Cosmetic Packaging Market Skin Care Products Segment Contributed Significant Revenue Share
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| Cosmetic Packaging Market |
The global Cosmetic Packaging Market is estimated to be valued at US$ 29295.61 Mn in 2022 and is expected to exhibit a CAGR of 3.84 % over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cosmetic packaging products include jars, bottles, tubes, bags, and other containers that are used to hold cosmetic products such as skin care, hair care, makeup, and fragrances. These packaging products provide protection and ease of application for the cosmetic products. The demand for innovative and sustainable packaging is growing in the market.
Market key trends:
One of the key trend gaining traction in the cosmetic packaging market is the increasing demand for sustainable and eco-friendly packaging solutions. Consumers are increasingly preferring packaging materials that are biodegradable and recycled in nature. Moreover, manufacturers are focusing on developing packaging with lesser environmental footprint by incorporating recycled materials and ensuring recyclability. For instance, adopting recycled plastic in packaging production helps reduce the consumption of virgin plastic.
Segment Analysis:
The global cosmetic packaging market is segmented by material, packaging type, and application. The plastic segment dominated the market with a share of more than 40% in 2021 due to its lightweight and inexpensive nature. Plastics are preferred for primary packaging and are used widely in bottles, tubes, jars and containers.
Within packaging types, the bottles segment accounted for maximum share and is expected to maintain its dominance over the forecast period. Bottles are preferred for various cosmetic products including skin care, hair care and fragrance products.
Key Takeaways:
The global Cosmetic Packaging Market Demand was valued at US$ 29295.61 Mn in 2021 and is expected to grow at a CAGR of 3.84% during the forecast period. Increasing demand for premium and luxury cosmetic products is driving the market.
Regionally, Asia Pacific dominated the market with a share of over 35% in 2021. Growing middle class population and improving living standards in countries such as China and India offer significant growth opportunities. North America is expected to witness lucrative growth owing to rising expenditure on personal care products in the US.
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. Aptar Group andRPC Group captured over 25% of the global market share in 2021 owing to their strong product portfolio and widespread global presence.
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