The Global Cosmetic Packaging Market Growth Accelerated By Sustainable And Eco-Friendly Packaging Materials

 

Cosmetic packaging serves as marketing and promotional strategy for cosmetic brands to attract consumers and also protects cosmetic products from damage and contamination during transportation and storage. The extensive use of plastics in cosmetic packaging and its environmental harmfulness has accelerated the demand for bio-based and recyclable packaging materials. Recyclable glass and paper are replacing plastics in eye shadows, foundations, lipsticks, and creams packaging to promote sustainability.

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 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growing consumption of organic and natural cosmetic products has boosted the adoption of sustainable and eco-friendly packaging materials in the cosmetic packaging industry. Manufacturers are extensively utilizing recycled, recyclable, and bio-based materials such as recycled glass and paper for compact containers, jars, tubes, and bottles packaging. Recycled glass is one of the emerging sustainable packaging choices as it is infinitely recyclable and requires lesser energy compared to production of raw glass. Moreover, plant-based materials like sugarcane are also gaining popularity as an eco-friendly substitute for petroleum-based plastics in cosmetic jars, lip-gloss containers, and creams tubes packaging. The shift towards greener packaging choices by brands as well as regulations restricting plastics are expected to amplify the demand for sustainable materials in cosmetic packaging over the forecast period.

Segment Analysis
The global cosmetic packaging market is dominated by plastic packaging segment which holds around 35% of the total market share. Plastics are preferred for cosmetic packaging as it is cost effective, provides good barrier properties and is light in weight. Within plastic packaging, bottles and jars sub-segment accounts for the largest share as they are convenient for transportation and storage of various beauty and personal care products like creams, lotions, oils etc.

Key Takeaways
The Global Cosmetic Packaging Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The growing cosmetic industry and rising disposable income are driving the demand for cosmetic packaging globally. 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 7.1% over the forecast period 2023 to 2030.

Regional analysis:

Asia Pacific region currently dominates the global cosmetic packaging market with around 35% share. Growing beauty consciousness among consumers coupled with increasing spending power in countries like China, India is fueling the growth of cosmetic industry in the region. China alone accounts for over 25% share of Asia Pacific cosmetic packaging market due to presence of large domestic players and cosmetic manufacturers in the country. Europe ranks second in terms of value share owing to high demand for premium and luxury cosmetic products from countries like Germany, UK and France.

Key players:

Key players operating in the cosmetic packaging market are AFG Industries, Asahi Glass Company (AGC), AYG Coating Glass Co. Ltd., Cardinal FG, Gold Plus Glass, Guardian Industries, HNG Group, Jinjing Group, NSG Group, Pilkington, PPG Industries, Saint-Gobain, Sejal Float Glass, Shanghai North glass Technology & Industry Co. Ltd., and Zhejiang Glass Company Limited. The market is moderately fragmented with top 6-7 players accounting for around 30% share. The companies are focusing on developing sustainable and eco-friendly packaging solutions to gain market share.

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