Personal Care Contract Manufacturing Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including outsourcing trends in the beauty industry, the pursuit of cost efficiency and economies of scale, a focus on core competencies, and the strategies of market expansion and globalization. Outsourcing in personal care contract manufacturing allows companies to leverage specialized expertise and resources, ultimately contributing to their growth and efficiency.

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 anticipated growth in the forecast period can be attributed to an increasing focus on clean beauty formulations, a rise in demand for personalized beauty products, the integration of technology in manufacturing processes, the expansion of online and direct-to-consumer channels, and the emphasis on global market access and supply chain resilience. Major trends expected in the forecast period include formulations oriented towards wellness, an emphasis on regulatory compliance and transparency, the adoption of innovative packaging solutions, strategies for global market expansion, and a growing demand for men's grooming products in the personal care contract manufacturing industry.

The personal care contract manufacturing market is anticipated to experience growth, driven by the expanding cosmetic industry. The cosmetic industry involves the production and sale of products intended to enhance a person's aesthetic or physical appearance. The growth in this sector is facilitated by personal care contract manufacturing, which provides an outsourcing option for cosmetic production. As of January 2022, the cosmetics and healthcare market in the UK was rapidly expanding, surpassing many other retail sectors and reaching a valuation of $33.1 billion. This growth in the cosmetic industry serves as a driving force for the personal care contract manufacturing market.

The increasing demand for customization is poised to fuel the growth of the personal care contract manufacturing market. Customization, tailoring products to meet specific individual or group preferences, is a key trend in the industry. Personal care contract manufacturing serves as a tool for brands seeking to create personalized personal care products, allowing them to outsource production to specialized manufacturers offering a range of customization options. A McKinsey & Company survey from November 2021 revealed that approximately 71% of US consumers expect personalization, with 76% considering purchasing from brands that offer personalized products. Hence, the growing demand for customization is a significant driver for the personal care contract manufacturing market.

Product innovation stands out as a prominent trend in the personal care contract manufacturing market, with major companies focusing on developing innovative products to enhance their market position. In March 2022, Colgate-Palmolive Company launched Total Plaque Pro-Release toothpaste, utilizing Smart Foam Technology for continuous, day-and-night antibacterial defense against plaque bacteria. This innovation, featuring stannous fluoride, addresses oral hygiene needs effectively.

Innovations such as non-stop shops are gaining traction among major companies in the personal care contract manufacturing market, providing a competitive edge. Crafted, a UK-based mini contract manufacturing hub, introduced YourCrafted in September 2023, a platform enabling customers to create their personal care brand easily. With YourCrafted, customers can choose from a variety of tested personal care products, customize them with branding and packaging, and create their unique brand.

In July 2021, PLZ Aeroscience Corporation acquired 220 Laboratories, Inc., a move that allows PLZ Aeroscience Corporation to offer a comprehensive range of services, including custom aerosol and non-aerosol product manufacturing, new product conceptualization, and formula development. This acquisition enhances PLZ Aeroscience Corporation's capabilities in serving clients in the personal care contract manufacturing industry.

Major companies operating in the personal care contract manufacturing market report are VVF Limited, A.I.G. Technologies Inc., Sarvotham Care Limited, Nutrix International LLC, Formula Corporation, Mansfield-King LLC, Tropical Products Inc., Sensible Organics Inc., Apollo Health and Beauty Care Inc., McBride plc, Universal Packaging Systems Inc., KIK Consumer Products Inc., Fareva Group, RCP Ranstadt GmbH, Skinlys, Tokiwa Cosmetics Corporation, Wormser Corporation, Bradford Soap Works Inc., Albea SA, Colep Portugal SA, PLZ Aeroscience Corporation, Voyant Beauty Holdings LLC, Air Liquide SA, BP plc, Chevron Corporation, China National Petroleum Corporation, China Petroleum & Chemical Corporation, ConocoPhillips Company, Eni S.p.A., Exxon Mobil Corporation.

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. The countries covered in the personal care contract manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main product types encompassed in personal care contract manufacturing include skincare, hair care, makeup and cosmetics, and other product variations. Skincare products refer to items used on the skin to prevent issues such as acne, dark spots, and early signs of aging. The services provided in personal care contract manufacturing include research and development, formulation, manufacturing, packaging, and related services. The formulations encompass liquids, creams, lotions, oils, and gels.

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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.


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