Analysis by Container (Bottles, Jars, Tubes, Sachets, Others); by Shape (Circular, Square, Rectangular, Square, and Others); by Capacity in ml (50, 50-100, 100-150, 150-200, and Above 200); and by Application (Cosmetics, Hair & Skincare, Nail Care, Fragrance, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Regionally, the global cosmetic and perfume glass packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market can be ascribed to the rising utilization of cosmetic products owing to the higher inclination of the population toward beauty and personal grooming. As of 2022, the cosmetics segment in the United States was estimated to generate total revenue of about USD 10 billion. Moreover, the higher penetration of major key payers and growing demand for deodorants were further projected to fuel the growth of the market in the region during the forecast period.
The global cosmetic and perfume glass packaging market is estimated to garner a revenue of ~USD 12 billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 8 billion in the year 2022. The growth of the market can primarily be accounted to the increasing demand for fragrance products worldwide. For instance, in 2022, the deodorant segment was valued at approximately USD 25 billion.
The global cosmetic and perfume glass packaging market is further classified on the basis of region as follows:
Growth Drivers
Rising Number of Products for Male Grooming or Men’s Beauty - As of 2022, approximately 20% of heterosexual males aged between 18 to 65 in the USA were projected to be utilizing some sort of male cosmetics.
The perception toward men’s grooming is changing drastically resulting in a higher demand for male beauty products. Some of these products are deodorants, cleansers, sunscreen, toners, moisturizers, and others. According to many stereotypes, men should be rough and robust but in recent decades, there has been a noteworthy change in this notion. A significant number of males now use body cream, lotion, scrub, balm, beard cream, and others on a daily basis.
Growing Demand for Fragrance Products Owing to a Surge in Gym Activities - For instance, about 180 million gym membership was purchased in 2019 while the fitness segment was further estimated to reach around USD 95 billion in 2021.
Higher Inclination Toward Beauty Products on the Back of a Rising Number of Beauty Influencers - It was observed that nearly 70% of beauty enthusiasts adopted full-time beauty influencer jobs in 2021.
Escalating Utilization and Demand for Skin & Hair Care - It was estimated that the skin care segment amounted to around USD 8 billion across the globe in 2022.
Challenges
The global cosmetic and perfume glass packaging market is segmented and analyzed for demand and supply by application into cosmetics, hair & skincare, nail care, fragrance, and others, out of which, the cosmetics segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the escalating demand and supply of cosmetic products across the globe. For instance, the cosmetic segment was estimated to generate total revenue of approximately USD 5 billion in 2022.
Our in-depth analysis of the global cosmetic and perfume glass packaging market includes the following segments:
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Higher inclination toward beauty products on the back of a rising number of beauty influencers is estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.
Ans: The possibility of side-effects of these products is estimated to challenge the market growth.
Ans: The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Rise Cosmetic Packaging Co., Ltd, Swallowfield Plc, Continental Bottle Company Ltd., AptarGroup, Inc., HCP Packaging UK Ltd, Vitro, S.A.B. de C.V., Fusion Packaging l, LLC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by container, shape, capacity in ml, application, and by region.
Ans: The cosmetics segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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