Presently, cosmetics have become an indispensable feature of the modern lifestyle of individuals. In addition, growth in consciousness about external beauty and skin health has become one of the major driving factors for the use of cosmetics in the global market. Presently, along with women, there is a rise in the use of cosmetics among men in their daily routine, which complements the growth of the cosmetics market demand. In recent times, demand for makeup and skincare products has surged dramatically. Both men and women use it to enhance their overall appearance. The industry offers various products, such as hair care, face care, lip care, etc. Additionally, the increasing demand for anti-ageing creams and serums and the development of advanced tools and innovative packaging are attracting consumers. Hence, such changing lifestyles have led to the development of the cosmetics market worldwide.
Regions like North America and Europe are considered to be the largest markets in the cosmetic industry. According to the data from L’Oreal, the global cosmetic industry witnessed a growth rate of 5.5% in 2019. According to Cosmetics Europe, the European cosmetic market grew from US$ 89.30 in 2018 to US$ 90.66 in 2019. As cosmetics have become an integral part of individuals’ lives, consumers, especially women, prefer to use cosmetics products that are handy and easy to use while travelling or attending social meetings. Moreover, the use of natural ingredients for manufacturing cosmetics products, which does not have any adverse effect on the skin, is a popular strategy of manufacturers to attract more customers. This also helps in increasing the revenue of companies operating in this industry.
Increasing number of new entrants in the cosmetic industry have led to a rise in product innovation and packaging to gain a competitive advantage. These are some prominent factors anticipated to fuel the cosmetics packaging market growth in the forecast period. Growing e-commerce and internet penetration in rural and urban areas have also impacted the demand for cosmetics in the recent past. For instance, online sales of Glossier Inc. accounts for 97% of the total sales in the U.S. Due to increasing internet usage; companies have also shifted to online platforms for their sales. This has led to an increase in demand for overall cosmetic products, thereby influencing the growth of the cosmetic packaging market.
