Personal Care CMO And CDMO Market Revenue to Attain USD 42.80 Bn by 2033


06 Nov 2024

Share : linkedin twitter facebook

The global personal care CMO and CDMO market revenue surpassed USD 28.02 billion in 2024 and is predicted to attain around USD 42.80 billion by 2033, growing at a CAGR of 4.82%. The demand for cosmetics and personal care products is increasing, which is the key factor driving the growth of the market.

Personal Care CMO and CDMO Market Statistics

Market Overview

In the field of personal care, CMOs and CDMOs are the major organizations that provide outsourced services to various businesses aimed at producing and packaging personal care goods. Production and packaging of an extensive range of personal care products, including oral care, skincare, haircare, and cosmetics, are the specialized sectors for a CMO. Also, By implementing integrated strategies, companies can simplify the whole production process and create high-quality products by leveraging the CDMO's experience.

Report Highlights of the Personal Care CMO And CDMO Market 

  •  By service, the manufacturing segment dominated the market in 2023. The dominance of the segment can be attributed to the enhanced cosmetic formulations and increasing requirements for a streamlined production process.
  •  By service, the documentation segment is estimated to grow significantly during the forecast period. The growth of the segment is driven by rising regulatory compliance and product safety.
  •  By product category, the skincare segment led the personal care CMO and CDMO market in 2023 by holding the largest market share. This is due to consumers' growing interest in health-optimising practices.
  •  By product category, the makeup & color cosmetics segment is expected to show significant growth during the projected period. This is because of a surge in product innovations and the upgradation of cosmetics products.
  •  By form, in 2023, the creams & lotions segment dominated the market. The dominance of the segment can be linked to rising requirements for cost-effective products.
  •  By form, the liquids & suspensions segment is estimated to grow at a significant rate over the studied period. The growth of the segment is credited to the substantial advancements in cosmetic formulation.

 Increasing demand for personal care products

The increasing demand for personal care products is the key factor driving the market growth. This surge in demand is due to many factors, such as the presence of the GenZ and millennial population across the globe, along with the growing awareness of the advantages of these products. Additionally, innovation in in cosmetics manufacturing, like the emergence of various formulations by using new technology is also contributing to the market expansion.

  •  In April 2024, -Lygos, Inc. announced the launch of SoltellusTM for personal care. SoltellusTM, a line of high-functioning, customizable, multi-functional, and sustainable polymers, improves the performance of skincare and haircare formulations while providing biodegradable and cost-effective benefits.

 Growing need for customization

Personal care brands often depend on manufacturing processes, proprietary formulations, and branding strategies, which makes IP protection important for protecting developments and market benefits. This is where customization comes in; new trends like personalization, minimalist design, and eco-friendliness are major factors that impact market growth positively. Moreover, CDMOs can utilize cutting-edge manufacturing technologies to enhance productivity, optimize quality assurance, and reduce costs, leading to personal care CMO and CDMO market growth.

 Regulatory compliance and quality assurance

Stringent regulatory demands in the cosmetic sector fuel the requirement for CDMOs and CMOs to perform regulatory compliance and quality assurance. Cosmetic companies can reduce the risks associated with product safety and efficacy, which can be well suited to quality standards. Furthermore, through outsourcing, companies may take advantage of controlled costs and scale that fits into consumer demand. 

Regional Insights

Asia Pacific dominated the personal care CMO and CDMO market in 2023. The region's dominance can be attributed to the rising demand for different product categories coupled with a surge in global cosmetic production and innovation. Furthermore, the development of new formulations, with the help of technological expertise and innovation, is broadening the market presence in the region, thereby boosting market growth.

North America is expected to grow at a significant rate over the projected period. The growth of the region can be linked to the expansion of retail chains for cosmetics products along with the presence of well-established production companies in the region. However, the rising emphasis on research and development in the personal care industry is driving the growth of the market in the region.

Personal Care CMO And CDMO Market Coverage

Report Attribute Key Statistics
Market Revenue in 2024 USD 28.02 Billion
Market Revenue by 2033 USD 42.80 Billion
CAGR 4.82% from 2024 to 2033
Quantitative Units Revenue in USD million/billion, Volume in units
Largest Market Asia Pacific
Base Year 2023
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Personal Care CMO And CDMO Market News 

  •  In July 2024, Bell Pharmaceuticals and Cosmetics Private Limited in Hyderabad emerged as a major player in the cosmetic industry, by attracting the attention of traditional investors due to its significant growth and the proprietary nature of its personal care products. 
  •  In October 2024, Noel Tata-led Trent launched a new retail format called Zudio. This new venture is set to compete with top brands such as 8, Sugar Cosmetics, Hindustan Unilever Elle1 Health & Glow, and Colorbar.

Market Segmentation

By Services

  • Formulations
  • Documentation
  • Manufacturing
  • Packaging
  • Logistics
  • Others

By Product Category

  • Skincare
  • Hair & Body Care
  • Makeup & Color Cosmetics
  • Others

By Form  

  • Creams & Lotions
  • Gels
  • Liquids & Suspensions
  • Others

Get this report to explore global market size, share, CAGR and trends, featuring detailed segmental analysis and an insightful competitive landscape overview@ https://www.precedenceresearch.com/checkout/5177

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 804 441 9344

Related Reports