A map of the world’s major countries with the oldest median ages reveals that the majority are in Western Europe, North America and parts of Asia, notably China and Japan. Australia – with a median age of 38 – is the only outlier in the Southern Hemisphere compared to South America and Africa.
According to Technavio, this demographic status quo in the world’s wealthiest countries is having a large impact on beauty sales. The global market researcher predicts that worldwide online sales of premium cosmetics will rise by US$9.51 billion over the next four years to 2027 – a CAGR of 4.78 per cent – and one of the main drivers is the ageing of the planet’s population.
The skincare sector will account for the lion’s share of online premium cosmetic market growth, notes Technavio. Demand will be fuelled by moisturisers, exfoliators, serums and toners formulated to combat loss of texture and firmness in the skin, sun exposure and pigmentation and antioxidants such as Vitamin C will play a significant role.
The APAC market is predicted to account for nearly half – 47 per cent – of global growth in online premium cosmetic revenues over the forecast period. Led by China, the region’s rapid urbanisation, increasing penetration of smartphones and the Internet and the continuing surge in demand for beauty and personal care products are the leading trends influencing growth and will continue to do so until the end of the decade.
The emphasis on continuing premiumisation is also boosting the global cosmetic packaging market, reveals The Insight Partners, the global data and software tracker, and predicts that the sector will be worth US$43.59 billion by 2028.
Attractive packaging, traditionally known as the silent salesperson, has long been important to making products stand out in a competitive environment. But e-commerce and social media posts have revved up the importance of appealing packaging to a new level, adds The Insight Partners, because of the proliferation of niche and new brands and diversification of major beauty multinationals.
Both major players and niche brands also pull out the stops to make new launches stand out from the pack and packaging “refreshes” have now become routine for brands to retain loyal customers and attract new ones.
The rising number of makeup studios, clinics and professional salons worldwide is another factor impacting the cosmetic packaging industry, says The Insight Partners, especially in the APAC region which represents the largest share of the global cosmetic packaging market.
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