New York City, NY, 13 March, 2020/ 24 Market Reports: It is estimated for the global cosmetic packaging market to reach USD 60.4 billion by 2025 from that of USD 49.9 billion in 2020, witnessing the growth at a CAGR of 4.07% during the forecast period of 2020 to 2025. The high growth and increase in demand for cosmetic products across the globe are driving the growth of the market. The high demand from cosmetic brands for innovative, attractive & sustainable packaging across the globe is also propelling the growth of the market during the forecast period.
Bottles segment, by type, is estimated to be the largest segment in the market during the forecast period. The durability of the bottles is the factor that is driving the growth of the market during the forecast period. Plastic bottles are widely preferred as these are light in weight and are not prone to breakage. The demand for bottles for fragrances and perfumes is rapidly increasing due to the attractive & premium look of the glass bottles.
During the forecast period, based on material, it is estimated for the paper-based segment to be the fastest-growing segment in the market. Recyclability, sustainability and the use of environmentally friendly materials for the production of packaging products are the factors that are driving the growth of the segment in the market during the forecast period and also the factors make the paper-based segment a widely used material for the packaging of cosmetics.
Based on application, the skin-care segment is projected to lead the cosmetic packaging market during the forecast period. The increasing growth in the demand for personal care & grooming products across the globe is driving the growth of the market. The demand for wellness, grooming and personal care products is witnessing an increase in the recent times with the change in the lifestyle and buying patterns and thus resulting in the growth of the skincare segment in the market during the forecast period.
In the year 2019, the Asia Pacific region led the cosmetic packaging market and the trend is estimated to continue throughout the forecast period. The growing population, urbanization & disposable income of the population are the factors that are driving the growth of the market in the region during the forecast period. Besides, the less stringent regulations related to the usage of raw materials or ingredients for the manufacturing of packaging products coupled with various other factors such as easy availability of cheap labour, which is driving the major players of the market across the globe to this region is driving the growth of the market in the region during the forecast period. The increasing demand for cosmetics in the emerging countries of Asia Pacific region is driving the growth of the market in the region during the forecast period.