Burlingame, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The Cosmetic OEM or ODM Market is projected to grow from USD 56.3 billion in 2023 and is estimated to reach USD 92.5 billion by 2031; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.40% from 2024 to 2031 according to a new report by Coherent Market Insights. The cosmetic OEM or ODM market is driven by several factors that are influencing the growth of the market. One of the key drivers is the rising demand for customized cosmetic products.
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Consumers are increasingly looking for personalized cosmetic products that cater to their specific preferences and needs. This has led to the growth of the cosmetic OEM or ODM market, as OEM or ODM manufacturers offer the flexibility to customize cosmetic products according to the requirements of the brand or retailer.
Another driver contributing to the growth of the market is the increasing trend of outsourcing cosmetic manufacturing processes. Many cosmetic brands and retailers are opting for OEM or ODM manufacturers to outsource the manufacturing of their products. This allows them to focus on their core competencies such as marketing and brand building, while leaving the manufacturing process to the experts.
Cosmetic OEM/ODM Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $56.3 billion |
| Estimated Value by 2031 | $92.5 billion |
| Growth Rate | Poised to grow at a CAGR of 6.40% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Packaging Category, By Filling Technology, By Brands |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Cost and Time Constraints |
| Growth Drivers | • Growing Demand for Personalized and Natural Products • Rising Consumer Awareness and Concerns about Product Safety • Increasing Disposable Income in Emerging Markets |
Market Trends:
Two key trends shaping the global cosmetic OEM or ODM market are the growing popularity of organic and natural cosmetic products and the adoption of advanced technologies in cosmetic manufacturing.
Organic and natural cosmetic products have gained significant traction in recent years as consumers are becoming more conscious about the ingredients used in cosmetic products. This trend has led to an increased demand for organic and natural cosmetic products, which, in turn, has influenced OEM or ODM manufacturers to offer organic and natural formulations.
The adoption of advanced technologies in cosmetic manufacturing is also a notable trend in the market. OEM or ODM manufacturers are leveraging technologies such as automation, robotics, and artificial intelligence to improve efficiency, reduce costs, and enhance product quality. These technological advancements are enabling manufacturers to deliver innovative and high-quality cosmetic products to their clients.
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Recent development:
In 2019, Cosmax, a cosmetic ODM maker, has also entered the microbiome trend with the launch of a new anti-aging microbiome skincare collection.
In March 2019, KBL Cosmetics released a new innovative design product, Foldable Triangle Eye Shadow.
Key Market Takeaways:
The global cosmetic OEM or ODM market is anticipated to witness a CAGR of 6.40% during the forecast period 2023-2030, owing to the growing consumer demand for a wide range of cosmetic products. On the basis of product type, the color cosmetics segment is expected to hold a dominant position. This is due to the rising popularity of makeup and the increasing beauty consciousness among consumers. Within the packaging category, lipstick containers are poised to remain in the lead. The high demand for innovative and trendy lipstick packaging, fueled by the popularity of lipsticks as a fashion statement, drives the dominance of this category.
In terms of region, North America is expected to hold a dominant position over the forecast period. With a large consumer base and high spending power, North America presents a lucrative market for cosmetic OEM or ODM products. Key players operating in the global cosmetic OEM or ODM market include Intercos S.p.A., Kolmar Korea Co. Ltd., Scalpi Cosmética sa, Cosmecca Korea Co., Cosmax Inc., and many others. These companies play a crucial role in meeting the growing demand for cosmetic products and catering to the diverse needs of consumers worldwide.
In conclusion, the global cosmetic OEM or ODM market offers promising growth opportunities in the color cosmetics segment and the lipstick containers packaging category. With North America leading the market, key players in the industry are well-positioned to capitalize on these opportunities and cater to the evolving needs of consumers.
Read complete market research report, "Cosmetic OEM/ODM Market, By Product Type, By Packaging Category, By Filling Technology, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Cosmetic OEM/ODM Market, By Product Type:
- Color Cosmetics
- Skin Care
- Hair Care
- Fragrance
- Global Cosmetic OEM/ODM Market, By Packaging Category:
- Lipstick Containers
- Lip Gloss Containers & Tubes
- Cosmetic Pen
- Powder Dispensers
- Cushion
- Bottle With Cap
- Bottle With Pump
- Compact
- Face Stick
- Tube
- Jar with Cap
- Mascara Packaging
- Others
- Global Cosmetic OEM/ODM Market, By Filling Technology:
- Airless Filling Technology
- Aerosol Filling Technology
- Cosmetic Jar Filling Technology
- Liquid Filling Technology
- Compact Powder Filling Technology
- Mascara Filling Technology
- Lipstick Filling Technology
- Tube Filling Technology
- Cosmetic Pencil Filling Technology
- Others
- Global Cosmetic OEM/ODM Market, By Brands:
- Independent Brands
- Legacy Brands
- Private Label Brands
- Global Cosmetic OEM/ODM Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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