Cosmetic packaging involves all the components and materials that hold cosmetic products. It protects products from damage, contamination, and leakage during storage, transportation, and handling. Cosmetic packaging is an important part of branding and marketing of cosmetic products. Attractive and innovative packaging solutions help companies to improve visibility of their products at retail shelves and fuel impulse buying among customers. Some common types of cosmetic packaging include bottles, tubes, jars, pens, palettes, pumps, cans, and wraps. Bottles are majorly used to package facial care products like serums, cleansers, and creams. While compacts, palettes, and pens are mostly used for makeup products like eye shadows, lipsticks, concealers, and foundations.
The global cosmetic packaging market is estimated to be valued at US$ 31588.71 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for innovative and premium packaging solutions from cosmetic brands is expected to drive the growth of the cosmetic packaging market over the forecast period. Innovative packaging helps companies to differentiate their products from competitors and fuel impulse buying. It also improves brand visibility and recall value at retail shelves. Additionally, the development of multi-functional and sustainable packaging using post-consumer recycled materials further increases its popularity among consumers and cosmetic brands. Changing consumer preference towards premium cosmetic products has propelled companies to focus on product packaging and labeling as an important branding tool. For instance, high-end brands offer luxurious and designer packaging at premium prices to attract young affluent customers. However, rising prices of raw materials due to supply chain disruptions post-covid may hamper the market growth over the forecast period.
Segment Analysis
The cosmetic packaging market is dominated by the skin care segment which holds around 45% share of the total market. Skin care products require elaborate packaging solutions in order to maintain product quality and safety during storage and transportation. The increasing demand for anti-aging creams and serums is driving the growth of this sub-segment.
PEST Analysis
Political: Cosmetic packaging regulations play an important role in product quality and safety. Stringent regulations regarding usage of materials pose a challenge for manufacturers.
Economic: Rising disposable incomes in developing nations is increasing the demand for premium cosmetic products, fueling the need for innovative packaging solutions. High R&D investments are being made by players to develop sustainable packaging options.
Social: Growing skin care and beauty consciousness among consumers is boosting the cosmetic industry. New product launches catering to changing consumer preferences also influence packaging innovation.
Technological: Digital printing, lightweight plastics and glass are gaining popularity. Smart packaging incorporating IoT technologies are being researched to enhance product handling, usage and engagement.
Key Takeaways
The Global Cosmetic Packaging Market Growth is expected to witness high driven by booming cosmetic sales worldwide.
Regionally, Asia Pacific dominates the market and is expected to grow at fastest pace owing to expansion of domestic personal care industries in China and India.
Key players operating in the cosmetic packaging market are Abbott Laboratories, Baxter International Inc., Danone S.A., Nestlé S.A., GlaxoSmithKline plc., Sun Pharmaceutical Industries Ltd., Fresenius Kabi AG, BASF, Zeon Lifesciences Ltd., Mead Johnson & Company, LLC., B. Braun Melsungen AG., Nutrimed Healthcare Pvt. Ltd, and Zenova Bio Nutrition. The key players are focusing on developing lightweight and premium packaging incorporating sustainable materials to appeal new-age consumers. Strategic collaborations with cosmetic brands are helping players strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it