Personal Care Contract Manufacturing Market is Slated to Witness Tremendous Growth in Coming Years | by Cosmetic Group USA Inc, McBride, Knowlton Development Corporation

New Jersey, United States - Analysis of Personal Care Contract Manufacturing Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The market for contract manufacturing of personal care products was valued at USD 18.80 billion in 2021 and is expected to increase at a CAGR of 8.1% from 2022 to 2028. It is anticipated that contract manufacture of these products would increase as major corporations that produce personal care products move their priorities from internal production to R&D and other promotional activities. Due to the COVID-19 pandemic, the personal care sector experienced a large drop in the first two quarters of 2020. The consumption of personal care items has decreased due to factors such decreased discretionary spending, growing unemployment rates, regulatory limitations, and changed customer behaviour. However, quick vaccination efforts, economic stimulus packages, simple access to e-commerce platforms, and increasing consumer demand are anticipated to drive industry growth.

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It is important to note that the U.S. was among the nations most severely affected by COVID-19, and to fulfil demand, personal care companies began producing hand sanitizers. A increase in the personal care sector, which had a fall in 2020, is anticipated as a result of the introduction of vaccines, the relaxation of regulations, rising consumer spending, and the promotion of alliances between major companies for cutting-edge products.
The demand for organic personal care products has increased, which has contributed to the expansion of the PCCM market for these goods. This is due to the growing awareness of the negative side effects associated with the use of skincare, hair care, and cosmetic products made of chemical ingredients. The growth of personal care contract manufacturing has been impacted by the rise of the millennial trend and its effect on their followers' decisions to purchase the products they advocate. Additionally, the proliferation of e-commerce websites and social media beauty specialists has created a wealth of prospects for the sale of personal care goods.

Division segment:

Due to the rising demand for the products in both developed and emerging countries, the manufacturing service segment drove the industry growth and represented 87.2% of worldwide revenue in 2022. The major companies, such as P&G and Unilever, are outsourcing the production of their mass-produced goods in favour of concentrating on the creation of creative goods, which is anticipated to facilitate the production of these goods by contractors.

During the projection period, the manufacturing service sector's skincare category is anticipated to expand at a CAGR of 8.9%. It is anticipated that there would be an increase in demand for skincare products, particularly from millennials who want to delay the effects of ageing. Additionally, rising R&D spending on creating speciality formulations using organic components is anticipated to fuel the growth of the global personal care contract manufacturing market.

Regional analysis:

In 2022, Asia Pacific dominated the market and accounted for 37.1% of global revenue. The increased demand for items like deodorants and shaving cream among the younger population in growing economies, such as India and China, is what drives the personal care sector in the Asia Pacific, and this demand is anticipated to have a significant impact on industry growth. During the forecast period, the European PCCM market is anticipated to expand at a CAGR of 7.0%. Growing consumer interest in grooming to foster positive self-esteem is anticipated to fuel demand for personal care goods, especially in Germany, Italy, France, Spain, and the UK. Advanced technological capabilities and associated infrastructure have supported highly sophisticated, high-volume, very accurate manufacturing of important products. Due to the region's concentration of significant participants in the personal care industry's R&D as well as the alluring advanced technology hubs built by contract manufacturers to serve formulators as a one-stop shop, demand for custom formulations is also quite high in North America.

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Competitive analysis:

Some prominent players in the global personal care contract manufacturing market include:
• Cosmetic Group USA, Inc.
• McBride
• Knowlton Development Corporation
• HCT Group
• KIK custom products
• PakLab
• Fareva
• Albea
• SeaCliff Beauty Packaging &Laboratories
• WWP Beauty

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