Strong inclination of the masses towards cosmetics products, especially in the developing countries of the East Asia and Latin America regions, which is driven by the increasing disposable income, has contributed to the growth of the cosmetics ODM market over the past few years. Rapid improvements in technology pertaining to the cosmetics ODM industry across the globe have witnessed significant growth in this market in terms of volume. These have resulted in growth of the cosmetics ODM companies which ensures the availability of skincare care products such as styling products, conditioners, and colorants. This factor, along with an increase in the number of cosmetic products and the affordability of technology innovations, & formula advancement services, is expected to increase the usage of cosmetics ODM technologies such as multicolor compression technology, advanced printing technology, and creative beauty technology, on a global scale. The adoption rate of differentiated research and development technologies as well as manufacturing technology is estimated to increase during the forecast period to cater to the ever-rising global demand for cosmetics ODMs.
Moreover, Changing lifestyles and increase in the purchasing power of consumers have created the preference for premium products such as green or natural cosmetics products and color cosmetics which drives cosmetics ODM market further. The premiumization trend in cosmetics ODM market is bridging the gap between luxury and mass markets to offer all consumers access to unique or high-quality products. Moreover, globalization & economic growth, especially in developing countries, is offering lucrative opportunities for various companies to capitalize on the premiumization of their cosmetics ODM product portfolio to strengthen their market position.
Cosmetics ODM Market Overview
The global cosmetics ODM market was valued at ~US$ 11 Bn in 2018, and the cosmetics ODM market is expected to increase at a CAGR of ~6% between the forecast periods of 2019 and 2029. The growth of the cosmetics ODM market is majorly driven by the higher demand for personal grooming across the globe, which is supported by the increasing urban population.
A new market research report by Future Market Insights on the cosmetics ODM marketincludes the global industry analysis 2014–2018 and opportunity assessment 2019–20289. The report investigates the cosmetics ODM market and provides critical insights for the forecast period of 2019-2029. As per the findings of the report, the global cosmetics ODM market is projected to experience significant growth over the forecast period due to multiple driving factors such as higher demand for personal grooming across the globe, which is supported by the increasing urban population. Increasing population, predominantly in the developing regions such as Asia Pacific and MEA, is projected to support the growth of the cosmetics ODM market over the forecast period.
Segmentation of the Global Cosmetics ODM Market
The global market of cosmetics ODM has been segmented on the basis of different types of cosmetic products, their multiple end-use brands, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa
Regions such as North America and Europe are expected to hold prominent market shares in terms of value in the cosmetics ODM market. However, the South Asia market is expected to project lucrative growth in the global cosmetics ODM market over the forecast period of 2019-2029. This growth is propelled by the rapid growth in the beauty and personal care industry in the countries of South Asia, which include India and ASEAN countries, among others. The economic condition of the above-mentioned South Asia countries has been developing positively.
Competitive Outlook of the Global Cosmetics ODM Market
The report highlights some of the prominent market players, who have established themselves as leaders in the global cosmetics ODM market. Some of the examples of key players in the global cosmetics ODM market are RPC Group Plc., Nox Bellcow Cosmetics Co., Ltd., Cosmax Co., Ltd., Intercos Group, Kolmar Korea Co., Ltd., Cosmecca Korea Co. Ltd, Nihon Kolmar Co., Ltd., Global Cosmetics (HK) Company Limited, and Chromavis S.P.A.
The global cosmetics ODM market is significantly consolidated with some players holding prominent shares of the market. These players are as Cosmax Co., Ltd., RPC Group Plc, Toyo Beauty Co., Ltd., and Kolmar Korea Co., Ltd., among others
With the help of imperative information about drivers, restraints, and trends in the global cosmetics ODM market, the market study published by FMI provides helpful information to manufacturers and distributors
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