A new study from Transparency Market Research has identified three drivers of the global growth of the cosmetic and perfume glass packaging market, which the company estimates will expand at a CAGR of approximately 5%, in terms of revenue, during the period 2019 to 2017.
Notes the study, packaging market trends for cosmetic and perfume glass packaging—primarily jars and bottles—appear to follow similar dynamics as the cosmetics industry as a whole. These include:
1. Rising consumer expenditures on beauty treatments at grooming and wellness centers: Says the study, beauty salons and grooming centers are among the businesses benefitting the most from an increased consumer focus on beauty and wellness. Consumers are willing to spend a significant amount of money to get timely beauty treatments and services from professionals. The growing number of such commercial businesses as well as shifting consumer expenditure patterns on the services provided by them are driving the global market for cosmetic and perfume glass packaging. Moreover, the use of color cosmetics in commercial spaces is relatively higher than that by individuals, which, in turn, is expected to fuel demand in the cosmetic and perfume glass packaging market during the forecast period.
2. Luxury and premium packaging is gaining traction: According to the study, premium packaging aids in enhancing consumer satisfaction with a brand and increases the chances of them repurchasing and recommending it to others. Key players operating in the global cosmetic and perfume glass packaging market are focusing on expanding their product lines by introducing various luxury glass packaging products for cosmetic and perfume applications. This is expected to increase the demand for this type of packaging during the forecast period. Premium packaging uses unique materials such as leather, silk, or even canvas on conventional glass bottles and jars. The most common trending luxury effects include glitter and soft touch coatings, matte varnish, metallic sheens, pearlescent coatings, and raised-UV coatings.
3. The rising penetration of cosmetics and perfumes in developing countries: Emerging economies are expected to create a favorable demand for cosmetics and perfume products and their packaging. India is one of the fastest-growing markets for cosmetic consumption and production. Most cosmetic and perfume glass packaging manufacturers are targeting the customer base in emerging economies such as Brazil, Indonesia, Nigeria, India, and ASEAN (Association of Southeast Asian) countries. Southeast Asia, especially, has a lucrative market for cosmetics, owing to its economic stability and the changing consumption pattern of its urban middle class. India, ASEAN, and Brazil are expected to represent an attractive incremental opportunity for the global cosmetic and perfume glass packaging market in the coming years.