shows the world what the product stands for, makes people remember the brand, and helps potential customers understand if the product is right for them. Packaging communicates all of that through colour, shape, and other design elements. In other words, show off product's personality with custom cosmetics packaging. The changing packaging style, creative package designs, and rising demand for cosmetics due to a growing youth population are expected to drive the growth of cosmetic packaging market throughout the forecast period. The cosmetics sector is quickly expanding in both developed and developing countries. Consumers' disposable incomes are rising, and their preferences are shifting toward premium beauty and cosmetics products. Consumers are increasingly selecting green, organic, and cleaner cosmetics.
While cosmetics companies are designing better products, they are also effectively branding their products through inventive packaging to attract more and more customers. An estimated 80% of American women, or 161 million people, use cosmetics daily in the US. The average woman in the US leaves her house each day having used at least 16 facial care or cosmetics items, and she spends $200,000-$300,000 on skincare and cosmetics in her lifetime (or an estimated $250 per month). The growing use of cosmetic products especially among women will boost the cosmetic packaging market in the coming years.
As more consumers become aware of the many items available in the market via social media and online channels, digital transformation is offering profitable opportunities. In 2021, online sales accounted for a total of 12.6 percent of total sales of cosmetic products, and it is estimated that by 2026 online sales will acquire 30 percent of total sales. Therefore, with the growing number of online sales, the demand for novel packaging will increase. The rivalry in the customised and specialised cosmetic packaging market is increasingly heating up as a result of the fast digital revolution. To obtain a competitive advantage over established companies, emerging cosmetic brands are implementing novel packaging options.
Growing Demand for Glass Packaging to Drive Market Growth
Glass packaging has a substantial market share due to its relatively high cost in comparison to other packaging materials and high adoption in the luxury packaging segment. Glass gives the goods a premium appearance and is also regarded as an eco-friendly packaging alternative due to its ease of recycling. Its distinct properties, such as zero chemical leaching, malleability, and non-reactive nature, expand the market size. It is environmentally friendly, and its efficiency increases market growth. Its recyclability and reusable nature increase the demand for packaging materials. Furthermore, it has been discovered that the items used for glass packaging are safe and maintain their freshness for an extended period, hence increasing the size of the glass packaging industry.
Asia Pacific Acquire Major Share due to Increase Use of Cosmetic Products in Region
Asia Pacific will lead the market with a major share and is expected to grow at a rapid pace soon. The rapid increase in disposable income, together with the growing number of young people, is predicted to enhance the consumption of cosmetic products in the country and area. As social media influencers have improved ways to reach out to and influence young people on social media platforms, digital transformation is considerably propelling market growth in the region. Adoption of sustainable and green packaging options such as hardwood designer packaging (particularly bamboo), paper & board, and glass has increased due to rising environmental consciousness among youngsters. China accounts for more than one-third of the region’s cosmetic packaging market. After the United States, China has the world's second-largest cosmetics market. In 2019, the typical Chinese consumer spent 39 yuan on colour cosmetics. Consumers in first-tier cities spent an average of 183 yuan per capita, which was more than four times higher than the national average. With the growing usage of cosmetic products in China, the regional market will flourish in the coming years.
North America comes in second place in the market, which is dominated by the United States. The United States is the world's top producer of cosmetics and packaging. Rising awareness of skincare routines, new product branding, and advertising methods are major drivers driving the growth of the North American cosmetics market. Producers in the region are also going for eco-friendly packaging, and natural products. Growing innovations in sustainable cosmetics are opening new business prospects. Consumers in the United States are exploring new products and interacting with businesses in novel ways, thanks to the rise of beauty vloggers who publish YouTube lessons and Instagram stories about their favourite face creams, lipsticks, mascara, and compact powder. Thus, with the growing use of cosmetic products in the country, cosmetic packaging market in the region will grow in the approaching years.
Global Cosmetic Packaging Market: Competitive Landscape
The cosmetic packaging market is forging alliances, collaborations, and partnerships, as well as developing new products. In June 2021, Berry Global, a packaging solutions provider, collaborated with RAW Elements USA to introduce sugarcane-based tubes for sunscreen, moisturizers, and hand sanitizer products. In January 2021, Amcor, a worldwide packaging maker, accelerated its leadership in sustainable packaging solutions. The company is working to improve packaging recyclability, and reusability.
A few of the players in the cosmetic packaging market include Albea, HCP Packaging, RPC Group Plc, Silgan Holdings, Bemis Company Inc., DS Smith, Graham Packaging Company, Libo Cosmetics, AptarGroup Inc., and AREMIX Packaging.
Regional Classification of the Global Cosmetic Packaging Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Cosmetic Packaging Market
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