In the highly competitive global cosmetic packaging market, innovation remains the key to success as excellent aesthetic value and appeal of packaging products continue to be richly awarded by cosmetic manufacturers, observes Transparency Market Research in a recent report. Key manufacturers are focusing on the introduction of attractive and innovative packaging products such as the 3D printing bottles introduced by Rouge Louboutin and the airless bottles by Albea S.A.
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Transparency Market Research estimates that the global cosmetic packaging market will exhibit a 4.4% CAGR over the period between 2016 and 2024. As a result, the market, which had a valuation of US$23 bn in 2015, will rise to US$33 bn by 2024. In terms of packaging material, the market is chiefly dominated by the plastics segment. The segment is expected to retain dominance throughout the forecast period as well and account for an estimated 56.3% of the global market’s revenues by end of 2016.
Rising Awareness about Anti-Aging Products to Boost Demand for Cosmetic Packaging
The global market for anti-ageing beauty products is expected to boost the global demand for cosmetic packaging over the forecast period. Consumers mainly from the aging population are inclined towards cosmetic products capable of improving their overall appearance. As the world population of aged people continues to rise at a high pace, the segment of anti-ageing products is expected to account for a significant share in the global cosmetics market in the next few years.