Market Research Future (MRFR) projects the global beauty and personal care packaging market size to reach USD 9.45 billion at a CAGR of 4% from 2022 to 2030 (forecast period).
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Several Factors Influencing the Market Growth
Packaging innovation, such as vibrant colors and a wide choice of shapes, sizes, and materials, is a major driving factor for market expansion. Companies are spending more on packaging innovation than on production costs, according to a recent trend. High demand for packaging solutions, combined with unpredictable raw material prices, has a direct impact on vendors' packaging costs and profit margins. Furthermore, the packaging industry's rapid evolution in tandem with consumer demand allows vendors to become more adaptable to future demands. Furthermore, the evolution of packaging styles and the possibility for expansion in emerging nations present huge prospects for beauty and personal care products.
Due to main driving factors such as demand for creative and novel cosmetic packaging, demand for luxury and natural cosmetic goods, and increased daily use of personal care products, the beauty, and personal care packaging market is likely to rise rapidly over the forecast period. Furthermore, advancements in packaging technologies and the availability of personal care products in novel forms such as pumps, sprays, sticks, pen type, and roller balls are propelling the industry forward.
The demand for cosmetic products depends on the packaging of the product and the quality. The majority of the factors responsible for the expansion of packaged products are imaginative packaging and enhancing the product's shelf life. Furthermore, the rising demand for sophisticated packaging materials is propelling the growth of the cosmetic industry, which is likely to boost packaged product growth throughout the forecast period. As per the L'Oreal/FBIC Global Retail & Technology, the global beauty product market was worth USD 371 billion in 2011 and was worth USD 399 billion in 2014.
The worldwide beauty and personal care packaging market size has been segmented into materials, products, and applications.
On the basis of the materials, the global beauty and personal care packaging market has been segmented into plastics, glass, metal, and others.
On the basis of the product, the global beauty and personal care packaging market has been segmented into bottles, jars and cans, tubes, pouches, and others. It shows massive opportunities to plastic packaging manufacturers and focuses on launching innovative pack formats, sizes, and functionality with leading pack types in response to consumer demand for convenience.
On the basis of the application, the global beauty and personal care packaging market has been segmented into skin care, cosmetics, fragrances, hair care, and others.
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APAC to Rule the Global Market
Rapid economic growth and a rise in disposable income are expected to alter lifestyle habits. Over the next few years, China is expected to open up new growth prospects in the beauty and personal care packaging market. The rapidly expanding cosmetic business, changing packaging, and rising living standards have all boosted the demand for beauty and personal care packaging. A new trend in packaging manufacturer research and development with an emphasis on suitable sites for production and short-distance supply to cut costs plays a significant role in the Asia Pacific region's growth.
Notable players in the global beauty and personal care packaging market are Amcor Limited (Australia), WestRock Company (U.S.), Saint-Gobain S.A.(France)., Albéa Services S.A.S.(France), Bemis Company, Inc. (U.S.)., Mondi Group (Austria), Sonoco Products Company (U.S.), Gerresheimer AG (Germany), Ampac Holdings, LLC (U.S.), Ardagh Group (Luxembourg), AptarGroup (U.S.), and HCT Packaging Inc. (U.S.).
In March 2022, Aptar designed the world's first certified recycled plastic beauty packaging, which has been verified by the International Sustainability and Carbon Certification (ISCC) and will be used in the relaunch of REN Clean Skincare's moisturizer, EVERCALM Global Protection Day Cream. This plastic is suitable for usage as food and cosmetic packaging. It has the same visual qualities as virgin plastic in terms of transparency, brightness, decorative possibilities, and flexibility.
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