The global cosmetic packaging market was estimated at USD 28.6 billion in 2021 and it is expected to surpass around USD 44.5 billion by 2030, poised to grow at a CAGR of 5.03% from 2022 to 2030.
increasing demand for cosmetics due to shifting trends of grooming among both gender types is anticipated to drive the market in the forecast period. The manufacturers rely on extensive advertisement through different media for selling cosmetic items. Innovation in packaging is the key factor for attracting consumers, thus impacting the overall growth of the packaging industry in the coming years.
Moreover, emerging economies such as China and Japan are providing a huge opportunity for the growth of the cosmetic industry due to increasing disposable income and changing lifestyles. Thus, increasing demand for cosmetics directly impact the market for this industry, thereby propelling the global industry growth in the forecast period. Increasing new entrants in the cosmetic industry have led to a rise in innovation in products and packaging in order to gain a competitive advantage. These are some of the prominent factors that are anticipated to fuel the cosmetics packaging market growth in the forecast period.
Growing e-commerce and internet penetration in rural as well as urban areas have also impacted the demand for cosmetics in the recent past. For instance, online sales of Glossier Inc. accounts for 97% of the total sales in the U.S. Due to increasing internet usage, companies have also shifted to online platforms for their sales. This has led to an increase in demand for overall cosmetic products, thereby influencing the growth of the packaging industry.
Scope of The Report
|Market Size in 2021|
|Revenue Forecast by 2030|
|Growth rate from 2022 to 2030||CAGR of%|
|Forecast Period||2022 to 2030|
|Segmentation||Material type, cosmetic type, region
Cosmetic Type Insights
On the basis of cosmetic type, the market is segmented into hair care, skincare, make-up, and nail care. The skincare segment dominated the market in 2021, accounting for 49.5% share of the overall revenue. Increasing awareness about the natural products for skin, which have no adverse effect and are beneficial for skin, is anticipated to propel the market demand in the coming years.
Growing skin problems due to UV rays have led to the innovation of new skin products thus, impacting the growth of the skincare segment. The introduction of new product lines such as anti-aging creams, sun protection creams, and anti-wrinkle creams is influencing the industryt demand for the segment in the forecast period.
Make-up is anticipated to emerge as the fastest-growing segment with a CAGR of 6.27% over the forecast period. The growing working female population over the past few years has influenced the market growth to a great extent and has been one of the prominent factors for the growth of the segment.
Material Type Insights
On the basis of material type, the cosmetics packaging market is segmented into plastic, paper, metal, and glass. The plastic segment accounted for the largest market share of 64.15% in 2021 and is expected to witness significant growth in the near future. Preference for plastic packaging is high among the manufacturers due to its wide application and low-cost properties. In order to pack the product into small units, companies prefer plastic as a packaging material, thus fueling the segment growth.
However, manufacturers are shifting to eco-friendly packaging and/or green packaging due to increasing social awareness, which can restrain the segment growth in the near future. Although, companies are still preferring plastic as a packaging material in order to serve the middle-class economical group. This, in turn, can overcome the restraining factor due to a large number of economical groups worldwide.
The paper segment accounted for a significant market share in 2021 and is expected to register a CAGR of 6.2% during the forecast period. Paper as a secondary packaging material has a wide application in the market. Increasing eco-friendly packaging is also a prominent factor for segment growth.
In 2021, Asia Pacific led the market with a share of 40.69% and is anticipated to register a significant CAGR in the near future. In Asia Pacific, Japan contributes to the majority of shares and is expected to register a CAGR of 5.4% over the forecast period. Introduction of different varieties of the product and growing adoption by the consumers due to increasing awareness about different benefits such as anti-tanning solution has driven the market in the region.
MEA is expected to register a CAGR of 6.02% in the forecast period. Muslim dominated countries such as Saudi Arabia and UAE are expected to drive the demand for cosmetic products in the near future. Increasing demand for halal cosmetic products has driven the market in the region. Thus, increasing demand for the cosmetic industry leads to an increase in demand for the packaging industry.