Cosmetic Packaging Market: Rising Global Spending on Cosmetics to Boost Demand for Innovative Packaging

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.

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