Global Cosmetic CDMO Market Impacting Factor’s Research Report 2022

Posted by sandeep gade on December 13th, 2022

Worldwide revenue from the cosmetic CDMO market is estimated at US$ 21.2 Bn in 2022, with the global market predicted to surge ahead at a CAGR of 6% to reach a valuation of US$ 37.9 Bn by the end of 2032.

As assessed by Persistence Market Research, contract manufacturing is expected to hold a market value of around US$ 25.8 Bn by the end of 2032. Overall, cosmetic CDMO sales account for approximately 11.7% revenue share of the global contract development and manufacturing organization (CDMO) market, which was valued at US$ 171.1 Bn in 2021.

The global market for cosmetic CDMOs recorded a historic CAGR of 4.9% in the last 5 years from 2016 to 2021. The purchasing preferences of consumers nowadays have significantly changed. Mass-produced personal care and beauty products are less popular; instead, people are more inclined to choose specialized products and distinctive brands that complement their lifestyles. Customers also have serious reservations regarding the products' components, manufacturing process, and packaging.

Because they can heighten production costs, developing products using these kinds of values and components may be difficult for an in-house production team. To satisfy consumer demand and manage costs, outsourcing to a cosmetic contract manufacturer is becoming increasingly popular.

The COVID-19 pandemic increased public awareness about the need to exercise strict health precautions and use safe, hygienic products. Since the personal care and beauty sectors are not exempt from this problem, producers are being encouraged to focus more on healthy products.

Furthermore, the relevance of makeup and fragrance has declined as a result of working from home, physical & social distance, and the use of masks. However, sanitizers, skincare, hair care, and bath and body products appear to be the most popular at present.

Contract manufacturing allows enterprises to efficiently produce and sell their products in areas with strict regulatory laws and import restrictions. As a result, working with CMOs and CDMOs has gained a lot of popularity as an approach to improve distribution and growth.

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