Fortune Business Insights™ reports a significant boost in the global personal care contract manufacturing market size, attributed largely to the increasing disposable income in numerous countries worldwide. Market growth is further bolstered by the emergence of several large-scale companies. The report titled “Personal Care Contract Manufacturing Market Size, Share & Industry Analysis By Formulation (Liquids, Creams, Lotions, Oils, Gels, Others), By Application (Skincare, Haircare, Makeup & Color Cosmetics, Fragrances & Deodorants, Others), and Regional Forecast, 2022-2029” highlights growth drivers, including the integration of advanced concepts expanding the product's application scope over recent years.
Personal care contract manufacturing involves managing the manufacturing process of personal care products, a concept gaining traction due to the complexity associated with such production. The past few years have witnessed substantial growth in this sector, fueled by increasing disposable income and spending power globally. Additionally, the presence of numerous large-scale companies augurs well for future market expansion, further propelled by a surge in company collaborations and acquisitions. Moreover, the infusion of advanced concepts has broadened the application scope, paving the way for new growth opportunities.
COVID-19 Impact:
The rapid spread of the coronavirus has prompted urgent measures worldwide, resulting in significant disruptions across various industries, including personal care contract manufacturing. Travel bans and stringent containment measures have brought several businesses to a halt, posing challenges for companies in this sector. The report assesses the pandemic's impact on the global market and discusses how major companies are navigating these challenges. Continuous efforts are underway to assist businesses in sustaining and growing amidst the pandemic, offering insights and impact analysis to prepare for the future.
Increasing Company Mergers and Acquisitions Drive Market Growth:
One of the primary growth drivers identified is the rising number of company mergers and acquisitions, exerting a substantial influence on market dynamics. Notably, Silgan Holdings completed the acquisition of Albea's dispensing company in January 2020, investing approximately USD 900 million in the process. This strategic move grants Silgan Holdings access to Albea's extensive portfolio of personal care contractual services, facilitating both company growth and significantly impacting the global personal care contract manufacturing market outlook.
Asia Pacific Dominance and Increasing Product Demand:
Analysis of market trends across major regions highlights Asia Pacific's emergence as a dominant player in the foreseeable future. The region witnesses a rising demand for personal care contractual services, supported by significant spending power, increasing disposable income, and a burgeoning population, notably in countries like India and China.
Browse Summary:
https://www.fortunebusinessinsights.com/personal-care-contract-manufacturing-market-102937
