The manufacturers of cosmetics have increased their focus on alluring and cutting-edge packaging since the past few decades. Numerous top personal care brands and cosmetics have started to adopt effective packaging as a key product marketing attribute. This strategy has resulted in low brand recall rates, improved visibility of brand, more sales, and a greater penetration of cosmetic packaging in promising geographies.
Transparency Market Research (TMR), a market intelligence company, covers the current and predicted scenario of the global cosmetic packaging market. It also provides highlights on the key product introductions done by the prominent players in the market and their impact on the development of the overall market.
Q. What forces will act as a ladder in the growth of the global cosmetic packaging market?
The increasing demand for anti-aging beauty products is predicted to fuel the market for cosmetic packaging globally. This is due to the fact that people all around the world are demanding cosmetic products which can enhance their overall appearance. This growing demand has come up as a high impact driver for the cosmetic packaging market because various types of packaging is employed in the making of a variety of anti-aging products. In addition, the increasing per capita expenditure on cosmetics, particularly in emerging nations, will also bode well for the sale cosmetic packaging in forthcoming years.
Furthermore, the rising utilization of numerous fragrances and deodorants amongst the male population globally is predicted to augment the development of the global cosmetic packaging market in the coming years. The booming e-commerce industry as well as the increasing inclination of top manufacturers of cosmetics to sell their products by using e-commerce will further work in favor of the development of this market. The increasing penetration of innovative packaging by prominent players will also drive market growth.
For instance, top manufacturers have introduced cutting-edge packaging products such as airless bottles and 3D printing bottles, launched by Albea S.A and Rouge Louboutin, respectively.
Q. Which factor may become a road block in the development of the market?
Contrariwise, the unpredictable prices of raw materials such as metals, glass, paper, and plastics raise the total cost of cosmetic packaging and lowers the manufacturers’ profit margins. Due to this, the market experiences an extremely consolidated supplier base, especially in terms of glass and metals. Thus, owing to the soaring demand for cosmetic products as well as their packaging, the raw material sourcing needs have come up as a huge concern for majority of the manufacturers of cosmetic packaging who prefer metal or glass packaging in premium product varieties. This scenarios turns out to be quite challenging, especially for small cosmetic organizations, desiring to pack the products at minimum costs for maintaining the overall profitability.
Q. Which material and geographical segment will lead the market and why?
Amongst the different kind of cosmetic packaging materials, the segment of plastics is leading the market on the basis of both volume and value and is predicted to hold a share of 50% all through the forecast horizon. However, this segment is predicted to lose some of its share due to the increasing shift of consumers toward eco-friendly paper-based packaging.
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Region-wise, the Asia Pacific cosmetic packaging market is holding a significant share on the basis of total demand. This region is poised to hold a share of 32.5%in the market by 2016 and will be trailed by North America and Europe. This is due to the increasing penetration of both buyers and manufacturers in the region of Asia Pacific.