Market Dynamics:

Rising demand for beauty products across the globe has emerged as a key driver for the cosmetic OEM/ODM market. Changing lifestyles, increasing disposable incomes and growing social media influence are fueling concerns about physical appearance resulting in higher usage of personal care items. Additionally, the ability of OEM/ODM manufacturers to supply quality cosmetic formulas at competitive prices has enabled small brands to outsource formulation and production tasks, thereby reducing costs. This has further stimulated market growth over the past few years. While increasing penetration of international cosmetic brands in developing regions poses a slight challenge, the overall outlook for the cosmetic OEM/ODM market remains positive owing to steady rise in global cosmetic expenditure.

Key Takeaways

The Global Cosmetic OEM/ODM Market Size is estimated to be valued at US$ 59.9 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030.

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