The Global Cosmetic OEM/ODM Market Growth Accelerated By Outsourcing

 


The cosmetic OEM/ODM market provides contract manufacturing services to personal care brands and retailers on a large scale. From product formulation and development to packaging and distribution, cosmetic contract manufacturers help clients minimize costs and focus on branding and marketing.

The global cosmetic OEM/ODM Market is estimated to be valued at US$ 59.9 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Outsourcing cosmetic manufacturing is becoming an increasingly attractive option for brands looking to accelerate product development cycles while reducing costs. Contract manufacturers in the cosmetic OEM/ODM market offer extensive formulation knowledge, production expertise, and global supply chain management. By outsourcing product manufacturing, cosmetic brands can strategically focus internal resources on design, marketing, and sales. As competition intensifies in the beauty industry, more companies are partnering with specialist cosmetic contract manufacturers to bring high-quality customized products to market faster and scale operations through expanded production capacities. This key trend towards outsourcing is expected to drive continued growth in the global cosmetic OEM/ODM market over the forecast period.

Segment Analysis
The global cosmetic OEM/ODM market is dominated by skin care sub segment. Skin care accounts for more than 45% of the total market share owing to rising consumer preference for natural and organic skincare products. There is increasing demand for specialized skin care products suitable for different skin types like anti-aging, sensitive skin, acne-prone skin etc. This has prompted companies to outsource design, formulation and manufacturing of these customized skin care products to cosmetic OEM/ODM firms which have specialized production capabilities and resources.

Key Takeaways
The Global Cosmetic OEM/ODM Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global cosmetic OEM/ODM Market is estimated to be valued at US$ 59.9 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030.

Asia Pacific region currently dominates the global market with a share of over 35% in 2023.China and South Korea are the fastest growing markets in the region. This can be attributed to presence of leading OEM/ODM firms like Intercos, Kolmar Korea, Cosmax in these countries.

Key players: Key players operating in the cosmetic OEM/ODM market are Intercos S.p.A., Kolmar Korea Co. Ltd., Cosmecca Korea Co., Cosmax Inc., Mana Products Inc., KBL cosmetics Ltd., Urist Cosmetics Incorporated, Fareva Holding SA, Milliona Cosmetics Co., Ltd., Skinlys, Maesa SAS, Tricorbraun Inc., Herrco Cosmetics Limited, Architectural Beauty, Allure Labs Inc., Case Mason Filling, Inc., Pardaco Trading Pte Ltd. Intercos and Cosmax captured over 20% of the global market share in 2023 owing to their widespread geographic presence and extensive product portfolio.

For More Insights, Read: https://www.newsstatix.com/cosmetic-oem-odm-market-size-share-and-growth-forecast-2023-2030/

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