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(Health-NewsWire.Net, October 14, 2022 ) According to Precision Business Insights (PBI), the latest report global cosmetics OEM/ODM market is expected to reach USD 50.23 billion in 2021, growing at a CAGR of 5.4% over the forecast period 2022-28. OEM, which stands for "Original Equipment Manufacturer" in the cosmetics sector, denotes ownership of the design and formulation of a certain product. Additionally, there are words like "private label," where the OEM is the brand's original creator. As an alternative, ODM (Original Design Manufacturing) firms develop the general layout and technical specifications of the products that the cosmetic companies market under their brands. Companies that manufacture and create items with low resources.
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The Cosmetics OEM/ODM Market Growth Factors
The increasing demand for branded products is one of the major growth factors for the cosmetics OEM/ODM market, as well as the factor that will drive the market during the forecast period. The rise in disposable income and disposable income per capita in emerging economies like India, China and Brazil has led to an increase in consumer spending. The increasing popularity of cosmetics, which offer a wide range of benefits over food items due to their high nutrient content and low-calorie content, has led to an increase in their demand over time. In addition to this, the rising awareness about skin health and beauty has further increased their demand in these regions. The increase in disposable income per capita and consumer spending are also propelling the cosmetics OEM/ODM market. The increase in population base coupled with an expanding middle-class population is also expected to fuel the growth of this market during the forecast period.
The Cosmetics OEM/ODM Market Segmentation
The global Cosmetics OEM/ODM Market on the basis of Type, the market is bifurcated into OEM and ODM. On the basis of Application, the market is segregated into Skincare, Makeup, Haircare, and Others. On the basis of Distribution Channels, the market is classified into Hypermarkets, Specialty Stores, Superstores, and Online Stores.
The Cosmetics OEM/ODM Market Trends
• The key factors driving the growth of this market are the rising demand for customized products, the increasing number of manufacturing units in emerging economies, and increasing export opportunities.
• The growth of the cosmetics OEM/ODM market can be attributed to increasing demand for customized products and high-quality products. Growth in demand for customized products is driven by increasing consumer preference for organic products
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The Cosmetics OEM/ODM Market Regional Analysis
The key factors driving the growth include increasing demand for organic products, innovative product designs, increasing penetration of online shopping platforms among consumers, rising disposable income levels among consumers in emerging countries such as China and India, and growing health consciousness among consumers across all regions of the world. The European region stood out as the largest contributor to the global cosmetics OEM market with a significant market share during 2018; however, it is expected to witness an erosion in its share during the forecast period due to lower production volumes caused by industry challenges such as Brexit-related uncertainty
The major players operating in the Cosmetics OEM/ODM Market are Bawei, kolmar Korea, Cosmobeauty, NoxBellow Cosmetics, Itshanbul, PICASO Cosmetic, Cosmecca, BIOTRULY GROUP
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