Beauty and Personal Care Packaging Market to Cross a Staggering USD 705 Billion by 2028
Published | 22 August 2022
Global Beauty and Personal Care Packaging Market is growing owing to rising appeal of cosmetic brands; increasing inclination towards creative, attractive and sustainable packaging; and surging demand for premium as well as natural cosmetic products.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Beauty and Personal Care Packaging Market was worth USD 495.1 billion in the year 2021. The market is projected to grow at a CAGR of 4.9%, earning revenues of around USD 705.3 billion by the end of 2028. The Global Beauty and Personal Care Packaging Market are booming because of packaging innovation, such as attractive colors and a wide range of shapes, sizes, and materials is a fundamental driver of industry growth. According to recent trends, firms spend more on packaging innovation than on manufacturing costs. 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 sector is continually expanding, and this, paired with client demand, allows producers to become more adaptable to future requirements. Furthermore, the advent of package styles and the possibility for expansion in emerging nations present enormous opportunities for beauty and personal care products. However, as social consciousness grows, manufacturers are changing to eco-friendly and/or green packaging, which may limit market growth during the forecast period (2022-2028).
Changing Living Standards drives Market Growth
The rising demand for cosmetics is a result of changing grooming habits among both gender types. For marketing cosmetic products, the makers rely on intensive advertising through various media. The key to enticing customers is innovation in packaging, which is expected to have an impact on the industry's overall growth in the years to come. A tremendous opportunity for the expansion of the cosmetics sector is also being presented by emerging nations like China and Japan, where disposable money is rising and lifestyles are changing. As a result, the rising demand for cosmetics has a direct impact on this sector's market, driving worldwide industry growth during the projection period. To achieve a competitive edge, the beauty sector has seen a rise in new entrants and increased product and packaging innovation. These are a few of the key elements that the cosmetics packaging industry is expected to benefit from throughout the forecast period.
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Rising Digital Transformation and Internet Users
The recent increase in e-commerce and internet usage in both urban and rural areas has also had an impact on the demand for cosmetics. For instance, 97 percent of Glossier Inc.'s total sales in the United States are made online. Businesses have also moved their sales to online platforms as a result of rising internet usage. This has increased demand for cosmetic products as a whole, which has influenced the development of the packaging sector. Furthermore, as more customers become aware of the things available in the industry through social media and online channels, digital transformation is providing attractive chances to the market. As a result of the rapid digital revolution, competition in the specialized and bespoke cosmetic packaging sector is heating up. Furthermore, to increase their market presence and gain a competitive advantage over established enterprises, developing cosmetic brands are employing novel packaging alternatives. This competition among competitors is projected to boost the market growth.
Challenge: Excessive Use of Plastic
Plastic is the most widely used packaging material in the cosmetic packaging industry, with the vast majority ending up in landfills. According to the EPA, approximately 70% of the plastic trash generated by the cosmetics industry is not recycled and instead ends up in landfills. Furthermore, the majority of the packaging is made of single-use plastic paper, with a significant number of them being multilayered to give them a more premium appearance, contributing to the overuse of plastics. Because of rising public awareness and government measures, excessive plastic consumption is expected to stymie industry growth.
Segmental Coverage
Global Beauty and Personal Care Packaging Market - By Product
Based on product, the Global Beauty and Personal Care Packaging Market are segmented into Bottles, Cans, Tubes, Pouches, and Others. The bottles segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). Because of the rise in demand for bottles from the personal care and hair care industries. Bottles may be printed with original ideas and patterns or adapted to the customer's specifications. The majority of cosmetic items, including lotions, body washes, shampoos, conditioners, and many more, fit perfectly in the bottles. This influences the bottle segment to dominate the market share in the upcoming years.
Impact of COVID-19 on Global Beauty and Personal Care Packaging Market
The market suffered as a result of supply chain issues caused by the spread of COVID-19, resulting in extended factory closures around the world. It has been difficult logistically for manufacturers of bottles, cartons, and pumps to distribute their products to personal care firms. Personal care may exist because governments in the majority of countries consider it an essential benefit. However, it is still unclear how ancillary industries that create foil, packing materials, printers, and consumables like briquettes and gases operate (required to run boilers).
Competitive Landscape
The leading market players in the Global Beauty and Personal Care Packaging Market are Amcor Limited, WestRock, Saint-Gobain Company, Bemis Company Inc, Mondi Group, Sonoco Products, Albea Services S.A.S, Gerresheimer AG, Ampac Holdings, Aptar Group, and Others.
The Global Beauty and Personal Care Packaging Market are highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Beauty and Personal Care Packaging Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Beauty and Personal Care Packaging Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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