The global cosmetic packaging market size was USD 26.81 million in 2019 and expected to reach USD 36.15 million by 2027; this converts into a compound annual growth rate (CAGR) of 3.81% for the forecast period.
Based on geography, market is segmented as below:
Cosmetic packaging involves the use of container, bottles, cartons, etc. to store beauty and personal care products. Standardized by the International Organisation of Standardization, these packaging preserve its content’s quality.
The packaging industry was estimated to witness a steady growth prior to the pandemic on account of the manufacturing, healthcare, personal care & beauty and other sectors. However, global lockdowns led to the partial of full closures of most of them, leading to a decelerated growth rate. With most sectors opening up post-lockdown especially with the resumption of manufacturing activities and the surge in sustainable packaging, the industry will register a positive slope during the forecast period.
Increase in demand for cosmetic products, owing to numerous factors such as use of organic ingredients, increase in disposable income, growing consumer consciousness and many more, will drive the cosmetic packaging market forward. Branding, launch of new products and the use of innovative packaging is attracting more consumers. This will further boost market growth.
The use of non-recyclable or single use plastic gives rise to a plethora of environmental concerns including land and water pollution as well as alteration in the respective ecosystem. The implementation of stringent regulations reducing the side effects of plastic waste and other similar initiatives may hamper market expansion.
Among the different materials used for cosmetic packaging, the plastic segment held more than 50% of the market, which corresponds to around USD 13 million in revenue. The segment is expected to continue this trend throughout the forecast period, expanding at an approximate 5.5% CAGR. The dominance and high growth rate can be attributed to benefits of using plastic.
Since bottles provide larger volume capacities, containers offer flexibility in shapes and plastics are lightweight, transparent and shatterproof, therefore, plastic bottles and containers segment led the market in 2019. It accounted for nearly 20% and is predicted to witness a CAGR of close to 6% between 2020 and 2027.
The high demand for skin care products due to increase in awareness regarding its benefits, rise in skin problems and the upsurge in use of these products has led to dominance of the segment in 2019. It garnered over USD 9 million in revenues. However, the colour cosmetics segment is anticipated to witness a CAGR of around 6.5% owing to its substantial use in recent times.
The presence of well-established players of the cosmetic industry in North America is encouraging the growth of the cosmetic packaging market. The surge in demand for beauty and skin care products has also contributed in the regional market augmentation. Asia-Pacific, owing to the rise in population, increased income levels, inadequate regulations, etc., will expand at the highest rate during the forecast timeline. The growing demand for cosmetics will ensure a moderate growth in the Middle East and Latin America regional market.
A few key players include, but not limited to: Albea SA, Hcp Packaging Co. Ltd, RPC Group PLC (Berry Global Group), Silgan Holdings Inc., DS Smith PLC, Graham Packaging Company L.P., Libo Cosmetics Company Ltd., Aptargroup Inc, Amcor PLC, Cosmopak Ltd, Quadpack Industries SA, Rieke Corp, Gerresheimer AG, Raepak Ltd.
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