Competition in the global cosmetic jars packaging market, which is somewhat consolidated, is predicted to hot up going forward because of the increasing thrust on research and development by key players to come up with better products. Competition will also likely to rise owing to the entry of new players. Massive opportunities in the global cosmetic jars packaging market and low entry barriers is drawing many aspiring players.
In such a cutthroat scenario, players that have come to hold a prominent position by beating competition are Akey Group LLC, Bonex d.o.o., P. W. Masterchem S.J., Raepak Ltd., HCP Packaging (Shanghai) Co. Ltd., Quadpack Industries, Albea SA, Libo Cosmetics Company Ltd., and Gerresheimer AG.
A report on the cosmetic jars packaging market by Transparency Market Research finds that it would expand at a 5.1% CAGR over the duration of the forecast period beginning in 2017 and ending in 2024-end. The market, which was valued at US$3.9 bn in 2017, will likely clock a value of over US$5 bn by 2024-end, rising at this pace.
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Depending upon capacity, the below 50 ml category accounted for a considerable 52.4% share in the cosmetic jars packaging market in 2017. Going forward, the segment is expected to increase its share further, predicts the TMR report. From a geographical standpoint, Asia Pacific except Japan is at present the largest market, whose value is predicted to be double that of the value of the North America cosmetic jars market. The region’s market will hold on to its dominant position, by rising at a 6.6% CAGR in the forecast period, states the report.
Flourishing Cosmetics Industry Fuelling Market Growth
Serving to catalyze growth in the global cosmetic jars packaging market is the intense competition in the burgeoning cosmetic industry. Rising disposable incomes of people due to economic development worldwide is driving the cosmetic industry. In order to steal a march over their rivals and also increase brand value, one of the methods leveraged by players are attractive packaging of their products. It also helps to draw attention of consumers easily. Such trends and the proliferating cosmetic products is positively impacting the cosmetic jars packaging market.
Personal Care Industry another Major Growth Driver
Growth in the global cosmetic jars packaging market is also being fuelled the growing personal care industry. A noticeable trend in the market is the surging demand for small sized and disposable packaging products. Manufacturers, meanwhile, are looking for ways to reduce cost of packaging through cost effective materials. This would reflect in the lower cost of cosmetic jars packaging which in turn would boost sales further. Besides, many prominent companies are focusing on premium packaging solutions for satisfying the various needs of clients.
