A recent report from Research and Markets shows that the global cosmetic packaging market was valued at $24.86 billion in 2017 and is projected to reach a value of $31.75 billion by 2023, at a CAGR of 4.16% over the forecast period, 2018-2023.

Data includes primary packaging of cosmetics in products including bottles, cans, pouches, tubes, bags, jars and more. Packaging materials covered include primarily plastic, metal, and glass.

Research and Markets findings indicate that suppliers are moving toward adopting recyclable and eco-friendly packaging products due to growing environmental concerns among consumers. In addition, data shows urbanization and growing awareness about personal grooming have led to the expansion of the consumer base for cosmetic products. The demand for innovative designs and colors in packaging products, and a focus on packaging for brand differentiation are the primary factors driving the growth of the market. Plastic has emerged as the material of choice for cosmetic packaging because of its versatile nature.

Another impact on the market is 3D printing, which is significantly changing the consumer’s sensorial experience. Virtual reality is also likely to enter into more packaging solutions.

In terms of volume, the hair care, deodorants, and personal care segments are the largest contributors to this market. The demand for tamper-evident closures, sprays and pumps is expected to lead to demand for materials with high-barrier properties that can provide greater protection.

The report predicts that countries such as China, India and Vietnam, are likely to witness rapid growth during the forecast period.