Description
Cosmetics OEM/ODM Market size valued at USD 50.23 billion in 2021 and expected to reach USD 71.9 billion by 2028, at a CAGR of 5.4% during the forecast period 2022-2028. There are few drivers which help in the significant growth of the market which include demand for organic cosmetics and natural skin care products which help in improving the texture of the skin at the same time there are restrains which hamper the growth of global cosmetics OEM/ODM are cost and changing consumers behavior. Cosmeceuticals is expected to open up opportunities as pharmaceutical ingredient with cosmetic function which help in the spontaneous growth in the global market level.
Key Development:
In 2022, a slew of new skin, hair, makeup, and other products will hit the market:Pat McGrath has released her first skin-care product, Divine Skin, which is intended to boost the results of one’s skincare routine, while Fresh Beauty has released a new facial mist in its bestselling rose recipe.