The Cosmetic OEM/ODM Market Is Estimated To Increase At A CAGR Of 5.01 Percent During The Forecast Period 2019-2026
Original Equipment Manufacturer: OEM stands for "Original Equipment Manufacturer" in the cosmetics sector, which indicates the OEM owns the creation and formulation of a specific product. It is also known as 'private label,' where the OEM is its original manufacturer. On the other hand, ODM (Original Design Manufacturing) businesses produce the overall design and specs of items marketed by cosmetic companies under their names. In addition, ODM firms develop their concepts and formulations into physical and practical cosmetic items for enterprises with limited resources in building and creating products. Market Analysis: The global Cosmetic OEM/ODM Market was valued at USD 49.25 billion in 2018 and is expected to increase at a CAGR of 5.01 per cent from 2019 to 2026 to reach USD 72.27 billion. Rising consumer awareness of the harmful effects of chemicals used in beauty products on the skin, growing consumer preferences for organic beauty products, significant increase