The global cosmetic packaging market is expected to reach $37.25 billion USD by 2022, according to Grand View Research. Driving increase in cosmetic and beauty products is the advancement in packaging technologies. This will be a key driver over the next several years. The light weight property, as well as the durability of flexible packaging in countries like China, Brazil and India is also expected to propel industry growth over the forecasted period. Also expected to see significant gains in the cosmetic industry is rigid packaging. Rigid plastic accounts for 35% of the global revenue as they are non-corrosive, light, and cheap. There is an increase demand for rigid plastics in hair care and skin care applications due in part to its superior properties of high impact strength, high stiffness, and high barrier properties.
Further findings from the report indicate a boom in fragrances, this growth is expected at CAGR of 6.3% from 2015 to 2022. There is a large demand from perfumes, deodorant, soaps, body washes and moisturizers for flexible and rigid packaging. In addition to the demand for cosmetic packaging for fragrances, there is a demand from cosmetic manufacturers like Unilever, Johnson & Johnson and Procter & Gamble in the United States for bio-base plastics and paper packaging as a departure from glass and can packaging. Also expected to see a significant rise are pouches. The ease of use and superior properties, including chemical resistance and high barrier ability, is a huge benefit for cosmetic packaging. This particular segment is anticipated to generate revenues exceeding $1.6 billion by 2022. Lastly, the cosmetic packaging market is fragmented in nature with key players like Amco, Mondi PLC, Bemis, Donoco and Ardagh Group making up 30% of the global share in 2014. With the introduction of bio-base packaging for cosmetics, we will see an outgrowth in the industry. The reduction of weight by replacing glass bottles will reduce energy required to produce and transport them will encourage growth.
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Source: Econo Times
