by 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 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic packaging refers to primary, secondary, and transport packaging solutions used for cosmetic and personal care products. It includes jars, tubes, bottles, pots, and other containers used for packaging of products such as sun care, skin care, color cosmetics, hair care, and fragrances. Cosmetic packaging serves the purpose of protecting products from damage, prevent leakage, enable accurate dispensation of products, promotion and marketing of products. Factors such as increasing demand for anti-aging products, growing working women population, and rising beauty consciousness have boosted growth of the cosmetic industry worldwide.
Market key trends:
Over the past few years, the growth in online retail channels have significantly impacted the cosmetic packaging market. Rise of e-commerce shopping has forced cosmetic manufacturers and brands to alter their packaging designs to make products more appealing for online purchase. There is growing demand for compact, portable, and secure packaging formats such as sticks, tubes and soft packaging. Also, rise of subscription based business models have increased the need for multi-product kits and bundles with simplified packaging designs. Strong growth of beauty and personal care products market through online channels will continue to drive innovations in sustainable and digital interactive cosmetic packaging in coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market requires high initial investments in infrastructure, manufacturing facilities and R&D to build extensive product lines.
Bargaining power of buyers: The bargaining power of buyers is high as the market has numerous global as well as regional players providing a variety of product options to buyers. Buyers can negotiate on prices, packaging designs and quality standards.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as specialized raw materials and components have limited suppliers globally. However, suppliers have negligible threat as packaging materials and components have substitutes.
Threat of new substitutes: The threat of new substitutes is low as alternative packaging such as plastic, glass and paper have established markets. Developing innovative substitutes requires extensive R&D investments.
Competitive rivalry: High due to presence of numerous global and regional players competing on the basis of product innovation, quality, and pricing.
Key Takeaways
The Global Cosmetic Packaging Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand for premium and sustainable packaging solutions from cosmetic manufacturers.
Regional analysis: Asia Pacific dominates the global cosmetic packaging market and is expected to continue its dominance over the forecast period. China, Japan, and India have emerged as major hubs of cosmetic production as well as consumption in the region.
Key players operating in the cosmetic packaging market are Aptar Group, Inc., RPC Group Plc, Gerresheimer AG, Amcor Limited, Albea S.A., Libo Cosmetics Company, Ltd, Quadpack Industries, HCP Packaging, Fusion Packaging, and ABC Packaging Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
