According to latest figures, the beauty packaging will reach $33bn by 2024
The cosmetics packaging industry is expected to reach $33bn by 2024, according to figures from Transparency Market Research.
Previously valued at $23bn in 2015, the latest research indicates the sector is on a steady 4.4% CAGR between 2014 and 2024.
The growing numbers of beauty consumers in emerging markets such as Asia Pacific, the Middle East and Latin America, is said to be the main driving force for the packaging industry’s growth.
Asia Pacific was noted by the analyst to be a key revenue generator for the market.
In 2016 the region accounted for 32.5% of the global cosmetic packaging market and is predicted to retain the figure during the forecast period.
The growing use of cosmetics among young men is also a growth driver, Transparency claims, as more men are becoming urbanised with access to a disposable income.
“This demographic is also more swayed by packaging innovations than older demographics, which has made it a crucial target demographic for many cosmetics companies,” the analyst noted.
Plastics are predicted to remain the preferred material in cosmetics packaging.
However, glass is also expected to take up a “significant share” due its growing use in premium products.
The use of paper and wood in cosmetics may also gain momentum due to the increasing focus on environmental issues.