Cosmetic Packaging is Estimated to Witness High Growth Owing to Opportunity of Sustainable Packaging

 

Cosmetic packaging provides convenience while preserving the quality and enhancing the visual appeal of cosmetic products. From jars and bottles to boxes and pouches, packaging protects products from damage and prevents wastage. Cosmetic packaging utilizes various materials such as plastic, glass, metal, and paper to cater to the diverse requirements of skincare, haircare, makeup, and fragrances. Advances in packaging technology offer sustainable and eco-friendly solutions. The Global Cosmetic Packaging Market Size is estimated to be valued at US$ 36,390.2 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends
Sustainability has become a major trend in the cosmetic packaging market. There is a rising consumer demand for eco-friendly packaging made from recycled or recyclable materials. Key players are focusing on developing innovative sustainable solutions such as plant-based polymers, glass containers, aluminum, and paper or carton packaging. For instance, aluminum packaging is widely used for its qualities such as recyclability, sustainability, lightweight, ease of fabrication, and barrier protection. Manufacturers are also utilizing post-consumer recycled materials and optimizing packaging designs for efficient transportation and storage. Sustainable initiatives are helping companies gain competitive advantages while contributing to environmental protection.

Segment Analysis
The global cosmetic packaging market is segmented based on material type, application, and packaging type. The material type segment includes plastic, glass, metal and paper. Plastic dominates the material type segment as plastic is cost effective, easy to mould, and lightweight as compared to other materials. It accounts for over 45% of the total cosmetic packaging market share.

Key Takeaways:

The global cosmetic packaging market is expected to witness high growth during the forecast period.

Regional analysis: Asia Pacific region dominates the global cosmetic packaging market and is expected to exhibit the highest CAGR during the forecast period. This is attributed to increasing population, rising disposable income, rapid urbanization, and growing demand for cosmetic products from countries like China, India, Indonesia, Japan and South Korea in this region.

Key players operating in the cosmetic packaging market are Abbott Laboratories, Baxter International Inc., Danone S.A., Nestlé S.A., GlaxoSmithKline plc.

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