Cosmetic Packaging Industry to reach a market size of $33 billion by 2024?

The cosmetics packaging industry is expected to reach $33 billion (Rs. 223.5 billion) by 2024, according to data released by Transparency Market Research, a global market research firm.

 

Valued at $23 billion in 2015, the study shows that the industry will grow at a steady CAGR of 4.4% from 2014 to 2024. An increasing number of beauty consumers in emerging markets such as Asia Pacific, the Middle East, and Latin America are considered to be the major drivers of growth in the packaging industry.

The cosmetic packaging industry to reach a market size of $33 billion by 2024.

Analysts point out that Asia-Pacific is the major revenue generator for the market. In 2016, the region accounted for 32.5% of the global cosmetic packaging market, and this figure is expected to be maintained during the forecast period. Transparency Market Research said that access to more disposable income as more young people are gradually urbanizing is also one of the growth drivers.

The analysis states, "Packaging innovations are likely to have a greater impact on the youth, which happens to be the main target demographic for  cosmetic companies."

 

Material trends

 

Plastic is expected to remain the preferred choice in cosmetics packaging in the future. However, glass is also expected to take a "significant share" due to its increasing use in high-end products. Environmental protection has been a hot topic in recent years, and the use of paper and wood in packaging is also expected to be on the rise.