Market Trends of North America Cosmetic Packaging Industry
Glass Material is Expected to Register Significant Growth
- Glass is a highly sustainable product, which means it can be recycled indefinitely, and there is no loss in quantity. This type of packaging allows for unique design and innovation, offering exceptional product differentiation for brands in the skincare and fragrance segments.
- The cosmetics industry in the region has matured and is working together to reduce plastic pollution. The players in the market are using new packaging strategies and refined formulations to achieve this. Verescence, a company that launched Proenza Schouler's debut scent named 'Arizona,' used an innovative glass-making process called SCULPT'in technology to create a unique glass bottle with an asymmetric distribution of glass. These technological advancements have helped companies expand their offering.
- The glass bottle market is experiencing significant growth in the North American cosmetic industry due to the rapidly expanding nail care products market. This growth is fueled by the popularity of gel formulas and artistic manicures, while traditional liquid nail polishes are still expected to increase in demand.
- The cosmetics industry is growing unprecedentedly, with record revenues being generated. Sectors such as men's grooming and natural/organic cosmetics are gaining market share rapidly. Moreover, social media, eco-consciousness, and cause-based consumerism significantly influence purchasing decisions. The cosmetics industry is an ever-changing behemoth that has become an integral part of the economy. These are some of the critical factors that will also help the market grow further in the future.
- As per Happi Magazine, the color cosmetics sales in the United States in 2023 stood at USD 7.20 billion. Facial cosmetics acquired a significant market share, generating a revenue of USD 2.30 billion. The demand for color cosmetics in the United States influences cosmetic packaging trends, fostering innovations in materials, designs, and functionalities to meet evolving consumer preferences and market demands.
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Canada Expected to Register Significant Growth
- Over the long term, with the rising awareness about the benefits of natural ingredients, the popularity of natural cosmetics is expected to accelerate. This, coupled with the steady rise in the purchase of premium functional products in the country over the years, is expected to aid the market's recovery over the forecast period.
- Moreover, the increasing demand for natural or organic, no animal tested, and cruelty-free cosmetic products and innovative and eco-friendly packaging designs is expected to enhance the market further in the country. In addition, social media and e-commerce channels have also significantly increased the popularity and availability of cosmetics and skincare segments, driving the industry's growth. The country witnessed a significant increase in household expenditure due to the inclination of people toward spending on appearance and an increasing settlement of the ex-pat population in the country.
- The manufacturers are focused more on innovative packaging of products as men and women are attracted to the design and exclusive product packaging. There has also been a rise in the utilization of cosmetics among men in their daily regimes. This is expected to boost Canada's cosmetics products market further.
- Canada's economic recovery allows US companies to become involved in a growing market. Canada's strong and vibrant economy provides a reliable market for American cosmetic companies seeking to enter and grow within the cosmetics market. The industry encompasses many products, including but not limited to soaps, makeup, makeup, nail adhesives, tattoo inks, and hair dyes.
- According to Canadian Broadcasting Corporation news published in November 2023, cosmetics became a reliable business driver for pharmacy and drugstore retailers. Loblaw, a retail Canadian company, reported that its healthy earnings are not because the grocer is taking advantage of food inflation but are partly due to sales growth in high-margin areas like cosmetics.
- Developing new cosmetic materials and bio-actives is integral to the Canadian cosmetics manufacturing industry. Success within the industry depends mainly on product innovation, compelling sales and marketing, and efficient operations.
- As per Statistics Canada, the Canadian market generated USD 1380.84 million in the third quarter of 2023 through its retail cosmetics and fragrances sales. The steady sales of cosmetics and fragrances in Canada are driving innovation in North American cosmetic packaging, focusing on sustainability, convenience, and aesthetic appeal to cater to evolving consumer preferences. The surge in demand is prompting cosmetic brands to invest in eco-friendly materials, user-friendly designs, and visually appealing packaging to capture market share and enhance brand perception across the continent.
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