Albany, New York, May 4, 2017: Market Research Reports Search Engine (MRRSE) announces the addition of a new report titled ‘Cosmetic Packaging Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024’, which analyzes the trends, drivers and restraints, and competitive landscape of the market. The report is published by Transparency Market Research (TMR) and estimates that the global cosmetic packaging market will grow at a steady CAGR of 4.4% in the forecast period between 2016 and 2014. It is also predicted that the market will grow from a value of US$23 bn in 2015 to US$33 bn by 2024.
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Eco-friendly Materials Preferred for Cosmetic Packaging Solutions
Glass, paper, plastic, wood, and metal are the most commonly used materials for packaging cosmetics. In terms of both volume and value, the plastics segment currently leads the global cosmetic packaging market and is projected to account for a 50.0% share in the global market throughout the forecast period. However, the numero uno position held by plastics is expected to be threatened due to increased demand for eco-friendly products such as paper, wood, and metals. This is projected to limit the growth of the plastics segment.
The demand for eco-friendly material is growing due to the implementation of strict environmental laws, rising awareness, and competitive benefits. In the coming years, the global demand for silicone, paper, melamine, and bamboo is also expected to get a boost from the cosmetic packaging market.
Luxury goods are expected to push the demand for glass-based cosmetic packaging, powered by developed economies such as the U.S., the U.K., and Germany. In comparison with other materials, the adoption of metals is still low and will continue to remain so due to its higher cost.
High Demand for Cosmetics to Fuel Market Growth
The global market of cosmetic packaging is segmented on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is known to lead the market in terms of total demand and held a share of about 32.5% in 2016. High concentration of manufacturers as well as buyers of cosmetics and cosmetic packaging solutions in the region is the key factor driving the market. Due to the adoption of the China Plus One policy, numerous manufacturers of cosmetic products and cosmetic packaging products in China are able to set up production facilities in ASEAN countries such as Indonesia and Malaysia, thereby fuelling the demand for various packaging solutions. Growing consciousness for anti-aging products and a prosperous e-commerce sector in the region are also expected to fuel the demand for cosmetic packaging over the forecast period. On the other hand, the Latin America and the Middle East & Africa markets are projected to witness comparatively slower growth over the forecast period.
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The leading players in the global cosmetic packaging market include Albea S.A., Fusion Packaging, Quadpack Industries, RPC Group Plc, Aptar Group Inc., Gerresheimer AG, Libo Cosmetics Company, Ltd., Amcor Limited, HCP Packaging, and ABC Packaging Ltd.
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