The focus of cosmetic product manufacturers on innovative and alluring packaging has significantly increased in the past few decades. Key cosmetics and personal care brands have started considering effective packaging as a critical attribute of product marketing.
The strategy has translated in enhanced brand visibility, increased sales, reduced brand recall rates, as well as a larger footprint in the respective target geographies.
The factors have significantly benefitted the global market for cosmetic packaging and are expected to lead to the development of healthy growth opportunities for the market in the next few years as well.
Transparency Market Research estimates that the global cosmetic packaging market will exhibit a 4.4% CAGR over the period between 2016 and 2024.
If the prediction holds true, the market will rise from a valuation of US$23 bn in 2015 to US$33 bn by 2024. A variety of materials is used for packaging cosmetics, including glass, plastic, paper, metal, and wood.
Of these, the plastics segment presently leads the global cosmetic packaging market, in terms of both value and volume.
The segment is expected to account for a 50% of the global market throughout the forecast period....
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