(MENAFN- GlobeNewsWire - Nasdaq) Rising focus on cost-effective manufacturing and growing consumer demand for naturally sourced ingredients in products will drive Cosmetic CDMO Market growth over the coming years.
NEWARK, Del, Nov. 19, 2023 (GLOBE NEWSWIRE) -- Future Market Insights' latest industry analysis shows that the global cosmetic CDMO market was valued at around US$ 21,230.4 million in 2022. The market is further anticipated to exhibit a CAGR of 5.8% over the forecast period (2024 to 2034).
Cosmetic CDMOs are valuable partners for cosmetic brands, helping them bring products to market efficiently and cost-effectively while ensuring product quality and regulatory compliance. Their expertise and resources enable brands to focus on marketing, distribution, and other aspects of their business, while the CDMOs handle the technical and manufacturing aspects of cosmetic production.
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Consumers have diverse skin types, concerns, and preferences. Brands seek CDMOs that can create unique formulations tailored to specific customer segments, allowing them to address a broader market. Brands would want to offer product variations to cater to customer needs, such as multiple shades of foundation or skincare products.
Brands aim to stand out by offering customized or personalized products. CDMOs help brands differentiate themselves from competitors by providing customization capabilities.
Personalized products can foster brand loyalty, as consumers appreciate products uniquely tailored to their preferences. Brands seek CDMOs to create these loyalty-building experiences.
Brands are introducing innovative ingredients and benefits in their products. CDMOs can be pivotal in formulating and producing these unique and innovative cosmetic products.
In addition, personalization trends often drive the need for adaptive formulations that adjust to individual skin types and concerns. CDMOs work on developing new formulations that can be adjusted according to customer needs.
Key Takeaways from the Cosmetic CDMO Industry Study:
By service, the contract manufacturing segment will display a CAGR of 5.5% over the forecast period. By product type, the skin products segment is set to witness a lucrative CAGR of 4.9% through 2034. By form, the cream segment held the leading share of 32.9% in 2022. East Asia is considered the leading region, with a value share of 22.7% at the end of the forecast period. The cosmetic CDMO market is anticipated to exhibit a CAGR of 5.8% by 2034.
“Continuous skin care and cosmetics innovation needs CDMO expertise, driving the market. Rising demand for CDMOs is driven by the requirement to follow stringent safety and cosmetic norms,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape in the Cosmetic CDMO Market:
Acquisitions and agreements among leading companies are the key strategies of renowned manufacturers in the market, such as PARAGON NORDIC and Kolmar, among others. They aim to enhance their presence in the market and compete with other players.
Following are a few examples of acquisitions made by them to be at the top position:
In July 2021 , Process Technologies & Packaging was fully acquired by Kolmar Korea Co LTD affiliate SEOKOH, Inc. Kolmask, a division of Kolmar Korea Holdings, purchased Jayjun Cosmetic's sheet mask production facility in Incheon in July 2019, increasing the company's ability to produce sheet masks and providing it with access to Jayjun's Chinese distribution network.
Key Companies Profiled in the Cosmetic CDMO Industry:
Swiss American CDMO
Pierre Fabre Group
Biopharma Srl C.F.
C.O.C. Farmaceutici Srl
Kolmar [Kolmar Korea Holding]
Cho Chuang Industrial Co., Ltd. [Mailkang Cosmetics Co., Ltd.]
Ori BioNature Sdn Bhd
Samriddhi Life Sciences
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Key Segments Covered in Cosmetic CDMO Market Report:
Formulation Development Pilot Studies Contract Manufacturing
Bulk Preparation and Scale Up Safety Testing Filling and Packaging
Close Jars Bottles Tubes Roll-ons Others
By Product Type:
Hair Products Skin Products Lip Products Eye Products Body Hygiene Oral Hygiene Others
Solid Form and Powder Lotions Creams Others
North America Latin America Europe South Asia East Asia Oceania Middle East and Africa
About the Healthcare Division at Future Market Insights (FMI)
Future Market Insights (FMI) facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business.
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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