According to a new report published by Allied Market Research, titled, “Cosmetic Packaging Market,” The cosmetic packaging market size was valued at $34.3 billion in 2020, and is estimated to reach $55.9 billion by 2030, growing at a CAGR of 4.8% from 2021 to 2030.
Commonly observed material types of cosmetic packaging materials are glass packaging, paper-based packaging, plastic packaging, and metal packaging. Among these, the plastic packaging accounted for the highest market share in 2020, owing to surge in spending on creamy cosmetic products. The market is analyzed with respect to different packaging type such as tubes, bottles, dispenser, and others. The applications covered in the study include oral care, skin care, hair care, makeup, and perfume.
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The growth of the cosmetic packaging market is majorly driven by rise in expenditure on cosmetic products by individuals and the development of cosmetic packaging that are easy to handle, durable, and environment-friendly. Moreover, the development of the e-commerce industry notably contributes toward the market growth.
In 2020, Asia-Pacific dominated the global cosmetic packaging market share, in terms of revenue, followed by North America and Europe. This is attributed to rise in use of cosmetic packaging for skin care cosmetic products.
Advancements in printing technology have enhanced the appearance of cosmetic packaging, thereby increasing their desirability, thus increasing the demand for cosmetic products. Packages made of plastic are widely used for cosmetics, as they are durable, easy to manufacture, and can take any shape. In addition, the development of environment-friendly packaging is helping manufacturers to move toward a sustainable future.
For instance, in June 2021, Berlin Packaging, acquired Raepak Limited, a manufacturer of plastic packaging for cosmetics and personal care end-markets. It also offers a wide range of recyclable and eco-friendly packaging. This deal will enable Berlin Packaging to enhance its environment-friendly packaging products in the UK.
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However, during the pandemic lockdown, various manufacturers in the cosmetic packaging market had to stop their business in countries such as China, the U.S., and India. This directly impacted sales of cosmetic packaging manufacturing companies. In addition, lack of manpower and raw materials constricted supply cosmetic packaging components, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to positively influence cosmetic packaging market growth.
The key companies profiled in the cosmetic packaging market report include Albea SA, Amcor PLC, Aptargroup Inc., Big Sky Packaging, Berlin Packaging, Berry Global, Inc., DS Smith PLC, HCP Packaging Co. Ltd., Huhtamaki Oyj, and Sonoco Products Company.
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging cosmetic packaging market trends and dynamics.
- Depending on packaging type, the bottles cosmetic packaging dominated the cosmetic packaging market, in terms of revenue in 2020, and the robotic cosmetic packaging segment is projected to grow at a significant CAGR during the cosmetic packaging market forecast.
- By application, skin care registered highest revenue in2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the cosmetic packaging market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the cosmetic packaging industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth cosmetic packaging market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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