However, in the wake of the COVID-19 pandemic, the effects caused by rules pertaining to lockdown and self-isolation have resulted in companies moving to source away from China and reconsidering the raw materials that are used in packaging. Simultaneously, companies such as APC Packaging have stated that their manufacturing plant in China is up and running at full capacity and has been receiving shipments regularly.

- The region's cosmetic industry is driven by increasing engaged customer base economies such as China, India, Japan, and Indonesia. Additionally, factors such as growing beauty consciousness in the consumers, cosmetic products based on affordability, and e-retailing are driving the market.

- Consumer spending on cosmetics in the region continues to grow, facilitates the trend toward adopting processed, packaged, and expensive products. Skincare and decorative cosmetics are growing soundly, with facial care and medical skincare witnessing a robust demand. Moreover, growth potential is also provided by anti-aging products and those intended to protect against environmental pollution. For instance, in China, the diminishing economic growth and a tangible downturn in Chinese consumers' willingness to spend and thereby leverages China's cosmetic sector.

- According to the Tmall Innovation Center, the young women of the post-90s generation have become the most crucial consumer group driving growth in China's cosmetic sector. The post-90s generation has independent consuming power, and a simultaneous surge of interest in beauty and skincare amongst this demographic has translated into significant growth. This is aiding to the growth of the cosmetic packaging market in the country.

- Players in the industry are strengthening their manufacturing capabilities in the country to tackle new opportunities. For instance, in 2020, Albéa, a cosmetic packaging company, plans to begin the operations of its new manufacturing facility in China on the lookout to capitalize on the growing e-commerce opportunities.

- Further, in Japan, to sustain the increasing competition and capture maximum market share, a few players are increasing their production capacities. For instance, Shiseido plans to open two new plants before 2022 in Japan, for which it has the intended investment of JPY 120 billion. Also, the company has an ongoing new plant in Otawara. Such investments are anticipated to augment the growth of cosmetic packaging in the country.

- The investments in cosmetic manufacturing, coupled with the increase in R & D activities that target enhanced material capabilities, are expected to provide a strong impetus for market growth. For instance, Milott Laboratories Co, the Thai-Japanese contract manufacturer for skincare and haircare products, color cosmetics, is planning to infuse about 500 million baht to cash in on the growing beauty industry Thailand. The investment is being used to build a 30,000-square-metre warehouse in Bang Phli, Samut Prakan province.

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Key Market Trends

Plastic Packaging is Expected to Drive the Market Growth

- Plastic is one of the most used and preferred materials for cosmetics packaging. Numerous cosmetic products in the market come in plastic bottles and containers, owing to the easy molding, structuring, and designing capability of the material and the protection.

- In the cosmetics industry, plastic bottles, and containers are preferred forms of primary packaging and held an unchallenged prominent share in the market for half a decade. According to a National Geographic study, plastic packaging is used 120 times more currently in cosmetics packaging than in 1960.

- The most common and least expensive cosmetic bottles produced from HDPE are economical, impact-resistant, and maintain a good moisture barrier. Lotion bottles come in all shapes, sizes, and forms, where some lotions are kept in capped tubes. These tubes are usually made from plastic, depending on their size. However, there are lotion bottles made of plastic, but instead of the capped tops, they have pump dispensers. This helps many people who do not want to have to screw a top on and off, or not want to flip up a cap.

- Thereby companies growing concerned about the type of materials used for packaging apart from the size and shape of the product in order to curb the packaging cost drives the adoption of plastic packaging.

China is Expected to Register Significant Growth

- The cosmetics market in China has been one of the fastest-growing sectors in the last few years, benefitting from an increasingly engaged consumer base, which is augmenting the growth of the market studied.

- In a background of diminishing economic growth and a tangible downturn in the willingness of Chinese consumers to spend, China’s cosmetic sector is a bright point which has maintained impressive growth. According to China’s National Bureau of Statistics (NBS), the retail of cosmetics in Q1 2019 increased by 10.9% year-on-year to CNY 75.3 billion.

- Consumer spending on cosmetics continues to grow, which is facilitating the trend toward adopting processed, packaged, and expensive products. Skincare and decorative cosmetics are growing soundly, with facial care and medical skincare witnessing a robust demand. Moreover, growth potential is also provided by anti-aging products and those intended to protect against environmental pollution.

- The sale of luxury products in the Chinese market demonstrated significant growth. The luxury products brands such as La Mer, SK-II, CPB, etc., which were once the sole purview of more financially mobile women in their thirties, now appear in the shopping carts of girls in their twenties. During 2018 Double 11 Day, La Mer launched a 15ml cream (half the volume of its standard offering), which along with the lower price point, enticed many young consumers to try the product. La Mer’s limited-edition cream, which retailed at a price of RMB 1,720 (USD 247), was sold out in the first hour of Double 11. The increase in demand for luxury products is anticipated to drive growth of pump bottles, and droppers.

Competitive Landscape

The Asia Pacific Cosmetic Packaging Market is moderately competitive, accounting for the healthy competition from established players and new entrants. The industry's established players are leveraging their manufacturing capabilities and R & D to drive innovation and sustain their competitive position in the market.

- March 2020 - Libo Cosmetics Company LTD launched the new packaging specific for lipsticks with fresh summer colors. These are high-quality aluminum cases in five texture, matt, shiny, pearl anodization, and brushed aluminum with various decoration options like silk screening, hot stamping, laser engraving, embossing, debossing, etc.

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