The global makeup industry has witnessed exponential growth over the past few years owing to factors such as increasing beauty consciousness among consumers and growing social media influence. Makeup products such as foundations, concealers, lipsticks, eyeshadows, and others are widely used to enhance facial features and overall appearance. These products require effective packaging solutions to attract potential buyers and augment the store life of the products. Packaging manufacturers offer a wide variety of bottles, cases, jars, tubes, and compacts made using glass, plastic, metal, and other materials for multipurpose usage. The packaging protects the product from external contaminants, allows precise dosage and application while maintaining appearance. In addition, customized and innovative packaging designs help brands to differentiate their products and increase sales. The global Makeup Packaging Market is estimated to be valued at US$ 8126.03 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable and eco-friendly packaging solutions have gained widespread popularity in the recent years due to growing environmental concerns. Major brands are focusing on reducing plastic waste by incorporating recycled content or switching to alternative biodegradable materials such as paper in their packaging. Adoption of lightweight and sustainable flexible packaging formats allows convenient shipping and storage while lowering carbon footprint. Innovation in packaging designs to provide unique touchpoints such as in-built application tools is another predominant trend. Rapid increase in sales through online retail channels has led manufacturers to optimize packaging sizes and designs for safe transportation and enhanced product promotion via e-commerce platforms. Emergence of subscription box models and customized curated beauty boxes by subscription commerce players presents lucrative opportunities during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the makeup packaging industry requires high capital investment in setting up manufacturing infrastructure. Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players providing a variety of packaging options. Bargaging power of suppliers: The bargaining power of suppliers is moderate as there are sufficient raw material suppliers for plastic, wood, glass etc. Threat of new substitutes: The threat of new substitutes is low as there are limited product substitutes for makeup packaging. Competitive rivalry: The competitive rivalry is high among the key players to gain major market share.
Key Takeaways
The Global Makeup Packaging Market Share is expected to witness high growth over the forecast period.
Regional analysis: North America region is expected to hold the largest market share owing to the growing cosmetic industry and adoption of innovative packaging solutions in the region. The Asia Pacific region is anticipated to grow at the fastest rate during the forecast period due to the increasing per capita spending on cosmetic products and rising working women population in India and China.
Key players: Key players operating in the makeup packaging market are IKEA, Crate & Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan Allen, Home Depot, Lowe’s, Bob’s Discount Furniture, Pier 1 Imports, Made.com. Players are focusing on developing novel and sustainable packaging solutions to attract customers and gain a competitive edge in the market.
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