COVID19 Impact on Cosmetics Packaging Market Analysis, Business Insights with Growth Driving Factors | Key Player: DS Smith, Albea SA, BIG SKY ACKAGING, Berlin Packaging, HCP Packaging, Berry Global, ALPLA Group.
The global cosmetics packaging market size is anticipated to reach USD 39.32 billion by 2027 owing to the rapidly augmenting beauty industry worldwide. Cosmetics packaging plays a pivotal role in the marketing of different cosmetics products by drawing the attention of the consumers. More information on the market is provided in a recent report published by Fortune Business Insights™ titled, “Cosmetics Packaging Market Size, Share & Industry Analysis, By Material (Glass, Paper & Board, Plastic, Metal, and Others), By Application Type (Skin Care, Haircare, Make-up, and Nail care), and Regional Forecast, 2020-2027.” According to this report, the market value stood at USD 30.37 billion in 2019 and is poised to register a CAGR of 4.03% between 2020 to 2027.
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What are the Objectives of the Report?
The report offers a comprehensive overview of the market and focuses on growth drivers, restraints, upcoming opportunities, and possible challenges of the market. The report also throws light on the market segmentation based on factors such as material, application, and geography with the name of the leading segment and its attributed factors. It also highlights the names of players functioning in the market and the major strategies adopted by them to gain a competitive edge in the market. Furthermore, the report provides a list of significant industry developments, current trends prevalent in the market, and other interesting insights that will help investors to make financial and beneficial decisions for the market.
“Rise in Beauty Standards to Propel Growth”
Various factors promoting the cosmetics packaging market growth include a rise in beauty standards, an increasing variety of cosmetics worldwide, and the rising disposable incomes of people. On the contrary, environmental concerns and animal-cruelty cases pose challenges for the market. Nevertheless, the trend of green packaging and conventional packaging solutions with customizable options are expected to create lucrative growth opportunities for the market in the forecast period.
“Asia Pacific to Continue Dominance with Rising Disposable Incomes of People”
Asia Pacific dominated the cosmetics packaging market with a revenue of USD 10.50 billion in 2019 with China holding about three-fifth or more shares. China is the second-largest cosmetics market after the U.S. The rapidly increasing disposable incomes of people, coupled with the increasing number of young population are likely to aid in the expansion of the market in this region. The currently trending digital transformation is holding major importance in influencing the young generation to be more inclined towards beauty, thereby increasing the demand for cosmetic products and ultimately boosting the regional market.
On the other side, North America will rank second in the market with the U.S. holding the dominant share owing to the high adoption of green packaging solutions and increasing export relations with the other nations around the world. The market in Europe will also gain traction in the forecast period on account of the gradual switch to post-consumer recycled (PCR) packaging.
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“Fragmented Nature of Market Will Intensify Future Competition”
The cosmetics packaging market is fragmented in nature with the presence of multiple players. Major players are switching to reused and recycled products, keeping in mind the environmental concerns of waste management and are adopting sustainable packaging solutions. For instance, the French cosmetics brand L’Oreal has established several designated stores where they accept empty body care product bottles and jars from consumers and further convert them into new packaging used for various community projects. Such initiatives are likely to attract high revenue in the market during the forecast period. Besides this, the players are also engaging in mergers and acquisitions, contracts and agreements, joint ventures, partnerships, and other strategies for gaining a competitive edge in the market during the forecast years.
List of Cosmetic Packaging Market Manufacturers Include:
• DS Smith
• Albea SA
• BIG SKY PACKAGING
• Berlin Packaging
• HCP Packaging
• Berry Global
• ALPLA Group
• Aptar, Inc.
• Sealed Air Corporation
• Other Players
Major Industry Developments Include:
September 2019 – After the acquisition of Lepolast, a manufacturer of lip-glosses and lipsticks, Lumson entered into a partnership with Marino Belotti, a packaging producer of compact cases and other powder boxes. This venture is aimed at the expansion of businesses of the Italian company into the Chinese market.
June 2019 – Amcor acquired the Bemis Company for strengthening the demand and supply chain of cosmetic packaging throughout the United States.
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Name: Ashwin Arora
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Originally Published on : https://www.openpr.com/news/2124057/covid19-impact-on-cosmetics-packaging-market-analysis
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