Cosmetic Packaging market is Estimated to Witness High Growth Owing to Sustainable Trends
The Cosmetic Packaging Market is estimated to be valued at US$ 31588.71 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic packaging involves a wide range of packaging formats including jars, bottles, tubes, dispensers, cans and others. Cosmetic packaging provides attractive appearance and protects the product from leakage, breakage, environmental degradation and contamination. Growing cosmetic industry and increasing emphasis on sustainable cosmetic packaging are fueling growth of the market.
Market key trends:
Sustainability is becoming one of the key trends in the cosmetic packaging market. Consumers are increasingly preferring eco-friendly packaging made from recyclable and biodegradable materials. Manufacturers are responding to this trend by incorporating sustainable practices. For instance, they are using plastic-free packaging options made from paper, glass or aluminum. Some are also focusing on minimizing plastic usage and using recycled plastics. Increasing emphasis on sustainable materials is expected to drive growth of the cosmetic packaging market during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the cosmetic packaging industry requires high capital investments and established distribution channels. However, new players can enter the market through acquisition of existing smaller companies.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as there are many established players in the market producing substitutable products. Buyers can negotiate on price and demand innovative designs and formats.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw materials required for manufacturing cosmetic packaging such as plastic, glass, and metals are commodity products available from numerous suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as cosmetic packaging has product differentiation based on designs, formats, and brands. However, flexible packaging is gaining popularity.
Competitive rivalry: The competitive rivalry is high among key players to gain market share and expand their product portfolio through new launches, mergers, and acquisitions.
SWOT Analysis
Strength: Diversified product portfolio, global presence, and innovation capabilities. Strong distribution network and brand recognition among major players.
Weakness: High capital requirement and vulnerability to raw material price fluctuations. Dependence on economic cycles and changing consumer preferences.
Opportunity: Rising demand for premium, sustainable, and customized packaging solutions. Growth opportunities in emerging markets of Asia Pacific and Middle East & Africa.
Threats: Stringent regulations regarding usage of materials. Increased competition from local players and substitute products.
Key Takeaways
The Global Cosmetic Packaging Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand for premium and customized products. Growth of organized retailing and availability of large product portfolios from international brands in developing regions drives the market.
Regional analysis- Asia Pacific dominates the global market and is expected to maintain leading position during the forecast period, growing at CAGR of 4.5%. This can be attributed to rising disposable incomes, increasing spending on personal care and expanding retail infrastructure in countries like China, India.
Key players operating in the Cosmetic Packaging market are Aptar Group, Inc., RPC Group Plc, Gerresheimer AG, Amcor Limited, Albea S.A., Libo Cosmetics Company, Ltd, Quadpack Industries, HCP Packaging, Fusion Packaging, and ABC Packaging Ltd. Major players focus on new product launches, mergers, acquisitions and partnerships for business expansion to gain higher market share.
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