Cosmetic Packaging Market Analysis, Opportunities and Forecast to 2026
The cosmetic packaging market has made strides on the back of packaging becoming key pivot for attracting customer’s loyalty. Cosmetic brands have leveraged an array of packaging solutions to position their products uniquely in the minds of consumers. In recent years, the market has seen sustainability quotient becoming the new norm for the choice of packaging for businesses in the cosmetic industry.
Stridently, green packaging solutions are expected to be at the front seat for capturing sustainable customer value. During the forecast period of 2018 – 2026, this will throw up incremental opportunity of nearly US$ 14.25 Bn. Advances in printing technologies have helped cosmetic brands arrive at high graphics designs, increased shelf-life, and shelf-appeal at the point of sale/purchase.
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Eco-friendly Packaging Solutions Offer Value-Grab Opportunities
Eco-friendly packaging solutions have attracted customers and end consumers alike in the personal care and cosmetics industry. The trend has notably caught on attention among millennials around the world. This is a key driver as well as accelerant for new revenue streams, notes the study on the cosmetic packaging market.
Packaging solutions for anti-aging products have witnessed enormous advancements. The category of anti-aging products has garnered massive attention among young and old adults over the past few years. Females especially have been exploring range of options. All these trends have expanded the avenue in the cosmetic packaging market. Cosmetic brands continue to revamp packaging for shampoos and hair conditioners, and have come out with attractive graphics and primary packaging to garb the attention of consumers and prospects. Initiatives in this direction has caught on momentum in emerging economies, fueled by rapid pace of urbanization over the past few decades.
A major trend that has offered massive impetus to the sales in the cosmetic packaging market is growing trend of e-commerce retailing around the world. Cross-border sales have witnessed a propitious rise in recent years, with numerous brands alluring consumers with promotional offers. A few cosmetic brands have propelled sizable revenues through leveraging the trend.
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Adoption of Advanced Packaging Technologies Opens Up Massive Prospects
Color cosmetics have witnessed massive adoption in commercial settings. The demand is higher than in the household segment. The growing reliance on color cosmetics for boosting self-confidence especially in millennials is a key trend that has spurred potential revenues in the cosmetic packaging market.
Advancements in printing technologies have increasingly shaped the contours of the cosmetic packaging market. Wide adoption of hot stamp foil printing and flexography among cosmetic packaging industries has enabled them to develop chic designs and novel packaging. The advent of 3D printing technologies has offered game-changing potential for businesses cosmetic packaging industry. The choice of technology also greatly influences the choice of materials. Biaxially-oriented polypropylene (BOPP) have gained wide adoption for packaging for premium products, especially for fragrances products.
Hair Care Prominent Segment, Asia Pacific Anticipated to be Lucrative Market
Hair care products are one the most lucrative segments, anchored in the high sales of the products. The segment is expected to clock CAGR of 5.2% during the forecast period. The skin care application segment on the other hand is expected to hold the major market share. Rapidly aging populations has led market players reap significant gains from demographic dividend.
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Asia Pacific (APAC), Latin America, and Africa are considered as the potentially regional markets, notes the study on the cosmetic packaging market. Packaging companies eye vast revenue streams in APAC, fueled by changing preference of urban consumers. The rural population has also come to the forefront, since consumers there are looking for smaller packs. This has unlocked incremental opportunities for market players.
Some of the key players in the cosmetic packaging market are Smurfit Kappa Group PLC, Coverpla S.A., Essel Propack Ltd, HCP Packaging, Quadpack Industries, Gerresheimer AG, and Amcor plc.
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