The global Cosmetic Packaging Market is estimated to be valued at US$ 31588.71 Mn or in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic packaging contains a range of packaging designed for the storage, protection and promotion of cosmetic products. Cosmetic packaging ensures product safety and avoids contamination. It also enhances the aesthetical appeal of cosmetic products.
Market key trends:
One of the key trends in the cosmetic packaging market is the adoption of minimal and compact packaging solutions. Consumers are preferring lightweight yet durable and sustainable packaging for cosmetics. Manufacturers are focusing on compact packaging with reduced usage of plastic. They are developing flexible packaging solutions that occupy lesser space and are portable. Minimal packaging helps in environment conservation by reducing disposal of large format packaging.
Segment Analysis
The global cosmetic packaging market is segmented by product type, material, application and geography. By product type, jars & containers is the dominant segment owing to its extensive use in cosmetic products like creams, lotions, etc. Jars & containers provide an appealing look and protect the product effectively. By material, plastic is the leading segment driven by its lightweight and cost-effectiveness. Plastics like PET and HDPE are widely used for cosmetic jars, bottles, tubes, etc. In terms of application, skin care holds the major share due to rising awareness about natural and organic skin care products. Geographically, Asia Pacific dominates the market and is likely to witness the highest growth on account of rising disposable income, increasing sales of cosmetic products through e-commerce channels in India and China.
Key Takeaways
The Global Cosmetic Packaging Market Size is expected to reach US$ 31588.71 million by 2030 registering a CAGR of 3.8% during the forecast period owing to the increasing sales of premium cosmetic products. Asia Pacific led the regional market segmentation in 2023 attributed to the growing working women population and their increasing spending on personal grooming products in countries like India and China. By 2030, North America is projected to emerge as the fastest growing region in the cosmetic packaging market. Key players operating in the cosmetic packaging market are Aptar Group, Inc., RPC Group Plc, Gerresheimer AG, Amcor Limited, Albea S.A., Libo Cosmetics Company, Ltd, Quadpack Industries, HCP Packaging, Fusion Packaging, and ABC Packaging Ltd.
Regional analysis
Asia Pacific dominated the regional market in 2023 with a share of over 35% on account of the established cosmetic industry and high consumption of skincare and makeup products in countries like India, Japan and China. North America is anticipated to witness the highest CAGR during the forecast period supported by the increasing spending on premium beauty products and effective distribution channels in the US and Canada.
Key players
Key players operating in the cosmetic packaging market are Aptar Group, Inc., a leading supplier of dispensing and sealing solutions for the beauty, personal care, home care, prescription drug, consumer health care markets. RPC Group Plc is one of the world's leading suppliers of rigid plastic packaging and services with extensive experience in rigid plastic and aluminum containers.
Read more: https://www.rapidwebwire.com/cosmetic-packaging-market-insights-trends/
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