Cosmetics original design manufacturers (ODM) produces cosmetic products by research & development and testing. The ODM products are eventually branded by another firm for sale. It enables rapid introduction of new products and brands in the market across the globe, especially in the Asia Pacific backed by the entry of several major cosmetic companies including L'Oreal, M.A.C, NYX, and L.A. GIRL COSMETICS. Nowadays, a greater number of cosmetic brands across the globe are adopting ODM strategy for the launch of new products to gain the higher market share. Today, consumers are paying more attention to the usage of cosmetics in their daily life in order to improve their style quotient and overall personality. Cosmetics products play an important role in enhancing one’s inherent beauty and physical features. Men are also increasingly using cosmetics in their daily routine including various types of fragrances and deodorants. This growing demand for cosmetic products has, in turn, led to the growth of cosmetics ODM market. With the rising disposable income levels, people are spending more on beauty products and are ready to buy personal luxury goods that can add value to their beauty. This has increased the overall demand for such products, especially in developing economies like India and China.
Make up segment is growing at a significant CAGR of 13.2%
Makeup segment is anticipated to account for a significant share of the global cosmetics ODM market. Today’s young generation is more concerned about beauty, thus, heavily adopting various makeup products. This has boosted the overall demand for skin care products, which is further supported by increasing disposable income. Heavy use of makeup products in the media industry including movie making and others and skin protection through makeup products are expected to support the market growth further. Some of the leading makeup products are foundation, powder, concealer, luminizer, blush, primer, bronzer, eye shadow, eyeliner, mascara, false lashes, eyebrows, lip gloss, and lip liner.
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Asia Pacific is the fastest growing region in the forecast period
Being a global production hub for cosmetics, China accounts for a major share of the global cosmetics ODM market. China is domination the cosmetic ODM market and was valued at USD 1,944 million in 2018. Being a global production hub for cosmetics, China accounts for a major share of the global cosmetics ODM market. According to the International Trade Administration, China is expected to dominate the cosmetics ODM market for the next 5 years owing to the increasing number of cosmetic ODM manufacturers in the country and high demand for cosmetic products in the global market. Moreover, increasing hold of the major players on the cosmetic and personal care industry has significantly influenced the overall market growth.
Some of the prominent players in the market are Cosmax, Intercos, Kolmar, Nihon Kolmar Co., Ltd, Cosmo beauty, Nox Bellow Cosmetics, Ancorotti Cosmetics, COSMECCA, BioTruly Company, Toyo Beauty, Easycare Intelligence Tech, Homar, ANTE cosmetics, Francia Cosmetics, Life-Beauty Cosmetics.
Cosmetics ODM Market Segmentation
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now