Growing Importance of Beauty and Grooming among Men will reshape the Cosmetics ODM Market: FMI Study

According to a recent report by Future Market Insights (FMI), the cosmetics ODM market is expected to surpass a valuation of US$ 12.02 Bn, registering a CAGR of over 6.2% through 2031.

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Besides female beauty, male beauty has gained impressive momentum in the past few years, thus reshaping trends in the cosmetics ODM market. Social media has put the spotlight on male beauty, breaking all stereotypes and normalizing makeup and skincare for boys, which is expected to boost the market growth.

Men have become more image-conscious, which is why they are spending comparatively more time on grooming on average. This is an indication that skincare sales are expected to increase with the increasing beauty concerns among men.

Additionally, companies are looking to capitalize on opportunities prevalent in the market for men's care products. Big players such as The Man Company, an Indian brand, markets a full range of premium men's grooming products enriched with natural essential oils. The brand claims to be free of harmful chemicals and targets male beauty trends.

Growing awareness about the importance of the overall personal care regime coupled with emerging trends in fashion, and social media’s influence promoting aesthetically appealing looks, is also expected to boost the market growth.

Key Takeaways from the Cosmetics ODM Market Study

Skincare products are expected to hold a revenue share of 42.9% in 2021 aided by the growing preference for skincare routines among men and women.
The U.S. will account for a value share of 87.6% in North America in 2021 as cosmetic manufacturers are increasingly focusing on technology development and product innovation.
The natural product segment is expected to expand at a CAGR of 7.9% from 2021 to 2031, as prominent brands are focusing on the green formulation in response to the growing demand for natural ingredients.
In terms of packaging, the cosmetic industry is more focused on safe, practical, and natural formulas for packaging.
Green packaging is the new marketing strategy followed by companies.
South Korea showcases major opportunities for the Cosmetics ODM owing to evolving K-beauty trends in the region.

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“The launch of the latest technology in the beauty industry like 3D printing, artificial intelligence (AI) along with the expansion of Korean cosmetic brands and changing preferences of consumers from synthesized products to green and natural products will influence growth in the cosmetics ODM market in the coming decade,” says an FMI analyst.

Impact of Covid-19 on the Market
The outbreak of the novel coronavirus has impacted the cosmetics ODM market. An increase in the number of Covid-19 cases in mid-2020 has led to a global lockdown and restricted supply chains. Several premium beauty product outlets were shut down and some of these never opened again. Further, the work from home culture, compulsion on wearing masks, and social distancing measures, it has become less important for people to wear makeup.

Moreover, Covid-19 reduced discretionary spending, and companies witnessed a behavioral shift towards safe, reliable, and necessary products. Consumers spent less than usual on makeup products which negatively impacted the Cosmetics ODM industry.

Who is winning?
Leading manufacturers of cosmetics ODM are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of cosmetics ODM globally.

Major players present in the cosmetics ODM market are COSMAX Corporation, Toyo Beauty Co. Ltd., Nox Bellow Cosmetics Co. Ltd., Picasso Cosmetic Laboratory Group, Kolmar Korea, Ancorotti Cosmetics S.r.l., Cosmo Beauty Company Ltd., Cosmecca Korea, The Fareva Group, B. Kolormakeup & Skincare S.p.a., BioTruly Group, ANC Corporation, Intercos Group, Francia Beauty, Nowcos Co. Ltd., Sanshokaken K.K., Global Cosmetics (HK), Japan Colmar Co. Ltd., Quality Plus Aesthetic International Co. Ltd., Million Cosmetics, and Caolion Cosmetics among others.

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Future Market Insights, in its new offering, provides an unbiased analysis of the global cosmetics ODM market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the Cosmetics ODM market based on the product type (skincare {creams, lotions, toner, facial cleansers, sunscreen, face packs/ masks, others} hair care {shampoos, conditioners, hair rinses, hair dyes, hair tonics, hair styling products} makeup {facial products, lip products, eye products, nail products, other color cosmetics} body care {soaps, shower gels, creams, foot cream, others} and others) nature (naturals/organic and synthetic) packaging format (bottles, compact cases, droppers, folding cartons, jars, pallets, pouches, pumps, and dispensers, roll on, roll on sticks, sachets, sticks, tubes, wraps, and others) and others across seven major regions.

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