June 07, 2023 06:38 ET | Source: Research and Markets Research and Markets
Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "Cosmetic OEM/ODM Market, By Product Type, By Packaging Category, By Filling Technology, By End User, and By Region - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering. Plastic Injection Mold
This report provides in-depth analysis of global cosmetic OEM/ODM and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023 - 2030), considering 2022 as the base year.
Cosmetic OEM and ODM offers cosmetic manufacturing services to different cosmetic brands such as independent, legacy, and private label. It offers advantages such as reduced product launch times and inventory management. Smaller cosmetic brands prefer cosmetic OEM/ODM, as they do not have the required resources. Large brands prefer cosmetic OEM/ODM, as they have experience and resources. Market Dynamics: The demand for innovative beauty and personal care products is increasing significantly. Several new innovative beauty and personal care products are being launched in the market. For instance, in August 2020 Tom Ford Research introduced a new luxury skin care line with ingredients such as caffeine, cacao, and gyokuro. Many cosmetic private labels and independent brands do not have the expertise and resources to develop new products. Cosmetic OEM/ODM offers innovative solutions to such brands. This, in turn, is driving the growth of the cosmetic OEM/ODM market. Lucrative growth of the cosmetics and personal care industry is also contributing to the growth of the OEM/ODM market. For instance, according to the report for the Beauty and Wellness sector published by Wesgro Cape Town and Western Cape Research in 2023, South Africa's Revenue in the Beauty & Personal Care market amounts to US$3.87bn in 2023. The market is expected to grow annually by 3.94% (CAGR 2023-2030). Key features of the study:
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