Personal Care Contract Manufacturing Global Market Report 2023

(MENAFN- GlobeNewsWire - Nasdaq) New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Personal Care Contract Manufacturing Global Market Report 2023" -
, KIK Consumer Products Inc., Fareva, RCP Ranstadt GmbH and Skinlys.
The global personal care contract manufacturing market is expected to grow from $19.48 billion in 2022 to $21.07 billion in 2023 at a compound annual growth rate (CAGR) of 8.18%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The personal care contract manufacturing market is expected to reach $29.65 billion in 2027 at a CAGR of 8.91%.
The personal care contract manufacturing market consists of revenues earned by entities by providing personal care contract manufacturing services such as formulation development, product manufacturing and packaging.The market value includes the value of related goods sold by the service provider or included within the service offering.
The Information technology market also includes sales of body care, oral care, sun care, and perfumes which are used in providing personal care contract manufacturing services.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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 of time.
Asia-Pacific was the largest region in the personal care contract manufacturing market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types included in the personal care contract manufacturing include skin care, hair care, make-up and cosmetics and other product types.Skincare products refers to products that are used on the skin to prevent acne, dark spots, and early signs of aging.
The services included are research and development and formulation, manufacturing, packaging and allied services and the formulations include liquids, creams, lotions, oils and gels.
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.
Product innovation is the key trend gaining popularity in the personal care contract manufacturing market.Major companies operating in the personal care contract manufacturing market are focused on developing innovative products to strengthen their position in the market.
For instance, in March 2022, Colgate-Palmolive Company, a US-based company that manufactures personal care and oral hygiene products, launched Total Plaque Pro-Release toothpaste.Total Plaque Pro-Release toothpaste provides continuous, day-and-night antibacterial defense and has been clinically demonstrated to drastically reduce dangerous plaque bacteria between dental appointments.
The revolutionary solution in Colgate Total Plaque Pro-Release employs Smart Foam Technology to access confined spaces and eliminate plaque bacteria at the gum line. This breakthrough recipe uses the strength of stannous fluoride, a chemical that helps decrease plaque bacteria and prevent gingivitis.
In July 2021, PLZ Aeroscience Corporation, a US-based company that markets and manufactures aerosol products, acquired 220 Laboratories, Inc. for an undisclosed amount. Through this acquisition, PLZ Aeroscience Corporation can now provide its clients with a full range of services, ranging from custom aerosol and non-aerosol product manufacture to new product conceptualization and formula development. 220 Laboratories Inc. is a US-based personal care contract manufacturing company that specializes in aerosol and non-aerosol products for the hair, skin, and body.
The countries covered in the personal care contract manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The personal care contract manufacturing market research report is one of a series of new reports that provides personal care contract manufacturing optical components market statistics, including personal care contract manufacturing optical components industry global market size, regional shares, competitors with a personal care contract manufacturing optical components market share, detailed personal care contract manufacturing optical components market segments, market trends and opportunities, and any further data you may need to thrive in the personal care contract manufacturing optical components industry. This personal care contract manufacturing optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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