The factors have significantly benefitted the global market for cosmetic packaging and are expected to lead to the development of healthy growth opportunities for the market in the next few years as well. Transparency Market Research estimates that the global cosmetic packaging market will exhibit a 4.4% CAGR over the period between 2016 and 2024. If the prediction holds true, the market will rise from a valuation of US$23 bn in 2015 to US$33 bn by 2024.
Plastic to Remain Most Preferred Cosmetic Packaging Material despite Rising Popularity of Paper Packaging
A variety of materials is used for packaging cosmetics, including glass, plastic, paper, metal, and wood. Of these, the plastics segment presently leads the global cosmetic packaging market, in terms of both value and volume. The segment is expected to account for a 50% of the global market throughout the forecast period. However, rising consumer preference to eco-friendly products such as wood, paper, and metals is expected to hinder the growth prospects of the plastic segment to a certain extent.
Increasing awareness and implementation of stringent environmental laws along with competitive benefits have compelled users to increase use of eco-friendly materials for packaging and manufacturers to integrate eco-friendly design principles in material development processes. As a result, the global demand for materials such as paper, silicone, melamine, and bamboo is expected to see a significant rise in demand across the cosmetic packaging market in the next few years.
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The market for glass-based cosmetic packaging is expected to rise in response to the substantial demand for luxury goods in the developed markets like the U.S., UK, and Germany. However, the adoption rate of metal as packaging is expected to remain low owing to higher costs in comparison with other materials.