Rising penetration of cosmetics in the developing economies and need for innovative, customized, and premium packaging from the cosmetic industry is fuelling the market.The total global Cosmetic Packaging market is expected to be worth USD 37.0 billion by 2027, and the Asia pacific regional market is expected to grow at a faster pace. The global Cosmetic Packaging market is expected to record a CAGR of 4.1% from 2020 to 2027.
Cosmetic packaging is applied for the protection and branding of the cosmetic products. The material beholds the product from all the wear and tears during transportations and handling also protect product from dust, dirt, moisture, heat, cold, and sunlight. Packaging is available in various containers such as tubes, pouches, jars, bags, cans, and many others. Various materials are currently using for packaging cosmetic product which include plastic, paper, metal, and glass. It plays a vital role in serving a good product experience and reaching customers by combining customizable extensions to the package design.
A product like perfumes, lipsticks, eyeliner, and many others need innovative and attractive packaging. Hence, increasing demand for premium packaging from the cosmetic industry is primarily expected to drive the global cosmetic packaging market growth. Additionally, factors such as development of new & innovative packaging material and increase in demand for the use of sustainable & environmental-friendly packaging are providing lucrative opportunities for the market.
Several premium beauty-product stores were shut down due to Covid-19 outbreak. Some of these stores are never expected open again, and new openings will likely be delayed for at least a year. Lockdown in many countries across the world is responsible for less spending on beauty products than usual, which could hamper the cosmetic packaging industry.
- Based on product type market, bottles type segment was the largest in 2020, and is expected to be largest and fastest growing segment from the year 2020 to 2027.
- Based on material, the paper-based segment is anticipated to be the fastest-growing segment in the cosmetic packaging market. Whereas, plastic accounted for the largest share of the market in 2020. This can be due to it’s low cost, lightweight, flexibility, durability, and many other advantages.
- Based on applications, the skincare segment was the largest segment of the cosmetic packaging market in 2020. High penetration of various skin care products such as moisturizer, face cream, face powder, and many across the world have driven the growth of cosmetic packaging in skin care application.
- Geographically, the Asia-Pacific region was accounted for the largest market share in the market in 2020 and is likely to maintain it’s dominance during the forecast period. This can be attributed to availability of low cost labour and raw material, increasing spending on beauty, and growing investment by market players.
- In January 2020, Albea announced to open a new plant in Huai'an, China. The ceremony took place with local government officials and Albea representatives in attendance. Huai'an will be the company's new center for manufacturing metal parts for its cosmetic and skincare packaging.
- In Feb 2020, Silgan Holdings announced that it had acquired Cobra Plastics Inc. The combination of Cobra's overcap product line with the aerosol actuators and dispensing systems would allow Silgan to offer a broader range of integrated solutions, including functional overcaps, to meet the unique needs of the customers.
- In December 2019, AptarGroup opened a new sales office in Dubai. This sales office will be operated for all the three segments of the company namely, beauty & home, food & beverage and pharma. With this expansion, the company aims to target the customers of several countries in the Middle East.
- In December 2019, Huhtamaki acquired complete ownership of the joint venture company Laminor S.A. (Brazil), which was established in 2002 as a 50/50 joint venture with Bemis Company (now part of Amcor). Laminor S.A. was specialized in manufacturing tube laminates, particularly for oral care applications. This acquisition is expected to expand Huhtamaki’s tube laminate business and further its flexible packaging product portfolio.