According to a new report by Research and Markets, the global cosmetic packaging industry was valued to be $28.3 billion in 2018.
Over the next two years, the market is expected to experience a compound annual growth rate of 5.477%.
This will help it reach $31.4 billion by 2020.
The report touches upon various aspects of the cosmetic packaging industry and talks about the market based on vendors and regions, types of packaging, demand forecasts, market size, supplier market shares as well as the updates and trends of the industry.
The report emphasizes the highly consumer-centric nature of the cosmetic industry, especially in terms of aesthetic appeal and perceived value. It also draws attention to the packaging of such products being of upmost importance to both manufacturers and consumers alike.
After all, it’s attractive packaging that influences and drives sales of these products the most. Interestingly, packaging for most cosmetic products uses glass, plastic, and metal. Paper too is emerging as popular choice in the recent years.
Trends Observed in the Cosmetic Packaging Industry
In the cosmetic packaging industry, plastic packaging had a leading share of 50-55% in market in 2018. In Cosmetic Packaging Industry trends for 2019the fragrance market, which is a division of the cosmetic packaging market, a dominant share was claimed by glass packaging.
The report also talked about drivers and constraints for the industry. It discussed factors such as rising beauty consciousness among consumers, as well as e-retailing and the availability of affordable, segmented cosmetic products that drive the market most. On the other hand, economic factors like recession act as a constraint for the high-end market.
As cosmetics are FMCG products, retailers play a significant role in spotting the brands that have an aesthetic appeal for the customers and placing them in their limited shelf space.
This consideration for aesthetic appeal has also led to a change in perception from manufacturing companies. Previously packaging was a non-core business activity that has now evolved into a component of up most importance. Indeed many brands now give packaging equal parity of importance with the cosmetic formulas themselves.
The report by Research and Markets also talks about cosmetic packaging industry updates. It discusses how varying market dynamics of the cosmetic industry has paved the way for the launch of new products.
At the same time, it also talks about packaging companies embracing innovations in designing and using technological advancements in order to stay competitive.
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