ALBANY, New York, July 16, 2018 (GLOBE NEWSWIRE) -- Packaging of a product goes a long way in making an impression over the end users as it sits with them in their household throughout the duration of usage. Additionally, with impressive packaging, product manufacturers can aspire to build brand name as well as protect their products for longer durations. The cosmetics industry is an elite segment of the personal care market overall, and hence the adoption rate of innovative packaging is stronger than the rest. According to a recent business intelligence report by Transparency Market Research (TMR), the global cosmetic packaging market will be worth US$33.0 billion by the end of 2024, with the demand projected to increment at a steady CAGR of 4.4% during the forecast period of 2016 to 2024.
Product Innovation Key to Greater Shares
The analyst of the TMR report has observed a fairly fragmented and intensely competitive vendor landscape in the global cosmetic packaging market, attributing it to the large pool of players participating in it. That being said, a few players do hold a moderate position of strength over their competitors, such as Amcor Limited, Aptar Group Inc., Gerresheimer AG, RPC Group Plc, Quadpack Industries, ABC Packaging Ltd., Libo Cosmetics Company Ltd., Fusion Packaging, HCP Packaging, and Albea S.A. A comparatively stronger position of these players is a reflection of their constant bid to innovate their product offerings by leveraging latest technologies and materials. In the near future, utilization of 3D or multi-dimensional image technologies are expected to help these financially healthy companies marginally increment their shares.
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Material-wise, the market for cosmetic packaging has been segmented into paper, glass, and plastic, which has been further sub-segmented into polyethylene (PEE), polypropylene (PP), polyethylene terephthalate (PET), and others. Application-wise, the cosmetics packaging market has been bifurcated into nail care, make up, hair care, and skin care. Container types studied under this report are pen type, sticks, rolling balls, sachets, pumps and dispensers, bottles, tubes, and jars. Geographically, Asia Pacific has been rated as the region with maximum potential, generating 32.5% of the total demand as of 2016.
Innovative Packaging Paving Way to Greater Demand
Consistently increasing geriatric population is the key driver of the cosmetics industry. With increased disposable income and improved living standards, people aged over 30 years are now investing on products that enhance their appearance. Additionally, restless lifestyle, enhanced cosmetic packaging solutions, and availability of small pack sizes that can lure first time customers without having to invest major amount are some of the other factors augmenting the demand in the global cosmetics packaging market. On the other hand, advancements in medical technologies that can assist in enhancing beauty treatment and stringent government regulations are some of the restraints challenging the market from attaining greater profitability. Nevertheless, the vendors of this market are expected to gain greater shares via product development, making a foray into emerging economies in in APAC, and collaborating with local players to strengthen their supply chain.
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Key Takeaways:
- Global cosmetic packaging market is estimated to be worth breach 33 billion dollar mark by 2024
- Vastly populated emerging economies in Asia Pacific are opening strong new opportunities
The information presented in this review is based on a Transparency Market Research report, titled, “Cosmetic Packaging Market (Material - Glass, Plastic (PET, PP, PE), and Plastic; Application - Skin Care, Hair Care, Make up, and Nail Care; Container Type - Jars, Tubes, Bottles, Pumps and Dispensers, Sachets, Rolling Balls, Sticks, Pen Type; Declared Capacity - Type 1 (Below 50 ml), Type 2 (50–100 ml), Type 3 (100–150 ml), Type 4 (150–200 ml), and Type 5 (Above 200 ml)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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Global Cosmetic Packaging Market, by Material
- Glass
- Paper
- Plastic
- PET
- PP
- PE
- Others
Global Cosmetic Packaging Market, by Application Type
- Skin Care
- Hair Care
- Make up
- Nail Care
Global Cosmetic Packaging Market, by Container Type
- Jars
- Tubes
- Bottles
- Pumps & Dispensers
- Sachets
- Other (Rolling Balls, Sticks, Pen type etc.)
Global Cosmetic Packaging Market, by Declared Capacity Type
- Type 1 (Below 50 ml)
- Type 2 (50 ml – 100 ml)
- Type 3 (100 ml – 150 ml)
- Type 4 (150 ml – 200 ml)
- Type 5 (Above 200 ml)
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