New York, United States, July 15, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the, the global personal care contract manufacturing market size was valued at USD 22.24 billion in 2023. It is expected to reach USD 39.93 billion in 2032, growing at a CAGR of 7.80% over the forecast period (2024-32).
Contract manufacturing is the process by which a business hires another firm to produce its personal care products. It is anticipated that contract manufacturing of personal care products will rise as major corporations shift their attention from R&D to internal production and other promotional activities. Additionally, as the demand for organic ingredients rises, consumers are turning toward natural and organic personal care products, which is probably driving the global market expansion over the forecast period.
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Market Dynamics
Highly Competitive Nature of the Personal Care Industry Drives the Global Market
Major industry players are progressively concentrating on product innovation and new product development to provide user-friendly products and expand their market share. The market trend suggests that producers' focus is shifting toward innovative products and their wide distribution. Businesses actively advertise their care products through aggressive branding and marketing techniques. Therefore, companies are opting for contract manufacturing.
The requirement for contract manufacturing of personal care products is expected to increase due to companies putting more emphasis on R&D and marketing initiatives and decreasing internal manufacturing. Since contract manufacturing provides distinctive personal care product development, packaging services, manufacturing, and the most current technological capabilities, many significant corporations have embraced it.
Growing Demand for Personal Care Products Creates Tremendous Opportunities
It is projected that introducing new product forms and gender-specific goods will increase demand for personal care products. The expanding demand for innovative skincare and cosmetic treatments and the product marketing strategies employed by businesses like L'Oréal, Unilever, and Procter & Gamble Company are the primary drivers of the global cosmetics industry. It is anticipated that changing consumer behaviors brought on by increased digital disclosure, personalized purchasing, and simple access to information will fuel demand for personal care products globally. Due to the emergence of conscientious male consumers and their increased care for their welfare, health, style, and hygiene, demand for male grooming products has increased. As a result, it is projected that the personal care market will expand more quickly.
Regional Analysis
Asia-Pacific is the most significant shareholder in the global personal care contract manufacturing market during the forecast period. It is anticipated that the rising demand for products like deodorants and shaving cream among the younger population in developing countries like China and India will significantly impact market growth in the Asia-Pacific region. The region's governments' endeavors to establish industrial facilities with high-tech infrastructure and affordable labor rates have allowed contract manufacturing to grow in this area. Contract manufacturers have attracted many personal care companies to collaborate with them because of their capacity to provide low-cost, high-quality packaging with logistics, distribution, and sales. This will stimulate the personal care contract manufacturing business throughout the following years. India, which has government objectives for industrial development and desires to become a hub for global manufacturing, is expected to be the industry's main growth driver over the forecasted period.
Demand for personal care products is expected to increase, particularly in Germany, Italy, France, Spain, and the U.K., as consumers' preferences for grooming to promote positive self-esteem are expected to grow. Europe has dominated the global personal care contract manufacturing market over the previous years, and this pattern is anticipated to continue during the projection period. Due to consumer awareness of well-being, healthy living, and high levels of positive self-esteem, personal care products are in great demand. In addition, due to the presence of significant cosmetics producers like L'Oréal Deutschland GmbH and Procter & Gamble Germany GmbH in the region, as well as the sizeable personal care and cosmetics market in the country, the demand for personal care contract manufacturers is anticipated to rise over the forecast period.
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Key Highlights
- Personal care contract manufacturing market size is expected to reach USD 39.93 billion in 2032, growing at a CAGR of 7.80% over the forecast period (2024-32).
- Based on service, the global personal care contract manufacturing market is bifurcated into manufacturing, custom formulation and R&D, and packaging. The manufacturing segment is the highest contributor to the market during the forecast period.
- Asia-Pacific is the most significant shareholder in the global personal care contract manufacturing market during the forecast period.
Competitive Players
- VVF LLC
- McBride plc
- KIK Custom Products
- Vi-Jon
- Sarvotham Care Limited
- Tropical Products, Inc.
- Prestige Brands Holdings
- MANA Products
- COLIPA
- Health and Beauty Solutions, LLC
- Delon Laboratories
- Apollo Health and Beauty Care
- Garcoa Laboratories
- BPI Laboratories
- Levlad LLC
Recent Developments
- April 2024 - Parsons Nutritionals, a contract manufacturer specializing in packaged meals, beverages, and personal care products, has received ₹700 crore from private equity fund Lighthouse Funds. Co-investors of Lighthouse that took part in the round included the International Finance Corporation (IFC), a World Bank Group member, Evolvence India, the Fund of Funds of HDFC AMC, and a number of family offices.
- May 2024 - The largest FMCG contract manufacturing and private label event in Asia was attended by Stella Industries, a global player in the personal care sector that focuses on producing high-quality products. (CMPL). The event was scheduled to take place in Mumbai's Jio BKC from May 15–May 17, 2024.
Market Segmentation
- By Product Type
- Skin Care
- Hair Care
- Make up & Color Cosmetics
- Fragrances & Deodorants
- Others
- By Product Form
- Liquids
- Creams and Lotions
- Gels
- Oils and Serums
- Others
- By Service Type
- Manufacturing
- Skin Care
- Hair Care
- Makeup and Color Cosmetics
- Fragrances and Deodorants
- Custom Formulation and R&D
- Skin Care
- Hair Care
- Makeup and Color Cosmetics
- Fragrances and Deodorants
- Packaging
- Skin Care
- Hair Care
- Makeup and Color Cosmetics
- Fragrances and Deodorants
- Manufacturing
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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