The cosmetic CDMO market is estimated to be worth US$ 21.2 Bn in 2022 and is expected to increase at a CAGR of close to 6% over the forecast period (2022-2032). With an expected growth rate of more than 6% per year, the cosmetic and personal care market is one of the fastest growing in the world. Younger population rise and development of fashionable culture & lifestyle are the drivers primarily responsible for market growth.
People are growing more conscious about their physical appearance. As a result, they are spending more money on cosmetics and personal care items. Furthermore, there is a high preference for natural and locally sourced products over top brand names. In addition, more people are allocating a larger percentage of their income to beauty and cosmetics. All of these factors are increasing the demand for cosmetic items, which is expanding global manufacturing.
Furthermore, several emerging manufacturing companies have developed and launched new ranges of cosmetics that comprise, among other things, herbal items and personalised cosmetics. Establishing high-performing private label is a strategic trend that has been redefining product brand offerings and customer acceptance As a result, there are more opportunities for CMOs as international firms hire them to enhance their footprint while lowering expenses.
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Key Takeaways from Market Study
- Contract manufacturing as a service held 69.3% market share in 2021.
- Skin products held a global market share of 39.9% in 2021.
- Creams held a dominant market share of 33.3% in 2021 by form.
- Around 22.9% of the global cosmetic CDMO market share, by region, was held by East Asia in 2021.
“Rising focus on cost-effective manufacturing and growing consumer demand for naturally sourced ingredients in products will drive market growth over the coming years,” says an analyst of Persistence Market Research.
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Market Competition
Currently, the cosmetic CDMO market is extremely fragmented with more than 75% of participants earning less than US$ 50 million a year. To increase their market footprint, leading cosmetic CDMOs are focusing on development and manufacturing approaches. Others include creating strategic alliances with international players in major target nations such as Italy, China, Japan, South Korea, Indonesia, and South Africa, as well as engaging into strategic arrangements with leading businesses and physicians to enhance sales.
- In August 2021, Beauty Branding Lab teamed with Cosmetics Solutions, a turnkey private label company, to expand its portfolio to include body products and eventually hair products.
- In February 2021, Paragon Nordic’s its accelerated development of disinfectant products for skin and surfaces, which resulted in new and innovative formulation concepts.
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