Cosmetic Packaging Market is poised to transform through sustainable designs by 2024

Cosmetic Packaging Market Demand


 

The global cosmetic packaging market comprises packaging solutions used for a wide range of cosmetic products including skin care, hair care, make-up, perfumes and fragrances. Cosmetic packaging provides product safety, avoids spillage and shelf impact while promoting the brand appeal through attractive designs. Manufacturers opt for eco-friendly materials and sustainable options such as bio-plastics and reusable containers to reduce plastic waste.

The Global Cosmetic Packaging Market is estimated to be valued at US$ 36390.2 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the cosmetic packaging are Abbott Laboratories, Baxter International Inc., Danone S.A., Nestlé S.A., GlaxoSmithKline plc., Sun Pharmaceutical Industries Ltd., Fresenius Kabi AG, BASF, Zeon Lifesciences Ltd., Mead Johnson & Company, LLC., B. Braun Melsungen AG., Nutrimed Healthcare Pvt. Ltd, and Zenova Bio Nutrition.

Growing awareness about environmental protection and rise in Cosmetic Packaging Market Demand for sustainable cosmetic solutions are fueling the need for eco-friendly packaging materials. Major players are investing in research & development of packaging made from renewable and biodegradable sources to appeal conscious consumers. Rapid urbanization, increasing spending abilities and change in lifestyle in emerging nations of Asia Pacific and Latin America are creating huge opportunities for international brands to expand globally.

Market key trends

One of the major trends gaining traction in the cosmetic packaging market is the use of sustainable and eco-friendly materials. Manufacturers are focusing on eliminating plastic use and incorporating green packaging solutions made from renewable resources like sugar cane, bamboo, agricultural waste and food-grade paper. Options like recycled plastic, bioplastics and glass are being widely adopted. Eco-friendly trends like zero-waste packaging designs with reusable or refillable containers are attracting consumers and helping companies strengthen their sustainability credentials. Sustainable packaging plays a vital role in maintaining the environmental balance and responsible use of natural resources.

Porter’s Analysis

Threat of new entrants: New entrants face high costs to compete with established brands and distribution networks.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.

Bargaining power of suppliers: Suppliers have low bargaining power due to presence of substitutes and competition among existing suppliers.

Threat of new substitutes: Threat of substitutes is moderate due to availability of packaging options from other industries.

Competitive rivalry: Intense competition among existing players to gain market share.

Geographical Regions of Value Concentration

The cosmetic packaging market in terms of value is highly concentrated in North America and Europe. North America accounts for the largest share owing to increasing demand for skin care and hair care products. Europe holds significant share on account of rising consciousness about aesthetic appearance.

Fastest Growing Geographical Region

The Asia Pacific region is expected to witness the fastest growth in the cosmetic packaging market during the forecast period. Rapid urbanization, rising disposable incomes and growth in women workforce are fueling the demand for cosmetic products in countries such as China, India and other Southeast Asian nations, thereby driving the packaging requirements.

Get More Insights on- Cosmetic Packaging Market

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

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