The global cosmetics oem/odm market size valued at USD 50.23 billion in 2021 and expected to reach USD 71.9 billion by 2028, at a CAGR of 5.4% during the forecast period 2022-2028. OEM stands for "Original Equipment Manufacturer" in the cosmetics sector, which indicates the OEM owns the creation and composition of a specific product. It is also known as ‘private label,' where the OEM is the product's original manufacturer. ODM (Original Design Manufacturing) businesses, on the other hand, produce the overall design and specs of items marketed by cosmetic companies under their names. ODM firms develop their concepts and formulations into physical and practical cosmetic items for enterprises with limited resources in building and creating products. The ODM businesses handle the R&D, product concepts, testing, and production in this manner. In a nutshell, a cosmetic OEM provides formulations and specifications, whereas an ODM does the opposite.
View detailed report description at https://precisionbusinessinsights.com/market-reports/cosmetics-oem-odm-market/
A significant rise in disposable incomes over the past decade, expansion in global economies, demographic changes, and rising needs for skin and sun care products due to varied climatic conditions are the primary market factors for the Global Cosmetics OEM/ODM market. The cosmetics OEM/ODM market is expected to grow in response to consumers' increasing preference for more natural and organic skincare products, notably in the United States and Europe. As the demand for natural, herbal, and organic beauty products grows, producers will have more opportunity to innovate and develop new products that cater to consumer tastes. At the moment, OEM and ODM companies in the market are concentrating on producing new goods and experimenting with novel substances in cosmetics. This has been accomplished through the implementation of numerous methods in order to sustain and retain its market position. Product launches, acquisitions, expansions, and agreements are just a few of the major strategies used by industry players to fuel market growth over the projection period.
The global cosmetics oem/odm market segmentation:
By Type (OEM and ODM)
By Application (Skincare, Makeup, Haircare, and Others)
Distribution Channels (Hypermarkets, Specialty Stores, Superstores and Online Stores)
The greatest market in 2020 was Asia-Pacific, followed by North America, which was the second-largest market. Asia Pacific is one of the most diversified and dynamic marketplaces in the global cosmetics business. Due to factors such as increased use of products also including body moisturizing lotions, sunblock lotions & moisturizers, facial wipes, face wash, styling products gels, and makeup products for males and females, rising disposable income, and spreading awareness about personal appearance, the region is expected to grow rapidly during the forecast timeframe.
Request sample report at https://precisionbusinessinsights.com/request-sample/?product_id=64309
Some of the major players working in the cosmetics oem/odm market Bawei, kolmar Korea, Cosmobeauty, NoxBellow Cosmetics, Itshanbul, PICASO Cosmetic, Cosmecca, BIOTRULY GROUP
About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.
Precision Business Insights offers a variety of cost-effective and customized research services to meet particular research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.
Precision Business Insights | Toll Free: +1 866 598 1553