While talking about cosmetics, the demand for these products is always elevating, and so is the need for better and effective packaging. All the businesses are looking for high-class packaging designs that can serve them to elevate their reach in society along with ensuring the protection of products. The compound annual growth rate of custom foundation packaging in the global market is expected at 4.5%. These boxes are the essential companion of businesses as they help them elevate protection for products along with providing a high-class promotional medium to them. The demand for this packaging is also elevating as it is the top medium for businesses to elevate their product recognition in the market.
Wellbeing and beauty are the basic driving trend behind cosmetic products now, and the demand is always thriving due to this reason. The cosmetic and skincare product sector is one of the prominent in the market, and according to Forbes, the industry was estimated to be worth 445 billion dollars in 2017 in terms of annual sales revenue. When it comes to the cosmetic packaging industry, it is more or less a subset of the cosmetic industry as the packaging is essential to keep all the products free of damaging and contaminating factors. Cosmetic products are sensitive and have a small shelf life due to their damage-prone nature. These products can get damaged from external contaminations such as bacteria and moisture in addition to the risks posed by physical impacts.
Moreover, packaging for these products is also important as it helps the businesses elevate their reach in the market, serves to communicate the consumers along with its advertising appeal. The cosmetic packaging market is estimating to be at 25.5 billion dollars as of the year 2018.
Packaging Market Outlook
The foundation packaging industry is thriving now as the demand is never-ending. All the product manufacturers want the highest quality packaging for their products as the packaging is the only protective barrier that helps to keep the risks of damage and contamination away from the products. Cosmetic products are highly vulnerable to damage and require functional packaging designs to keep the risks of contamination away from products. While talking about the United States of America, the northern region is one of the prominent generating elements for this kind of packaging. North America has the world’s largest economy by the term of GDP and accountable for 35% of all the cosmetic product packaging demand. About 57% of the consumers there have large sums of disposable income and use it primarily on luxury products and skincare.
Associated Sectors With Packaging
Although the demand for foundation packaging is booming, the sector is also dependent on the other spectrums of the market for getting raw materials. This sector of the packaging employs a bundle of resources, and the wholesome combination of the industries helps to elevate the market value of the industry. Some of the basic resources that cosmetic packaging requires are.
- Paper packaging materials
- Plastics and polymers
- Glass containers
- Plastic tubes
- Graphics and Printing industry
- Pen types and rollers
- Pump dispensers, etc.
Growth Dividers And Trends
The novel innovations and the advancements in the technology for new and innovative packaging designs have elevated the sales of the sector. The use of ploy-propylene films in the packaging also has elevated the functionality of the packaging designs and made it a perfect solution to keep the risks of damage and contamination away from the products. The cosmetics packaging industry has witness a paradigm shift in the past decade from being called a feminine-oriented market spectrum to being unbiased of the gender tag. The graphics used on the packaging also have changed the perceptions of the consumers and have worked as prominent growth dividers. The use of biaxial-oriented poly-propylene, also known as (BOPP) in the packaging also has made it versatile in use, and the modern packaging designs can serve to package a number of different items with greater care.
Future Of The Industry
The growth of the cosmetic and foundation packaging industry is directly proportional to the growth of the cosmetic and skincare industry. As there is no known substitute for cosmetic packaging, the industry is simply inevitable and unparalleled. The cosmetic packaging sector is expecting to grow enormously in the future; while talking about the predictions for the future, the Compound Average Growth Rates are 4.5 folds by the year 2021 to 2026. The demand for the packaging is simply endless, and the manufacturers have to introduce new and innovative technology for making pace with the demand.