10.12.16
Novel packaging concepts are driving demand for cosmetics packaging, according to results of a new study. The focus of cosmetic product manufacturers on innovative and alluring packaging has significantly increased in the past few decades, notes Transparency Market Research. Key cosmetics and personal care brands have started considering effective packaging as a critical attribute of product marketing. The strategy has translated in enhanced brand visibility, increased sales, reduced brand recall rates, as well as a larger footprint in the respective target geographies.
Transparency Market Research estimates that the global cosmetic packaging market will post a 4.4% CAGR over the period between 2016 and 2024. As a result, the market, which had a valuation of $23 billion in 2015, will rise to $33 billion by 2024.In terms of packaging material, plastics dominate. The segment is expected to account for an estimated 56.3% of the global market's revenues by end of 2016. In terms of geography, the market for cosmetic packaging in Asia Pacific is expected account for a 32.5% of the global market in 2016 and remain the dominant regional market throughout the forecast period.
The global market for anti-aging beauty products is expected to boost the global demand for cosmetic packaging over the forecast period. Consumers mainly from the aging population are inclined toward cosmetic products capable of improving their overall appearance. As the world population of aged people continues to rise at a high pace, the segment of anti-aging products is expected to account for a significant share in the global cosmetics market in the next few years.
The rising per capita spending on cosmetics, especially across developing economies, is also a key factor influencing expected to positively impact sales of cosmetic packaging in the next few years
Moreover, the increased use of a variety of deodorants and fragrances among the male population is also expected to accelerate the growth of the global cosmetic packaging market over the forecast period. The flourishing e-commerce industry and preference of major cosmetic product manufacturers to sell products through e-commerce retail, which is expected to boost sales of cosmetic products, is in turn also expected to positively influence the global cosmetic packaging market.
Transparency Market Research estimates that the global cosmetic packaging market will post a 4.4% CAGR over the period between 2016 and 2024. As a result, the market, which had a valuation of $23 billion in 2015, will rise to $33 billion by 2024.In terms of packaging material, plastics dominate. The segment is expected to account for an estimated 56.3% of the global market's revenues by end of 2016. In terms of geography, the market for cosmetic packaging in Asia Pacific is expected account for a 32.5% of the global market in 2016 and remain the dominant regional market throughout the forecast period.
The global market for anti-aging beauty products is expected to boost the global demand for cosmetic packaging over the forecast period. Consumers mainly from the aging population are inclined toward cosmetic products capable of improving their overall appearance. As the world population of aged people continues to rise at a high pace, the segment of anti-aging products is expected to account for a significant share in the global cosmetics market in the next few years.
The rising per capita spending on cosmetics, especially across developing economies, is also a key factor influencing expected to positively impact sales of cosmetic packaging in the next few years
Moreover, the increased use of a variety of deodorants and fragrances among the male population is also expected to accelerate the growth of the global cosmetic packaging market over the forecast period. The flourishing e-commerce industry and preference of major cosmetic product manufacturers to sell products through e-commerce retail, which is expected to boost sales of cosmetic products, is in turn also expected to positively influence the global cosmetic packaging market.