- Personal care contract manufacturing
- Fragrances & Deodorants
- Hair care
- Make up & color cosmetics
- Skin care
- Others personal care contract manufacturing
- Custom formulation and R&D
- Packaging
- Others
The global personal care contract manufacturing market size was valued at USD 18.51 billion in 2022 and is expected to register a CAGR of 6.3% over the forecast period 2023 to 2029. Rapidly expanding personal care industry across the globe, increasing demand for hair and skin care products, advanced beauty treatments and marketing strategies by manufacturers and rising disposable income of consumers are some key factors fostering the market growth. Increasing demand for organic products owing to harmful effects of chemical-based products is other factor contributing for the market growth. Huge spending on R&D and promotional activities provides huge growth opportunity for the market. However, In-house manufacturing of cosmetics by private firms is hampering the market growth. Contract manufacture of personal care products is expected to grow as companies move their focus away from in-house production and toward R&D and other promotional efforts. Increased knowledge of the benefits of localising contract manufacturing, which reduces lead time, is a major factor influencing the fast-moving of personal care goods, hence favourably boosting market growth. Additionally, rising profitability for formulator companies as a result of lower logistical costs associated with contract manufacturing are projected to supplement service demand. Increasing demand for organic anti-aging products is likely to enhance product demand over the forecast period, owing to factors such as climate changes, stressed lifestyles, and busy work schedules. New manufacturers have entered the market as a result of rising consumer concerns about the authenticity of organic personal care products, which is projected to enhance demand for personal care contract manufacturing over the forecast period.
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The beauty industry has been on a tear for years. There is a wide variety of products available on the market including sunscreens, anti-ageing creams, body lotions, and skin brightening creams. Rising awareness regarding the various benefits of using personal care products has resulted in a rise in their demand over the last few years. The revival of the global economy has seen a rise in disposable income among consumers, both in the developed and the emerging markets. This has resulted in robust growth of the market. Further, the young generation is becoming more fashion conscious and many are turning to hair styling products and hair colours to express their individuality. Changes such as increase in consumer spending, especially among youth, is one of the key driving forces stimulating the growth of the industry.
The personal care contract manufacturing market size was valued at USD 18.51 billion in 2022
The personal care contract manufacturing market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
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