Global Cosmetic Packaging Market to reach $85 Billion in 2027

26 January 2021: Global Cosmetic Packaging market accounted for $52.51 billion in 2019 and is expected to reach $85.61 billion by 2027 growing at a CAGR of 6.3% during the forecast period. Role of cosmetic packaging in the marketing of cosmetic products and rising penetration of cosmetics in the developing economies are the major factors propelling market growth. However, Fluctuating raw material prices are hampering market growth.

Cosmetic Packaging is mainly used to increase the appearance of the product and intended to improve brand perception for triggering impulsive buying in the general population. In many cases, packaging can influence consumer purchasing choices and increase the sale of the product. Packaging has a huge application in preserving the brand image and quality of the products.

Based on the material, the Plastics segment is estimated to have lucrative growth due to its low cost, lightweight, flexibility, durability, and other factors. Plastics are a material of choice for manufacturing shatterproof and “no-spill” bottles, jars, tubes, caps and closures for personal care products. Furthermore, the most common type of plastic used for cosmetic containers is PP plastics.

By geography, Asia Pacific is going to have lucrative growth during the forecast period. An increase in demand for cosmetic products in emerging economies, as well as a boost in consumer awareness drives the investments of manufacturers to develop unique & innovative packaging solutions. This, in turn, increases the demand for cosmetic products, and is further expected to boost the demand for packaging in this region.

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