Europe Plastic Cosmetic Packaging Market Trends And Opportunities by 2028
The Europe plastic cosmetic packaging market is set to gain traction from the increasing demand for packaging made of recyclable and eco-friendly materials. In January 2020, for instance, Colgate-Palmolive unveiled a new range of toothpaste named Smile for Good in Europe. It comes in fully recyclable tubes and is certified vegan. The company wants to share the recyclable plastic packaging technology with its rivals. This information is given by Fortune Business Insights™ in a new study, titled, “Europe Plastic Cosmetic Packaging Market, 2021-2028.” As per the study, the market size was USD 1,266.7 million in 2020 and is projected to reach USD 1,584.0 million by 2028, exhibiting a CAGR of 2.9% during the forecast period.
COVID-19 Pandemic: Limited Socializing to Reduce Demand for Cosmetics
The outbreak of the COVID-19 pandemic has severely affected the supply chain of various manufacturers operating in this industry because of restrictions on raw material transportation and lockdown measures. Also, the demand for cosmetics has reduced on account of work-from-home practices and limited socializing. We are providing accurate research reports to help you find the best strategy.
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List of the Leading Companies Profiled in the Europe Plastic Cosmetic Packaging are:
- Amcor plc (Switzerland)
- Huhtamäki Oyj (Finland)
- ALPLA Group (Austria)
- Albea Group (France)
- Aptar, Inc. (U.S.)
- Berry Global (U.S.)
- HCP Packaging (China)
- Berlin Packaging (U.S.)
- DS Smith (UK)
- Cosmopak Ltd. (U.S.)
- LIBO Cosmetics (Taiwan)
- Other Key Players
We have utilized econometric models for short-term forecasting. But, technological models were used for long-term estimations. These are based on the business principles, economic outlook, regulatory frameworks, and the technology landscape. We have also conducted interviews with domain experts, suppliers, buyers, and technology providers to get a holistic picture of the market for Europe plastic cosmetic packaging.
Drivers & Restraints:
High Demand for Derma Beauty and Skin Care Products to Bolster Growth
The high demand for hair colors, fragrances, night skin repair creams, and sunscreens is set to accelerate the Europe plastics cosmetic packaging market growth in the near future. As per a report by Cosmetics Europe, Germany held the largest cosmetics and personal care industry worth €14 billion in 2019. Also, the increasing demand for derma beauty and skincare products would aid growth. However, the rising usage of single-use plastics is set to increase the amount of waste. Hence, government bodies are implementing various norms to encourage industries to use sustainable packaging solutions, such as paper, paperboards, and glass. This factor is expected to hinder the growth of the Europe plastic cosmetic packaging industry.
Germany to Dominate Stoked by Need to Enhance Personal Appearance
Based on the country, Germany is anticipated to remain at the forefront throughout the forthcoming years backed by the increasing preference of customers towards enhancing their personal appearances. Therefore, the cosmetic industry in the country is expanding rapidly. On the other hand, the U.K. is likely to showcase significant growth because of the surging demand for durable and affordable cosmetic products, such as foundations, lipsticks, face creams, and sunscreens for daily usage. In France, the need to invest more in makeup and skincare products would augment the growth of the market.
Hair Care Segment Procured 23.0% Share in 2020
Based on the application, the market is divided into fragrances & deodorants, makeup, hair care, and skin care. Amongst these, the hair care segment generated 23.0% in terms of the Europe plastics cosmetic packaging market share in 2020. This growth is attributable to the rising usage of hair serums and hair colors among people. By the application, it is segregated into polyethylene, polypropylene, polyethylene terephthalate, and others. Lastly, based on the product type, the market is classified into bottles, tubes, jars & containers, and others.
Key Players Focus on Developing State-of-the-art Packaging Solutions to Compete in Market
This market houses a large number of prominent companies that are majorly aiming to introduce environmentally friendly packaging solutions to keep up with the high demand in the region.
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Below are the two latest industry developments:
- October 2020: L’Oréal announced the creation of a sustainable cosmetics bottle made out of polyethylene from recycled and captured carbon emissions. The company wants to commercialize and use this technology in conditioner and shampoo bottles by 2024.
- November 2020: Beiersdorf joined hands with the Fraunhofer Institute for Process Engineering and Packaging (IVV) and Werner & Mertz to co-develop cosmetic packaging made of old plastics. This standard can be used by both cosmetic manufacturers and recyclers.
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