Cosmetic Packaging Market Recyclable and Sustainable Packaging Gaining Traction

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Cosmetic Packaging Market Recyclable and Sustainable Packaging Gaining Traction
Cosmetic Packaging Market

The cosmetic packaging market is estimated to be valued at US$ 34,128.01 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:
The cosmetic packaging market comprises packaging products such as plastic bottles, tubes, pumps & dispensers, jars, containers, caps & closures, bags & pouches, cartons & boxes that are used for packaging of beauty and personal care products like skin care, hair care, make-up, fragrance, nail care and others. Cosmetic packaging serves purposes of protection, identification, product differentiation and appeal. Adoption of innovative and sustainable packaging material supports brand identity and customers' growing interest in environment-friendly products.

Market key trends:
Recyclable and sustainable packaging is gaining traction in the market owing to rising environmental concerns. Plastic packaging waste poses threat to marine life and sustainable alternatives made from paper, glass are witnessing increasing popularity. Furthermore, multi-functional packaging incorporating various product variants into a single package helps to reduce packaging waste. Manufacturers are focusing on lightweight and compact packaging to lower carbon footprint in transportation. Advanced printing technologies and digital embellishments on packaging enhances product appeal and brand differentiation.

Porter's Analysis

Threat of new entrants: The cosmetic packaging industry has high initial cost of production facilities and manufacturing equipment which hinders new players to enter this market easily.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like plastic and glass packaging, however established brand loyalty provides stability to existing players.

Bargaining power of suppliers: Suppliers of raw materials like plastic, glass have low to moderate bargaining power due to availability of close substitute materials.

Threat of new substitutes: Threat from substitutes is moderate as paper, bioplastics are used for eco-friendly packaging but limited production capabilities & high costs hampers its mass adoption.

Competitive rivalry: Intense competition exists among existing players to gain market share and customize products as per changing consumer preferences.

SWOT Analysis

Strength: Wide product portfolio and strong distribution network of major players. Innovation in packaging design and functionality enhances brand differentiation.

Weakness: Heavy reliance on few global key players increases supply chain risks. High R&D costs for development of innovative & sustainable products.

Opportunity: Growth in skin & hair care product demand especially from millennials drives opportunity. Regulations on single use plastics boosts prospects of sustainable packaging.

Threats: Economic slowdowns hampers premium products demand. Stringent environmental regulations on usage of certain materials increases compliance costs.

Key Takeaways

The global Cosmetic Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 3.84% over the forecast period, due to increasing disposable incomes in developing nations. Growing working women population also drives makeup products demand.

Regionally, Asia Pacific dominates currently holding over 35% share backed by burgeoning beauty industry in countries like China, India & South Korea. Europe is the second largest market due to heavy usage of personal care products. North America is projected to grow at a notable rate during the assessment period.

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. These established players focus on new mergers, collaborations and production expansion strategies to strengthen their market presence.

Read more @ https://www.insightprobing.com/demand-for-premium-cosmetics-driving-the-global-cosmetic-packaging-market-insights/

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