ALBANY, New York, October 12, 2016 /PRNewswire/ --
The focus of cosmetic product manufacturers on innovative and alluring packaging has significantly increased in the past few decades. Key cosmetics and personal care brands have started considering effective packaging as a critical attribute of product marketing. The strategy has translated in enhanced brand visibility, increased sales, reduced brand recall rates, as well as a larger footprint in the respective target geographies.
Transparency Market Research estimates that the global cosmetic packaging market will exhibit a 4.4% CAGR over the period between 2016 and 2024. As a result, the market, which had a valuation of US$23 bn in 2015, will rise to US$33 bn by 2024. In terms of packaging material, the market is chiefly dominated by the plastics segment. The segment is expected to retain dominance throughout the forecast period as well and account for an estimated 56.3% of the global market's revenues by end of 2016. In terms of geography, the market for cosmetic packaging in Asia Pacific is expected account for a 32.5% of the global market in 2016 and remain the dominant regional market throughout the forecast period.
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Rising Awareness about Anti-Aging Products to Boost Demand for Cosmetic Packaging
The global market for anti-ageing beauty products is expected to boost the global demand for cosmetic packaging over the forecast period. Consumers mainly from the aging population are inclined towards cosmetic products capable of improving their overall appearance. As the world population of aged people continues to rise at a high pace, the segment of anti-ageing products is expected to account for a significant share in the global cosmetics market in the next few years.
The rising per capita spending on cosmetics, especially across developing economies, is also a key factor influencing expected to positively impact sales of cosmetic packaging in the next few years
Moreover, the increased use of a variety of deodorants and fragrances among the male population is also expected to accelerate the growth of the global cosmetic packaging market over the forecast period. The flourishing e-commerce industry and preference of major cosmetic product manufacturers to sell products through e-commerce retail, which is expected to boost sales of cosmetic products, is in turn also expected to positively influence the global cosmetic packaging market.
Volatile Prices of Raw Materials to Hinder Market Growth
The volatile prices of raw materials such as plastic, paper, glass, and metals result in the increased costs of cosmetic packaging and a reduction in the profit margin of the manufacturers. Along with this, the market features a highly consolidated base of suppliers, particularly in terms of metals and glass. As a result, with increasing demand for cosmetic products and their packaging, raw material sourcing requirements have emerged as a key concern for most cosmetic packaging manufacturers preferring glass and metal packaging for premium product varieties. The situation becomes particularly challenging for smaller cosmetic companies wanting to pack their products at low costs and maintain overall profitability.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Cosmetic Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
In the highly competitive global cosmetic packaging market, innovation remains the key to success as excellent aesthetic value and appeal of packaging products continue to be richly awarded by cosmetic manufacturers, observes Transparency Market Research in a recent report. Key manufacturers are focusing on the introduction of attractive and innovative packaging products such as the 3D printing bottles introduced by Rouge Louboutin and the airless bottles by Albea S.A. Consolidated supplier base for metal and glass is posing a challenge for premium cosmetic packaging. Some of the market's other key vendors are Gerresheimer AG, Amcor Limited, and Quadpack Industries.
For the study, the market has been segmented as follow:
Global Cosmetic Packaging Market - By Material
Global Cosmetic Packaging Market - By Application Type
- Skin Care
- Hair Care
- Make up
- Nail Care
Global Cosmetic Packaging Market - By Container Type
- Pumps & Dispensers
- Other (Rolling Balls, Sticks, Pen type etc.)
Global Cosmetic Packaging Market - By Declared Capacity Type
- Type 1 (Below 50 ml)
- Type 2 (50 ml - 100 ml)
- Type 3 (100 ml - 150 ml)
- Type 4 (150 ml - 200 ml)
- Type 5 (Above 200 ml)
Global Cosmetic Packaging Market - By Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- North Africa
- Rest of MEA
Recent Published Report by Transparency Market Research:
- Packaging Robot Market: http://www.transparencymarketresearch.com/packaging-robot-market.html
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