On the back of these factors, global sales of cosmetics ODM are expected to top US$ 21 Bn in 2031. According to the report by Persistence Market Research, the cosmetics ODM market is estimated to register a steady CAGR of more than 6% during the forecast period of 2021-2031. Skincare has even in the past dominated the global cosmetics industry; however, functional products, especially sun protection products, are bolstering demand for skincare cosmetics. Functional cosmetics are categorized as under three major categories; whitening products, sunscreen, and anti-aging formulations.

European and American consumers are adopting functional beauty regimes, majorly because a preventative approach is being adopted rather than opting for a consequent approach. On record, skin cancer is the most common form of cancer in the U.S., and scientific evidences indicate that, use of sunscreen helps prevent sunburn and also reduces the risk of skin cancer. Therefore, the American Academy of Dermatology suggests the public to apply a broad-spectrum, water-resistant sunscreen with an SPF of 30 or higher to exposed skin, as protection from harmful UV rays.

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Prominent players are now diversifying into other profitable segments; natural cosmetics being a classic example. Companies in the beauty industry are diversifying their products and focusing on high-end products, as well as on categories with rising demand. Natural cosmetic products are on an all-time high, especially because of the demand from millennials. Demand for natural ingredients from the European cosmetics sector is visibly increasing, and the main factors paving way for this demand are growing consumer awareness of natural cosmetics coupled with the initiative of cosmetic companies to replace synthetic ingredients with natural variants.

Key Takeaways from Market Study

• The market is considerably fragmented, resulting in moderate bargaining power of customers, due to large number of players in the market. Key ODM players are involved in marking their presence through partnerships with leading global players.
• Persistence Market Research identifies Europe as the largest market for cosmetics ODM, with a share of 28% through 2031, followed by East Asia. East Asia has a pivotal role in the cosmetics ODM industry, especially the Korean platform, because of its high-efficacy, knack for innovation, and use of natural ingredients.
• Skincare is the dominating category within the global cosmetics ODM space, witnessing demand from creams and lotions. Face serum is, however, anticipated to experience the highest growth over the forecast period.
• Synthetic cosmetics ODMs dominate the market, mainly because of their lower cost. Natural/ organic cosmetics ODMs are being preferred by consumers, and are likely to experience hike in demand over the forecast period.
• Mass brands account for a larger share as compared to the rest of the end use segments, primarily within the skincare category.
• Recording a CAGR of more than 7%, sticks are becoming a well-liked packaging type. Sticks are gaining demand because of ease of use and convenience of carrying; stick foundation, sunscreens, and foundations cum sunscreens are gaining popularity.
• Lockdowns due to COVID-19 had kept people indoors, restricting the use of color cosmetics. However, other categories of cosmetics experienced similar demand if not more; thus explaining a dip in sales. As situations have returned to normalcy, consumer demand is returning to its original curve; lip products still lagging a bit.
• Sales of cosmetics ODM across China are slated to expand, in value, at a CAGR of over 8% from 2021 to 2031.

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COVID-19 Impact on Market

The COVID-19 pandemic saw an evident shift toward increased manufacture of hand washes and sanitizers. Personal care companies restructured their production capacity for each category, according to the demand-side trend. Additionally, exports were restricted fearing the spread of infection, and hence, ODM manufacturers experienced a setback in their overseas business. Import of raw materials was also affected owing to varying country policies, challenging the manufacture of cosmetics. With the return to normalcy, manufacturers are introducing novel beauty concepts to gain increased consumer attention.

Key Market Players

The report underlines groundbreaking insights into the competitive scenario of the cosmetics ODM market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain include COSMAX Corporation, Toyo Beauty Co. Ltd., Nox Bellcow Cosmetics Co. Ltd., Picaso Cosmetic Laboratory Group, Kolmar Korea, Ancorotti Cosmetics S.r.l., Cosmo Beauty company Ltd.,  Cosmecca Korea, The Fareva Group, B. Kolormakeup & Skincare S.p.a., BioTruly Group, ANC Corporation, Intercos Group, Francia Beauty, Nowcos Co. Ltd., Sanshokaken K.K., Global Cosmetics (HK), Japan Colmar Co. Ltd., Quality Plus Aesthetic International Co. Ltd., Milliona Cosmetics, and Caolion Cosmetics, among others.

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