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4.8% CAGR Expected for Cosmetic Packaging Market During 2016-2021

Cosmetic Packaging Market globally estimates $7.75 billion by 2022

 

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Packaging is the process of enclosing, wrapping and protecting products for storage, distribution, sale, and use. Packaging can also be defined as the process of designing, evaluating, and producing packages. Cosmetic packaging depends on four major aspects such as the type of container, compatibility, functionality, and protection of products. Cosmetic packaging is gaining huge demand in recent times owing to the huge demand for cosmetic products in China.

The sharp rise in the cosmetic industry is expected to drive the cosmetic packaging market in China in upcoming years. Moreover, major focus on innovative cosmetic packaging is likely to fuel the growth of the cosmetic packaging market in the forecast period. However, fluctuations in the raw material of the packaging may obstruct the growth of the cosmetic packaging market in coming years. Nevertheless, increasing number of domestic players in this market may open opportunities for the cosmetic packaging market growth within the forecast period. Furthermore, development of new materials is considered to be the major driver opening new opportunities for the cosmetic packaging industry.

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Based on the material type, the cosmetic packaging can be segmented as plastic, glass, paper, and others. Plastic seized the cosmetic packaging market in 2016 due to high use of plastic in packaging owing to its well-situated in use and low cost. The cosmetic packaging is carried out using various types of container type such as jars, bottles, tubes, sachets, and others. Bottles held the significant market share in 2016 followed by tubes. Tubes are expected to experience amplifying growth in the forecast period. The cosmetic packaging is utilized in various applications such as hair care, skin care, nail care, makeup, and others. Skincare clutched the cosmetic packaging market in 2016 with noteworthy market share.

China cosmetics market is growing rapidly. There are various new brands attracting the Chinese consumers. China is the second-largest cosmetics consumer market across the globe. China's cosmetics industry underwent a significant transformation over the past decade, owing to its rapid economic development. China is witnessing the decisive and approving shift in women's lifestyles coupled with remarkable growth in disposable income. The women population in China hunts for greater beauty expectations. Their prominent and escalating liberty combined with the focus on appearance is expected to ladder up the cosmetic market which in turn is anticipated to accelerate the growth of the cosmetic packaging market in the forecast period. Moreover, China is experiencing spectacular growth in skin care sector and is expected to gain traction in the forecast period.

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Per capita income levels are elevating continually in China, thus, the country is experiencing higher interest and shifting from the product. The rapid development of domestic cosmetics manufacturers in China has boosted the growth of domestic brands. The market share of domestic brands is growing gradually, posing competition to their foreign counterparts. Thus, the domestic cosmetic packaging industry is likely to boost the market in the coming years. Moreover, growing demand in the cosmetic market is the rapidly expanding middle class in China.

Key players operating in the cosmetic packaging market are Jiangyin Bonus Cosmetics Packaging Co., Ltd., Guangzhou Taimei Cosmetic Packaging Co., Ltd, QUEENSPACK Co. Ltd, JUMBO, Alovey Cosmetic Packaging Co.,Ltd, Rise Cosmetic Packaging Co., Ltd., BI-packaging, IMS NINGBO LIMITED, Rayuen Packaging Co., Limited , Fine Cosmetic Packaging Co. Ltd., HCP Packaging and Auber Packaging Co., Ltd among others.

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About Zion Market Research
Zion Market Research has published a new report titled "Cosmetic Packaging Market by Material Type (Plastic, Glass, Paper and Others), by Container Type (Jars, Bottles, Tubes, Sachets and Others) for Hair Care, Nail Care, Skin Care, Makeup and Other Applications: China Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022" According to the report, the demand for cosmetic packaging market in China was valued at over USD 5.87 billion in 2016, is expected to reach above USD 7.75 billion in 2022 and is anticipated to grow at a CAGR of slightly above 4.8% between 2017 and 2022.