The global cosmetic packaging market is dominated by players such as Aptar Group Inc., Amcor Limited, Gerresheimer AG, Libo Cosmetics Company Ltd., RPC Group Plc, Fusion Packaging, HCP Packaging, ABC Packaging Ltd., Quadpack Industries, and Albea S.A. The high degree of competition in the global cosmetics market has made the cosmetic packaging sector a highly lucrative one, and several players have achieved significant technological innovation in a relatively short time in order to emerge as dominant entities in the market. Sustained technological development remains the key tactic to pursue for players in the global cosmetic packaging market, and disruptive packaging solutions such as the use of 3D or hologram technology could be key to success.
According to Transparency Market Research (TMR), the global cosmetic packaging market is likely to exhibit a solid 4.4% CAGR between 2016 and 2024. The cosmetic packaging market was valued at US$23 bn in 2015 and is likely to rise to US$33 bn by 2024.
Plastics Likely to Remain Preferred Material in Cosmetic Packaging Market
By material, the global cosmetic packaging market is segmented into plastics, metals, glass, and others. Plastic packaging is likely to remain the key revenue generator in the global cosmetic packaging market due to the versatile applicability of the material and the low costs of producing it. Plastics accounted for more than 56% of the global cosmetic packaging market in 2016 and are likely to consistently retain a majority share in the market in the coming years. Glass could also take up a significant share in the global cosmetic packaging market in the coming years due to its growing use in premium cosmetic products, but metals are likely to remain a lowly third in the cosmetic packaging market due to their cumbersome use.
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In terms of geography, Asia Pacific is expected to be the key revenue generator for the global cosmetic packaging market in the coming years. The high concentration of cosmetics as well as cosmetics packaging market players in the emerging region has helped the Asia Pacific cosmetic packaging market. Asia Pacific accounted for 32.5% of the global cosmetic packaging market in 2016 and is likely to retain close to a third of the cosmetic packaging market through the 2016-2024 forecast period.
The prime driver for the global cosmetic packaging market, which is intrinsically dependent on the performance of the cosmetics industry, is the rising purchasing power of consumers in emerging regions such as Asia Pacific, the Middle East, and Latin America. China, India, and Japan are likely to be vital to the global cosmetic packaging market in the coming years due to the rising awareness in these countries about the effectiveness and easy availability of anti-aging and pollution protection products. The rising geriatric demographic in these emerging economies is thus crucial for the global cosmetic packaging market.
Growing use of cosmetic products among young men is also a key driver for the global cosmetic packaging market. The impact of this driver is divided equally between developed and developing regions, as both are witnessing the strong rise of an urban youth demographic with increasing disposable income. This demographic is also more swayed by packaging innovations than older demographics, which has made it a crucial target demographic for many cosmetics companies.
Notwithstanding the dominance of plastics in the cosmetic packaging market, unconventional alternatives such as paper and wood could also gain steam in the coming years due to the rising awareness about their higher environmental viability. The novelty value of paper and wood as cosmetic packaging materials is also likely to help the global cosmetic packaging market significantly in the coming years.