Personal Care Regulatory (PCR) Group, a UK and Ireland-based company that specializes in cosmetic regulatory and toxicology services, has been bought by Registrar Corp.
By combining Registrar's prior experience with US FDA compliance with PCR's understanding of UK and EU cosmetic standards, the cosmetics compliance services provider hopes to better serve companies that must adhere to both US and European requirements.
Now, their combined teams of regulatory experts and toxicologists will provide personal care businesses with full compliance support, including serving as a Responsible Person, which is necessary to sell cosmetics in the UK and the EU.
PCR Founder and Managing Director Moighan Moddaresi said: “We are delighted to combine our compliance expertise with Registrar Corp as it allows us to serve more businesses, provide a broader range of capabilities to our existing clients and keep more people safe.”
CMI Research: Key Cosmetics Market Insights
According to Coherent Market Insights (CMI), the cosmetics market is expected to exhibit a CAGR of 5.3% between 2023 and 2030, driven rising boom in the industry due to increase in per capita spending among individuals. The market, which was valued at approximately US$ 289.2 billion in 2022 and is forecasted to boost over forecast period.
The cosmetics market's highest revenue share is anticipated to come from Asia Pacific. The growing awareness among customers to improve their personal look is one of the factors propelling market expansion. Skincare, color cosmetics, and hair care products have become popular among millennials as vital parts of their everyday grooming regimens.
The market has also grown as a result of the development of cosmetics made with organic, natural, and non-toxic ingredients.
Analyst Opinion: Strategic Role in Cosmetics Market Growth
Experienced market research expert Pankaj Poddar attributes the cosmetics market to the ongoing introduction of new technology because of continuous R&D and value chain members' efforts.
Additionally, major players are implementing a range of company expansion tactics to increase their visibility both locally and internationally.
Conclusion: Business Takeaways
The cosmetics industry offers a plethora of business options, due to rising customer demand for creative, eco-friendly, and customized beauty goods. Businesses can capitalize on trends like natural ingredients, eco-friendly packaging, and cruelty-free procedures as interest in skincare and clean beauty grows. Since social media and e-commerce have an impact on consumer decisions, digital transformation is essential.
Brands that prioritize wellbeing, openness, and diversity are likely to be successful. Companies that want to remain competitive should work with influencers, engage in R&D, and use data-driven marketing techniques. In general, gaining market share will depend heavily on sustainability, consumer-centric strategies, and flexibility.
