COSMETIC OEM/ODM MARKET ANALYSIS
The global cosmetic OEM/ODM market was valued at US$ 56.3 billion in 2022 and is expected to exhibit a CAGR of 6.40% over the forecast period (2023– 2030), to reach US$ 92.5 billion by 2030. Cosmetic OEM/ODM manufacturers have extensive knowledge and expertise in the entire beauty and personal care products development and manufacturing process. OEM/ODM manufacturers provide finished products to beauty and personal care brands. Private labels and independent brands are mainly dependent on outsourcing for the manufacturing of their products. Increasing demand for private label and independent brands is driving more and more players to enter the full buy provider business model. According to Coherent Market Insights analysis, in FY 2021, the premium beauty and personal care products market reached a valuation of US$ 473.9 Billion and is likely to register a Y-o-Y growth rate of 4.0% in 2022, closing at US$ 495.28 Billion.
Figure 1. Global Cosmetic OEM/ODM Market, By Product, 2022
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