The attention of cosmetic product producers on ground-breaking and appealing packaging has suggestively increased in the past couple of years. Crucial brands of personal care and cosmetics have started seeing operative packaging as a serious attribute of product advertising. The approach has translated in boosted brand visibility, improved sales, condensed brand recall degrees, as well as a higher footprint in the corresponding target geographies.
The features have expressively promoted the global market for cosmetic packaging and are anticipated to lead to the progress of vigorous growth opportunities for the market over the coming years. The global market for cosmetic packaging is expected to rise at a CAGR of 4.4% from 2016 to 2024. The market was worth US$23 bn in 2015 and it has been projected to touch a valuation of US$33 bn by the end of 2024.
Which factor is expected to have the maximum impact on the market?
The global market for anti-ageing beauty merchandises is anticipated to lift the global demand for cosmetic packaging during the forecast period. Customers mainly from the elderly population are motivated towards the use of cosmetic items that are capable of refining their complete appearance. As the population of old people across the globe lingers to rise at a great pace, the section of anti-ageing products is anticipated to hold for a noteworthy share in the global cosmetics market in the years to come. The growing per capita expenditure on maquillages and other personal care products, especially across emerging economies, is also a significant factor influencing the nature sales of cosmetic packaging over the years ahead. Furthermore, the augmented use of a variety of fragrances and deodorants among the male populace is also anticipated to quicken the progress of the global cosmetic packaging market.
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How is price a threat for the market?
The instable prices of raw materials such as metal, glass, paper, and plastic have a direct impact on the augmented prices of cosmetic packaging and a discount in the profit margin of the producers. Additionally, the market exhibit a decidedly combined base of suppliers, chiefly in terms of glass and metal. Thus, with snowballing demand for cosmetic products and their packaging, raw material obtaining supplies have arisen as a crucial concern for many cosmetic packaging producers.
Which region should be the focal point for vendors?
Region-wise, the market for cosmetic packaging is conquered by Asia Pacific in terms of over-all demand. The region is projected to hold a share of 32.5% in the global market in 2016, closely trailed by Europe and North America. The leading place of Asia Pacific in the global market can be credited to the extraordinary concentration of producers and shoppers of cosmetic packaging products in the region.