Europe Cosmetic Plastic Packaging Market Size

Europe Cosmetic Plastic Packaging Market Analysis

The European cosmetic plastic packaging market, in terms of revenue, is estimated at USD 3.52 billion in the current year. The market is expected to reach USD 4.08 billion over the forecast period, registering a CAGR of 2.96%. The market volume is estimated at 26.21 billion units in the current year. The market is expected to reach 30.58 billion units by the next five years, registering a CAGR of 3.13%.

• Due to its innovation, the European beauty sector has consistently demonstrated a remarkable ability to adapt to crises. The hygienic crisis has accelerated several pre-2019 behaviors, so cosmetics companies now face a new challenge, i.e., responding to rising trends and demands. Because of the repeated lockdowns, there has never been a greater demand for high-quality goods, such as GMO-free, gluten-free, organic, clean, reef-friendly, transparent, recyclable, and vegan.
• Europe has the potential market for organic and natural cosmetic products, driven by the shifting consumer preferences toward the beauty industry. According to a poll by the Global Web Index on more than 2,300 web users from the United Kingdom who routinely purchase organic and natural cosmetics, 80% do so out of concern for their health and the environment. Europe's cosmetics market is anticipated to increase and hold onto its top spot in the next years due to its big consumer base.
• According to the statistics displayed by Cosmetics Europe, the consumption value of cosmetics and personal care products in Europe rose to EUR 80.03 billion (~USD 86.26 billion) in 2021, after a dip in the previous year. Almost one-fifth of Europe's total cosmetic market value comprises skin care products. Consumers' growing health consciousness drives the demand for natural personal care products. Consumers are gravitating toward organic personal care products due to the rising demand for organic ingredients, which is anticipated to fuel market expansion over the forecast period.
• According to the European Commission, most plastic in Europe is burned or landfilled instead of being recycled. Many packagings cannot or are difficult to recycle, such as dark food containers that are missed by sorting scans or plastic-lined paper coffee cups. Also, recycling is often a resource- and cost-intensive process that only turns a profit when there is significant demand for the finished product and plenty of waste plastic to process in extensive facilities. This factor is expected to challenge the market's growth.
• The relevance of customized beauty, which was already a trend before COVID, may further increase. Market players are expected to fully consider online counsel and artificial intelligence to accommodate a new manner of purchasing. The Z generation's views and consumption patterns are noteworthy because they were formed in an era of social media. The younger generation likes to stage the products online, a popular form of communication that has become even more crucial since the COVID-19 pandemic.