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Rise in expenditure on cosmetic products by individuals and the development of cosmetic packaging that are easy to handle, durable, and environment-friendly drive the growth of the global cosmetic packaging market.

PORTLAND, Ore. , June 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Cosmetic Packaging Market by Material Type (Glass, Paper Based, Plastic, Metal), by Packaging Type (Tubes, Bottles, Dispensers, Other), by Application (Oral Care, Skin Care, Hair Care, Makeup, Perfume): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global cosmetic packaging industry generated $34.3 billion in 2020, and is projected to reach $55.9 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.

Rise in expenditure on cosmetic products by individuals and the development of cosmetic packaging that are easy to handle, durable, and environment-friendly drive the growth of the global cosmetic packaging market. Moreover, the development of the e-commerce industry presents new opportunities in the coming years.

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The plastic segment to maintain its leadership status throughout the forecast period

Based on material type, the plastic segment held the highest market share in 2020, accounting for more than half of the global cosmetic packaging market, and is estimated to maintain its leadership status throughout the forecast period. This is due to advantages of plastic packaging materials such as cost efficiency and design effectiveness. However, the paper-based segment is projected to manifest the highest CAGR of 5.4% from 2021 to 2030, owing to increase in restrictions on the use of plastic.

The skin care segment to maintain its lead position during the forecast period

Based on application, the skin care segment accounted for the largest share in 2020, contributing to around two-fifths of the global cosmetic packaging market, and is projected to maintain its lead position during the forecast period. This is due to factors such as increase in use of skin care products in emerging countries and rise in number of people suffering from various skin conditions. However, the makeup segment is expected to portray the largest CAGR of 5.6% from 2021 to 2030, owing to increased use of makeup products in emerging countries.

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Asia-Pacific to maintain its dominance by 2030

Based on region, Asia-Pacific held the highest market share in terms of revenue 2020, accounting for more than one-third of the global cosmetic packaging market. Moreover, the same region is expected to witness the fastest CAGR of 5.5% during the forecast period, owing to its large population and rising per capita income, which is increasing the consumption of cosmetics. Other regions discussed in the report include North America , Europe , and LAMEA.

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