CAGR of 5.7% Predicted for Global OEM/ODM Cosmetic Market
As per a report by Coherent Market Insights, the global cosmetic OEM/ODM market is expected to exhibit a CAGR of 5.7% over the forecast period of 2019–2027. As per the forecast, the market valued at US$ 50 billion in 2018, will surpass US$ 80.4 Billion by 2027. Asia Pacific is expected to be the fastest-growing region, owing to the growing cosmetics and personal care market in the region.
Independent brands such as Kylie Cosmetics, Huda Beauty, Gerard Cosmetics, Dose of Colors, and others are rapidly gaining popularity among consumers. In 2018, Amazon also launched its Indie beauty Shop for beauty and personal care products. Such initiatives are further driving demand for independent brands. Many companies are also launching new private label brands. For instance, in March 2019, Amazon launched moisturizers, cleansers, and skin treatment products under the brand Belei in the U.S. In January 2019, Amazon launched lip bundles, nail care bundle, and eye shadow among others under its ‘Find’ brand in Europe.
Cosmetic OEM/ODM are launching novel digital technologies for improving their visibility. For instance, Schwanhäußer Holding GmbH & Co. KG has a sales and marketing app for its customers, that helps them to configure its products. The company also provides a colour visualizer for quick and efficient detection and implementation of colour preferences.
Major players operating in the global cosmetic OEM/ODM market include Intercos S.p.A., Kolmar Korea Co. Ltd., Scalpi Cosmética sa, Cosmecca Korea Co., Cosmax Inc., Mana Products Inc., KBL cosmetics Ltd., Urist Cosmetics Incorporated, Fareva Holding SA, Milliona Cosmetics Co., Ltd., Skinlys, Maesa SAS, Schwanhäußer Holding GmbH & Co. KG, Tricorbraun Inc., Herrco Cosmetics Limited, Architectural Beauty, Allure Labs Inc., Case Mason Filling Inc., Pardaco Trading Pte Ltd, and KDC/ONE among others.
Get more information from the report on coherentmarketinsights.com.