Key companies covered in the personal care contract manufacturing market are HK Kolmar USA (U.S.), Albéa Group (France), VVF (India), FormulaCorp. (U.S.), Nutrix International LLC (U.S.), Vi-Jon (U.S.), ApolloCorp, Inc. (Canada), Sarvotham Care (India), McBride Malaysia Sdn. Bhd. (Malaysia) and more players profiled.
Pune, India, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The global personal care contract manufacturing market size was USD 18.19 billion in 2021 and USD 19.60 billion in 2022. It is anticipated to reach USD 33.62 billion in 2029, exhibiting a CAGR of 8.0% over the estimated period. The rise can be credited to the surging consumer spending capacities and increasing awareness regarding personal hygiene.
Additional factor propelling industry growth is the escalating consumption of natural products. Fortune Business Insights™ cites this information in its research report, titled “Personal Care Contract Manufacturing Market, 2022-2029”.
List of Key Players Mentioned in the Report:
HK Kolmar USA (U.S.)
Nutrix International LLC (U.S.)
McBride Malaysia Sdn. Bhd. (Malaysia)
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Personal Care Contract Manufacturing Market Report Scope & Segmentation:
Personal Care Contract Manufacturing Market Size in 2021
By Product Type, By Age- Group, By Distribution Channel, By Region
Personal Care Contract Manufacturing Market Growth Drivers
Increasing Demand from High-income Groups to Favor Growth
Rising Number of Wealthy Population to Boost Market Expansion
Liquids Segment to Emerge Prominent Due to Convenience of Usage
On the basis of formulation, the market is segregated into creams, lotions, liquids, gels, oils, and others. Of these, the liquids segment is estimated to foresee a commendable surge over the estimated period. The rise can be credited to the convenience of deploying liquid formulations.
Skincare Segment to Gain Traction Owing to Rising Number of Dermal Conditions
The skincare segment accounted for a majority share in 2021 and is anticipated to register appreciable expansion over the forecast period. The growth can be attributed to the escalating penetration of multi-functional solutions such as oils, body wash, face creams, and moisturizers. This is further being supplemented by the growing number of dermal conditions.
Considering the regional landscape, the market can be subdivided into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America
The report provides a comprehensive coverage of the major trends that are set to drive industry expansion over the forecast period. It further includes an in-depth analysis of the key steps taken by prominent industry players for sustaining their market position. The insights have been provided after extensive research and engagements with major stakeholders in the industry.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/personal-care-contract-manufacturing-market-102937
Rising Product Demand Driven by Growing Awareness Regarding Personal Hygiene
The personal care contract manufacturing market growth is set to be driven by escalating consumer awareness regarding sanitation and personal hygiene. The industry expansion can be credited to the soaring demand for feminine hygiene products. The maintenance of personal hygiene helps in the improvement of self-confidence, self-esteem, and psychological, emotional, and social well-being.
However, the industry expansion is likely to be hindered by growing investments in manufacturing, intense competition among manufacturers, and the easy availability of counterfeits.
Asia Pacific to Lead Due to Rising Young Demographic Population and Escalating Disposable Income
The Asia Pacific personal care contract manufacturing market share is slated to register a notable rise over the forecast period. The growth can be attributed to the surging young demographic population and the escalating disposable income. This is further being supplemented by the surging number of domestic manufacturers in the region.
The industry value in Europe is set to record appreciable growth over the analysis period. This is being driven by the rising consumer preference toward the use of personal care and cosmetic products manufactured using raw materials that are free from harmful chemicals.
Leading Companies Focus on Partnership Agreements & Acquisitions for Driving Industry Growth
Prominent personal care contract manufacturing companies are centered on the adoption of various strategic initiatives, such as mergers, acquisitions, partnership agreements, and others, for the consolidation of their industry position. Several market players are undertaking research activities for enabling the development of new products. Some of the additional steps include rising participation in trade conferences.
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Key Market Trends in the Global Market
Key Developments: Mergers, Acquisition, Partnership, etc. .
Qualitative Insights Impact of COVID 19 on Global Personal Care Contract Manufacturing Market
Steps taken by Government/Companies to overcome this impact
Potential opportunities due to COVID-19 outbreak
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June 2022 – Kolmar Korea planned the acquisition of 55% stake in Yonwoo, a Korean producer of packaging solutions for beauty, personal care, and skincare. The USD 221.6 million deal helped the company in creating collaboration in its cosmetic business.
Color Cosmetics Market Share, Industry Forecast 2029
Cosmetic Packaging Market Share, Industry Forecast 2028
Cosmetic Pigments Market Share, Industry Forecast 2029
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