The Global Personal Care Contract Manufacturing Market is expected to reach USD 25.8 billion by 2025, according to a new report by Hexa Reports. Increasing focus on R&D and promotional activities to gain market share in competitive personal care industry are expected to drive demand over the forecast period.
The major brands including P&G, and Unilever are outsourcing mass manufacturing and have initiated the manufacturing of innovative products to protect their intellectual property as well as to reduce the operating cost, which is expected to drive the contract manufacturing market over the forecast period.
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Rising need for skin care products, advanced beauty treatments and marketing strategies by manufacturers such as Unilever, L'Oreal and P&G and macroeconomic factors such as rising disposable income of consumers is expected to result in an increasing demand for cosmetics products, which in turn is expected to drive the market.
VVF India Ltd. and ApolloCorp., Inc. survive in the market by catering to the local customers and maintaining their contracts. As the survival in the industry is challenging owing to the presence of a large number of local manufacturers, these companies focus on providing premium quality services to their current customers rather than acquiring new contracts.
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Further key findings from the report suggest :
- Skin care contract manufacturing accounted for 30.5% of the revenue share in 2016 and is expected to grow at a CAGR of 6.6% owing to the rising demand from millennials to delay the signs of aging
- Fragrances & Deodorants accounted for 14% of the overall revenue share with growing demand for premium fragrances and deodorants such as Axe and Dove owing to rising focus on personal hygiene
- Rising demand for organic and natural products is expected to compel the formulators to search for organic alternatives for synthetic raw materials which are expected to have a positive impact on the custom formulation and R&D segment growth
- Asia pacific accounted for 29.0% of revenue share in 2016 owing to the growing demand for personal care products among youth in the developing economies including China and India
- The major players in contract manufacturing industry adopt different pricing strategies to acquire new customers and gain regional share by providing high-performance products with customized solutions concerning services.
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