Overview and Scope
Personal care contract manufacturing is when two businesses come to an arrangement to create parts or goods for personal care products over a certain period.
Sizing and Forecast
The personal care contract manufacturing market size has grown strongly in recent years. It will grow from $21.07 billion in 2023 to $22.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to outsourcing trends in the beauty industry, cost efficiency and economies of scale, focus on core competencies, market expansion and globalization..
The personal care contract manufacturing market size is expected to see strong growth in the next few years. It will grow to $32.58 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to growing focus on clean beauty formulations, rise in demand for personalized beauty products, technological integration in manufacturing processes, expansion of online and direct-to-consumer channels, global market access and supply chain resilience.. Major trends in the forecast period include wellness-oriented formulations, regulatory compliance and transparency emphasis, innovative packaging solutions, global market expansion strategies, men’s grooming product demand..
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Segmentation & Regional Insights
The personal care contract manufacturing market covered in this report is segmented –
1) By Product Type: Skin Care, Hair Care, Make-Up And Cosmetics, Other Product Types
2) By Service Type: Research And Development And Formulation, Manufacturing, Packaging And Allied Services
3) By Formulation: Liquids, Creams, Lotions, Oils, Gels
Asia-Pacific was the largest region in the personal care contract manufacturing market in 2023. Europe is expected to be the fastest-growing region in the personal care contract manufacturing market report during the forecast period. The regions covered in the personal care contract manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growth in the cosmetic industry is expected to propel the growth of the personal care contract manufacturing market in the coming future. Cosmetic industry deals with the production and sale of cosmetics, which are broadly defined as any kind of goods or concoctions intended to improve or complement a person’s aesthetic or physical appearance. The increase in growth boosts the cosmetic industry as contract manufacturing makes cosmetic production easier to outsource, either completely or partially. For instance, in January 2022, according to Government of UK stats, the cosmetics and healthcare market was quickly expanding, exceeding many other retail sectors and being valued at $33.1 billion by 2022. Therefore, growth in the cosmetic industry is driving the market.
Key Industry Players
Major companies operating in the personal care contract manufacturing market are focused on developing new innovations, such as non-stop shops, to gain a competitive edge in the market. A non-stop shop aims to provide everything a customer needs without any interruptions or limitations. For instance, in September 2023, Crafted, a UK-based mini contract manufacturing hub, launched YourCrafted. It is a new platform that allows customers to create their very own personal care brand in just a few simple clicks. With YourCrafted, customers can choose from a wide variety of tried, tested, and approved personal care products, including everything from skincare and haircare to body care and fragrances. Customers can also customize the products with own branding and packaging.
The personal care contract manufacturing market report table of contents includes:
1. Executive Summary
2. Personal Care Contract Manufacturing Market Characteristics
3. Personal Care Contract Manufacturing Market Trends And Strategies
4. Personal Care Contract Manufacturing Market – Macro Economic Scenario
5. Global Personal Care Contract Manufacturing Market Size and Growth
….
31. Global Personal Care Contract Manufacturing Market Competitive Benchmarking
32. Global Personal Care Contract Manufacturing Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Personal Care Contract Manufacturing Market
34. Personal Care Contract Manufacturing Market Future Outlook and Potential Analysis
35. Appendix
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