Global Cosmetic Packaging Market Size, Outlook, Trend and Forecast 2023
Bharat Book Bureau Provides the Trending Market Research Report on “Global Cosmetic Packaging Market - Forecasts from 2018 to 2023”under Heavy Industry category. The report provides information on industry overview, market size, latest developments, industry trends, Key players, global presence, and their future prospects.
Global cosmetic Packaging Market is projected to witness a CAGR of 5.02% during the forecast period to reach a total market size of US$39.697 billion by 2023, increasing from US$29.592 billion in 2017. The global cosmetic packaging market is driven by expanding urbanization and deeper penetration of cosmetic and body care product through e-commerce and other retail channels. New products such as 3D printed and airless bottles are being introduced by suppliers to meet fast changing consumer requirements. However, fluctuation in raw material prices will restrain the global cosmetics packaging market over the forecast period.
The skin care segment of the global cosmetic packaging market is expected to grow at a substantial rate and accounted for a major share in 2017. Increasing adoption of skin care and anti-aging products is also boosting the demand for cosmetic packaging solutions over the forecast period. Moreover, skin care segment has a huge number of variants such as face creams, cleansing wipes, pore strips, and toner among others, which is also augmenting the need for different cosmetic packaging solutions by manufacturers to differentiate their offerings and cater to wide range of customers. Men’s skin care market has also witnessed gradual growth over past few years and will contribute to the global cosmetic packaging market over the next five years.
By Container Type
The global cosmetics packaging market is segmented on basis of container types into jars, bottles, tubes, pumps and dispensers, and others. Bottle remains the prominent packaging solution due to its versatile usage for packaging of creams, lotions, fragrances and other products. Packaging vendors are offering airless bottles for better protection of the products and introducing advanced solutions for packaging of different cosmetic products.
By Material Type
Plastic remains the preferred material choice for the cosmetic industry due to its low cost, light weight, and durability. Various packaging products such as pen type, sachets, roller balls etc. remain easily customizable for better appeal and functionality of packs. The introduction of airless bottles has made plastic containers more secure and reduced the possibility of chemical contamination. The most commonly used plastic type used for cosmetic packaging is PP (Polypropylene), while few other types are PE, PET, HPE and acrylic ingredients.
Depending on the demographics and demand, packaging solution vendors are introducing value-size packs for higher customer satisfaction. Type 1 (below 50ml) remains in demand in price-sensitive countries like Indonesia and India as consumers tend to use smaller single-use flexible packaging products. Cosmetic manufacturers are responding to rising demand for affordable packaging in low per-capita income countries by varying their offerings ranging form of sachets to big bottles.
Asia Pacific Cosmetic Packaging Market is expected to witness the fastest growth rate due to increasing popularity of cosmetics in the region over the forecast period. The presence of a large number of vendors in the region is an additional factor boosting the market growth. The region will witness robust growth over the forecast period with increasing cosmetics demand originating from China, India, South Korea, Malaysia, and Thailand among others.