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Personal Care Contract Manufacturing Market Size, Share, Insights, Industry, Opportunities, and Report 2023-2030
Personal Care Contract Manufacturing Market-DataM Intelligence 4Market Research
Global Personal Care Contract Manufacturing Market reached USD 20.8 billion in 2022 and is expected to reach USD 40.5 billion by 2030, growing with a CAGR of 8.7% during the forecast period 2023-2030.
Increasing demand for customized cosmetic goods will drive global personal care contract manufacturing market expansion over the projected period. Cosmetic businesses may provide customized goods at reasonable prices thanks to contract manufacturers' formulation development competence.
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Market Drivers: Launches of New Products
The worldwide cosmetics market is developing quickly, and new trends are appearing. To generate new goods and spur development, cosmetic firms need to keep up with the newest trends in the industry. Brands employ product range expansion as a key tactic to maintain competitiveness in the face of fierce competition and new entrants into the market.
Due to the increased customer interest for cosmetic formulations with natural components, companies are also releasing new organic cosmetic products on a regular basis. Right now, cosmetic businesses are adding more organic goods to their lineup, and contract manufacturers are a big part of this. Because contract manufacturers have large production quantities, they can guarantee broad product availability and reduce time to market for businesses.
Market Segmentation: The largest market for personal care contract manufacturing is skincare products.
In the application category, skincare is anticipated to have close to a third of the market share. The growing prevalence of skin allergies and other dermatological disorders, together with growing consumer awareness of sun damage, is driving up demand for skincare products.
As a result, the use of multipurpose skincare products has expanded. SPF protection and moisturization are only two advantages of modern skincare formulas.
Personal Care Contract Manufacturing Market Companies:
The major global players include A.I.G. Technologies, Inc., PLZ Corp, McBride, Formula Corp, Skinlys, Covalence Laboratories, Fareva, Albea, Tropical Products and Sarvotham Care.
By Formulation
• Liquids
• Creams
• Lotions
• Oils
• Gels
• Others
By Service
• R&D and Formulation
• Manufacturing
• Packaging & Allied Services
By Application
• Skincare
• Haircare
• Color Cosmetics
• Fragrances & Deodorants
• Others
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
Geographical Share: The region with the largest predicted share of the global market is Asia-Pacific.
Forecasts indicate that Asia-Pacific will hold a significant portion of the worldwide market and see a quicker compound annual growth rate (CAGR) of 9.2% throughout the projected period. Due to its vast and youthful population and quick development, the Asia-Pacific area offers significant growth potential for both local and international cosmetic enterprises.
Industry Developments:
In June 2023, Jotim Daily Chemical, a Chinese contract cosmetic manufacturer, started construction of a new factory in Hangzhou, China.
Related Reports:
Color Cosmetics Market- https://www.datamintelligence.com/research-report/color-cosmetics-market
Cosmetics Products Market- https://www.datamintelligence.com/research-report/cosmetics-products-market
Cosmetics & Personal Care Testing Inspection & Certification (TIC) Market- https://www.datamintelligence.com/research-report/cosmetics-and-personal-care-testing-inspection-and-certification-market
Premium Cosmetics Market- https://www.datamintelligence.com/research-report/premium-cosmetics-market
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Company Name: DataM Intelligence
Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com
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DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.
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