The cosmetics packaging market is expected to be worth $32.4 billion by 2018 thanks to growing demand from the skin care packaging market as anti-aging remains a top consumer priority.
In its latest market research report “Cosmetic Packaging Market by Type, Material, Application & by Packaging Machinery & Geography - Global Trend & Forecast to 2018”, MarketsandMarkets.com defines and segments the cosmetic packaging & machinery market.
According to this report, the cosmetic packaging market is estimated to grow at a CAGR of 5.4% from 2013 to 2018.
The cosmetic packaging machinery market will reach $2.51 billion by 2018, with Asia-Pacific leading the market followed by Europe and North America.
The reasons behind the expected growth, boils down to the increased awareness about anti-aging products amongst women above 30 years of age.
There is also high demand for skin whitener in the Asia-Pacific region, and this in turn sees the skin care packaging market estimated to grow further in the future.
Preference for plastic
Within each segment, it has also become clear that plastic is the most preferred material for cosmetics packaging.
Consumer preferences, product characteristics, and material compatibility are essential in determining the type of packaging for the products.
The potential markets highlighted for cosmetic packaging opportunities include Brazil and Latin America where the fastest growing trends are expected, as well as in India and China.
In fact, the research firm says that Asia-Pacific is a significant market share holder and an impacting driver as it has the highest market share and is projected to be the fastest growing market over the coming years.
“An efficient and suitable packaging is essential for all types of cosmetics,” says MarketsandMarkets.
“Cosmetic packaging market is a growing sector that has various stake holders such as raw material suppliers, processors, cosmetic and cosmetic packaging manufacturers; with the market for cosmetic products rising, players in cosmetic packaging industry are struggling to diversify their product portfolio.”