All opportunities and challenges in Cosmetic Packaging Market
The global cosmetic packaging market size is projected to grow from USD 49.4 billion in 2020 to USD 60.9 billion by 2025, at a CAGR of 4.03% from 2020 to 2025. The market is projected to grow in accordance with the growth of the cosmetic industry across the globe. Factors such as an increase in the innovations in packaging, and a boost in the demand for cosmetics from the youth population is expected to drive the market for cosmetic packaging.
The cosmetic packaging market has been dominated by large players, such as the Amcor PLC (Australia), Berry Global Inc. (US), DS Smith PLC (UK), Sonoco (US), and Huhtamaki Oyj (Finland). These players have adopted various growth strategies, such as expansions, new product developments, and acquisitions, to increase their market shares and enhance their product portfolios.
Amcor (Australia) designs highly versatile cosmetic packaging solutions that are innovative, available with a one-way integrated valve, and offer ease of disposal. Innovation, excellence in manufacturing, and a broad range of technologies are the key strengths of the company. The company caters to the food, healthcare, beverage, home, tobacco, and personal care industries through its broad range of flexible and rigid packaging products. Amcor is currently focusing on reducing the carbon footprint by making the packaging material lighter, increasing the recycling rate of raw materials, developing efficient transport and re-closable packaging, and creating packaging material sustainable to heat treatment.
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Berry Global Inc. (US) is one of the key manufacturer and supplier of a range of innovative rigid and flexible products for the consumer as well as industrial end markets. Berry Global focuses on expanding its customer base in various regions by offering an attractive product portfolio for cosmetic packaging. Along with a strong footprint worldwide, the company also focuses on offering an innovative & sustainable solution to the cosmetic industry for its cosmetic packaging. It has a strong foothold across the globe with 130 manufacturing facilities in North America, Asia, Europe, South America, and the Middle East.
As far as worth and volume is concerned, the bottles segment is projected to lead the cosmetic packaging market from 2020 to 2025.
Considering type, the bottles segment is projected to be the biggest market for cosmetic packaging. The prevailing market position of the bottles can be ascribed to its sturdiness. Plastic jugs / bottles are generally liked as these are light in weight (which makes them simple to carry) and are not easily breakable. Besides, the interest of bottles for scents and aromas is quickly expanding due to the alluring and premium look of the glass bottles.
As far as worth and volume is concerned, the skin care segment of the cosmetic packaging market is projected to be the biggest market.
By application, the skin care segment is projected to be the biggest portion in the cosmetic packaging market. This predominant market position is owing to the dramatic development sought after for personal care & grooming items across the globe. With the adjustment of the way of life and purchasing behaviours, the interest in health, grooming and personal care items has additionally gone up (particularly the young and male populace), which has set out an opportunity for the skin care segment.
As far as both worth as well as volume, the Asia Pacific region is assessed to represent the most noteworthy share in the worldwide cosmetic packaging market during the estimate time frame
The Asia Pacific area represented the biggest market share in 2019. The expansion sought after in the region for cosmetic packaging can be generally credited to the developing populace, urbanization and discretionary cashflow of the populace. Moreover, there are less severe standards and norms for the utilization of raw materials or manufacturing of packaging items, alongside the simple accessibility of modest work, which is drawing in the central parts to extend their activities in the region. Moreover, the expansion popular for cosmetics from the arising economies of Asia Pacific is supposed to help the market for cosmetic packaging also.
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