Pune, India -- (SBWire) -- 11/15/2018 --The Cosmetic Packaging Market was worth USD 23628.74 Million in 2016 and is projected to reach around USD 32526.34 Million by 2023. The Cosmetic Packaging Market is estimated to grow at a CAGR of 4.6% during the forecast period 2017-2023. The Asia-Pacific region accounted for the largest market share of approximate 33% in 2016 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at highest CAGR of 4.9% during the forecast period.
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Cosmetic packaging industry has experienced radical changes in the recent past. With significant changes in lifestyles of people worldwide and growing geriatric population, the demand for cosmetic products has witnessed upward trends. Cosmetic packaging is done in forms such as containers, sachets and jars, while the materials used for packaging include glass, paper and plastics. Packaging is nowadays playing crucial role in the marketing strategies of the cosmetic packaging.
Globally, the cosmetic packaging market is expected to be driven by factors such as growing demand for cosmetics due to rising geriatric population, increasing disposable income resulting in rise of consumption of cosmetics, packaging becoming an important marketing strategy and innovations in terms of design and technology. However, regulatory constraints pertaining to plastic packaging is one of primary restraining factor to affect the growth of this market over the forecast period. Moreover, high cost of production and fluctuating the prices of raw materials is likely to hamper the growth in the cosmetic packaging market over the forecast period.
Among the regions Asia-Pacific dominated the world cosmetic packaging market in terms of consumption in 2015 and 2016, while North America accounted for the second largest market in terms of revenues in global cosmetics packaging market. Rapid industrial growth and increasing disposable income of the consumers in the Asia-Pacific region is expected to boost the growth in this region. As a result, Asia- Pacific is expected to grow at the highest CAGR over the forecast period.
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Cosmetic Packaging Market Worth 32.53 Billion USD by 2023
The Cosmetic Packaging Market was worth USD 23628.74 Million in 2016 and is projected to reach around USD 32526.34 Million by 2023.