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Cosmetic Packaging Market Trends, Analysis And Forecast 2033
Cosmetic Packaging Market Trends
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According to The Business Research Company's, The cosmetic packaging market size has grown strongly in recent years. It will grow from $34.82 billion in 2023 to $36.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to growth in the cosmetic industry, consumer preference for premium packaging, sustainability and eco-friendly packaging, introduction of new cosmetic products, globalization of cosmetic brands, consumer convenience and portability.
The cosmetic packaging market size is expected to see strong growth in the next few years. It will grow to $46.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to focus on recyclable and biodegradable materials, demand for anti-counterfeiting measures, shift towards minimalist and sustainable designs, focus on circular economy principles, government regulations on packaging waste, emergence of refillable packaging concepts. Major trends in the forecast period include innovations in materials and printing techniques, integration of sustainable inks and coatings, transparent and clear packaging, collaborations with artists and designers, focus on safety and hygiene, e-commerce-friendly packaging, packaging as a brand differentiator.
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Market Drivers and Trends:
The growth in disposable income is expected to propel the growth of the cosmetic packaging market in the coming years. Disposable income is the net income remaining after deduction of taxes and other mandatory charges, available for spending and saving by individuals or households. There is an increased inclination towards premium and aesthetically appealing cosmetic products with the rise in disposable income, driving the demand for innovative and attractive packaging solutions. For instance, disposable personal income in India increased to 272,995,370 INR million ($3,283,241.61 million) in 2022, from 238,573,760 INR million ($2,869,262.20 million) in 2021. Therefore, the rising disposable income is driving the cosmetic packaging market.
Major companies operating in the cosmetic packaging market are adopting a strategic partnership approach to expand capabilities. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in February 2023, Axilone Group, a France-based firm that develops and manufactures high-end packaging solutions for the skincare, cosmetics, and fragrance industries, announced a partnership with Alder Packaging Inc. Alder is proud to have formed a partnership with Axilone, which allows us to use their quality, knowledge, manufacturing methods, and bespoke package creation to bring even better environmentally friendly options to the West Coast partners. Axilone's collaboration with Alder Packaging is part of the company's ambition to maintain its leadership in luxury sustainable beauty packaging. This relationship will help Axilone better understand the needs of West Coast clients and continue to serve them. Alder Packaging Inc. is a US-based sustainable beauty packaging firm.
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Major Key Players of the Market:
AptarGroup Inc., BambooVision, Amcor PLC, Albea SA, Dasso Group, EcoPlanet Bamboo, World Wide Packaging LLC, Bemis Company Inc., Simply Bamboo Pty Ltd., Smith & Fong Company, Berry Global Inc., Sonoco, Huhtamaki Oyj, TriMas Corporation, Rexam Plc, Akey Group LLC, Alltub Group, Alpha Packaging, Baralan USA, Lumson S.p.A., Cosmopak USA LLC, Coverpla Inc., East Hill Industries LLC, Fusion Packaging, Garrett Hewitt International, Global Packaging Inc., HCP Packaging, HCT Group, IntraPac International LLC, Pack Logix, Pack-Tubes, Qosmedix, Raepak Ltd., Roberts Cosmetic Container Corp., RPC M&H Plastics, TricorBraun, Virospack SLU
Cosmetic Packaging Market 2024 Key Insights:
• The cosmetic packaging market size is expected to see strong growth in the next few years. It will grow to $46.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Surging Demand For Cosmetic Products Fuels Growth In The Cosmetic Packaging Market
• Strategic Partnership To Expand Capabilities
• Asia-Pacific was the largest region in the cosmetic packaging market in 2023
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