Cosmetic CDMO Market by Size | Growth | Analysis | Trends and Forecasts to 2022-2030
Posted by sandeep gade on November 18th, 2022
The worldwide revenue of the Cosmetics CDMO market is estimated at USD 21.2 billion in 2022 and the global market is projected to grow at a CAGR of 6% to reach a valuation of USD 37.9 billion by the end of 2032.
As estimated by Persistence Market Research, contract manufacturing is expected to have a market value of approximately .8 billion by the end of 2032. Collectively, cosmetic CDMO sales account for approximately 11.7% of the revenue share of the global Contract Development and Manufacturing Organization (CDMO) market, valued at 1.1 billion in 2021.
The global CDMO cosmetics market has experienced an absolute CAGR of 4.9% over the past 5 years, from 2016 to 2021. Consumer shopping preferences today have changed significantly. Mass-produced personal care and beauty products are less popular; instead, people are more inclined to choose specialty products and distinctive brands that complement their lifestyle. Customers also have serious reservations regarding the components, manufacturing process and packaging of the products.
Because manufacturing costs can rise, developing products using these types of resources and components can be challenging for an in-house manufacturing team. To meet consumer demand and manage costs, outsourcing to a contract cosmetics manufacturer is becoming increasingly popular.
The COVID-19 pandemic has increased public awareness of the need to take strict health precautions and use safe and hygienic products. As the personal care and beauty industries are not exempt from this problem, manufacturers are being encouraged to focus more on healthy products.
Additionally, the importance of makeup and fragrance has declined due to working from home, physical and social distancing, and the wearing of masks. However, disinfectants, skin care, hair care, and bath and body products seem to be the most popular today.
Contract manufacturing allows companies to efficiently manufacture and sell their products in areas with strict regulatory laws and import restrictions. As a result, working with CMOs and CDMOs has become very popular as an approach to improve deployment and growth.
Buy Full Report Now and Get Up to 20% Discount: https://www.persistencemarketresearch.com/checkout/33181
Like it? Share it!
About the Authorsandeep gade
Joined: August 22nd, 2022
Articles Posted: 835
More by this author