TAGS: Skin Care Hair Care
According to Transparency Market Research’s latest report, the global cosmetic packaging market has witnessed extraordinary growth during the past few years, owing to high graphics printing, chic design, extended shelf-life, enhanced shelf-appeal and sustainability features, which are expected to boost the demand for cosmetic packaging market during 2018-2026. Global cosmetic packaging market is segmented by material, application, container, capacity, and by region.
Hair & Skin Care to Dominate Market
The hair care segment is anticipated to expand at the highest CAGR of 5.2% during the forecast period. The skin care application segment is expected to dominate the overall market throughout the forecast period by value and volume. The recent trends in the global cosmetic packaging market show that the prices are steadily falling due to the rising competition between market players. This has led to the increasing penetration and rise in per capita consumption of cosmetics worldwide, especially in APAC and Latin America. Rising beauty & health awareness has led to an increase in skin care and hair care product sales. Growing cross-border sales and penetration of e-Commerce and internet in rural & semi-urban areas of APAC, Latin America, and Africa regions is also driving the cosmetic packaging market.
Packaging is considered to be a silent salesman. Global cosmetic packaging manufacturers are using packaging as a product differentiation strategy to win the market and stand out among the competition. Packaging helps to drive impulse buying and enhances shelf-appeal and consumer satisfaction.
The Consumption Trend
The rising consumer demand for multifunctional applications and organic cosmetics is the major consumption trend observed in the cosmetic packaging market. Rising health care awareness and negative consumer perception towards the harmful effects of chemical-based cosmetic packaging are influencing the consumer demand for organic cosmetics. Organic cosmetics need extra protection to extend their shelf life. Advances in printing technology are helping packaging manufacturers to design and develop high graphic-printed cosmetic packaging products.
The global cosmetic packaging market has been segmented into five regions, i.e. North America, Latin America, Europe, Asia Pacific region (APAC), and Middle East & Africa (MEA). APAC dominates the cosmetic packaging market globally in terms of production & consumption. APAC is also home to a large number of global cosmetic packaging companies. The aforementioned factors have made APAC a dominating cosmetic packaging market worldwide. China and Japan highly contribute to the APAC cosmetic packaging market. The European cosmetic packaging market is anticipated to expand at a lucrative CAGR of 4.3% during 2018-2026. Germany & France are the major contributors in the European cosmetic packaging market. Growth in Eastern Europe is anticipated to drive the overall European cosmetic packaging market over the forecast period.
Paper Segment to Grow Fastest
The paper segment is estimated to be the fastest growing material segment during the forecast period due to the rising intolerance towards plastic. Paper provides easy printability and ensures sustainability. Glass & metal are anticipated to maintain their considerable and steady market share in cosmetic packaging throughout the forecast period. The less than 50 ml segment is expected to dominate the overall market by capacity type.
This is due to its affordability and ease in handling. Middle-class population in APAC and Latin America buys less, but more often. This trend is influencing the demand for small-size packs. The rising number of nuclear families and adoption of on-the-go lifestyle is also driving the demand for small size cosmetic packaging.
Source: Transparency Market Research