The importance of cosmetics packaging to the success of cosmetic products, as well as several consumer-driven trends should also contribute to steady and continuous growth of this market over the next decade.
“Cosmetics packaging is an essential component of cosmetic products success. Consumers in developed countries are seeking added value and luxury from their cosmetics, enticing cosmetic companies to seek innovative cosmetics packaging. In addition, emerging market consumers have ever-increasing disposable incomes and are increasing their cosmetic purchases accordingly. These factors serve to increase the values and growth rates of cosmetics packaging markets around the world,” explains the report.
Premiumisation is highlighted as the main factor contributing to the sector growth in mature industrialised nations, such as the United States, Japan and major European countries, which should remain central to the cosmetics packaging market over the forecast period to 2022. Consumers are increasingly looking for added value in the cosmetics they buy, and cosmetics producers are seeking to create this via adding integrated applicators and innovative techniques to the packaging of the products. The ageing of the average consumer also contributes to the increasing demand for premium cosmetics packaging.
In emerging markets, in Asia, Latin America, Eastern Europe, Middle East and Africa, steady economic growth will enable more of the consumers in these countries to join the emerging middle class and will heighten their demand for various cosmetic products. “As professional occupations become more common in emerging markets, appearances become more crucial and consumers are increasingly willing to spend their disposable income on cosmetics such as hair care or skincare,” the reports states.
The heightened popularity of male grooming also contributes to the growing demand.
However, there are a few dangers remaining in the horizon, according to Visiongain. Uncertainties linked to the financial crisis, in particular in the euro-zone, as well as fluctuating raw material and energy prices, may lead to the reduction of packaging value in some segment and may also impact margins.