According to the new report, the global cosmetic plastic packaging market was valued at USD 14.8 billion in 2015 and is predicted to reach USD 19.22 billion by 2020, growing at a CAGR of 5.37%.
The three key trends driving this rise are the increase in demand for sustainable cosmetic packaging, the demand for small-sized and unit dose packs and the emergence of organic cosmetics, according to the market research firm.
Sharan Raj, one of the firm’s lead analysts specializing in packaging, said: “Growing demand for convenient packaging is the primary driver of the market.
“Manufacturers of cosmetic products are demanding packaging products made from materials that are easy to use, carry, and dispose. Urbanization and growing awareness about personal grooming have led to the expansion of the consumer base for cosmetics products.”
With naturals a key concern for formulators and marketers, this demand has now started to make its mark on the beauty packaging sector too.
“Increased environmental concerns and the need to reduce pollution have led to the adoption of recyclable materials, such as plastics, and resins derived from renewable resources,” explained Technavio’s analysts of the trend.
“These factors are prompting vendors to develop new materials and incorporate eco-friendly designs that encourage the minimal use of non-biodegradable materials.”
Examples of eco-friendly packaging include a hybrid tube developed by CCL, explained the market research firm, which combines post-consumer recycled (PCR) resin and sugarcane ethanol-based resin to ensure safety.
Unit doses and organics
The market for travel-sized personal care and beauty items is fuelling the demand for unit dose packs, according to the report, and so too is the rise in the number of single households worldwide.
“This leads to consumers buying products frequently, and can result in frequent brand switching. Based on the lifestyle of consumers, packaging companies are also manufacturing lightweight packs that are leak and weather proof.”
Alongside this, demand is rising for organic cosmetics and as such manufacturers are keen to adopt packaging solutions which reflect consumer desire for ethical, sustainable beauty.
“Manufacturers of these products are looking for packaging products that can actively promote their brands and product lines as all-natural and organic and, thus, are focusing on procurement of eco-friendly and sustainable packaging,” concluded Technavio.