by Makeup products such as foundations, concealers, powders, eye shadows, lipsticks, and other cosmetic items need reliable and durable packaging to protect the products from damage or contamination. Makeup packaging plays an important role in product marketing as the package build brand identity and trust among consumers. Innovative packaging solutions are being developed to enhance product usability and provide differentiation in the highly competitive cosmetic industry. Vendors offer customized packaging designs tailored to specific brands and product lines. The packaging is made from high-quality plastic, glass, and metal materials keeping in mind safety, sustainability, and aesthetic appeal.
The global Makeup Packaging Market is estimated to be valued at US$ 8126.3 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The key trend gaining traction in the makeup packaging market is the increasing demand for eco-friendly and sustainable packaging solutions. Consumers are becoming more aware of the environmental impact of cosmetic packaging and are inclined towards brands that use recyclable materials. Manufacturers are developing packaging made from Post-Consumer Recycled plastics and plant-based renewable materials such as bamboo, sugarcane, and corn starch to attract conscious buyers. They are employing minimalist designs and optimized packaging sizes to reduce the consumption of plastics and other resources. Innovation in packaging technology will continue to play a defining role in the success of brands and the evolving landscape of the global makeup packaging industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the makeup packaging market is moderate. Established players dominate the market and regulatory requirements for product packaging add to costs of entry.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products and packaging options. However, branding and promotional activities influence buyer preferences.
Bargaining power of suppliers: Established packaging material and plastic resin suppliers have some bargaining power over makeup brands due to specialized manufacturing requirements.
Threat of new substitutes: Threat of substitutes is moderate as makeup products have close substitutes based on formulations, packaging types and price points.
Competitive rivalry: The competitive rivalry in the market is high due to availability of alternatives and established supplier relations of major brands.
Key Takeaways
The global Makeup Packaging Market Demand is expected to witness high growth. The global Makeup Packaging Market is estimated to be valued at US$ 8126.3 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market holding over 35% share due to growth in China, Japan and India. Rising disposable incomes and increasing working women population propels the regional market. North America comprises the United States, Canada and Mexico as a dominating region, collectively accounting for over 30% share of the global makeup packaging market. The region exhibits high cosmetic consumption per capita along with high per unit price of makeup, driving profitable growth of the regional market.
Key players operating in the makeup packaging market are Accord Healthcare Inc., Viatris Inc., Sandoz Inc., Sun Pharmaceutical Industries Inc., Vintage Pharmaceuticals Inc., Zydus Pharmaceuticals USA Inc., Watson laboratories Inc., Torrent Pharmaceuticals Ltd., Dr Reddy’s Laboratories Ltd., Unichem Laboratories Ltd., Apotex Inc. and Intas Pharmaceuticals Ltd. Established players continue product innovations and adopt sustainable manufacturing methods to increase brand value.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
