User:Cherryblossomsxx/sandbox

Business
The top brands in the Personal Care Product Manufacturing industry as of January, 2023 are, Proctor & Gamble, Johnson & Johnson, Estee Lauder, L'Oreal, and Unilever etc. As of that date these major brands in this industry hold 30.5% market share and the rest are held by smaller brands. This industry deals with producing, manufacturing and/or packaging personal care products, toiletries, and grooming products. The market is highly concentrated; the top 50 firms account for about 85% of industry revenue, and there is high competition between firms as of January 2023, that is continuing to increase. Competitors compete on the basis of prices since the products in the industry aren't differentiated. Manufacturers also compete on types of packaging and must differentiate themselves with things like sustainable packaging, including different materials such as metal and cardboard. The increased demand for innovative packaging allows manufacturers to gain more market share or give rooms for new manufacturers to enter the industry.

The market value of the Personal Care Product Manufacturing industry was valued at $18.8 billion in 2021, and the industry is expected to grow at an annual rate of 8.1% from 2022 to 2030. There has been a surge in demand of organic products due to the increased awareness of being conscious of hair and skin problems as of August 2022. The increasing growth rate of the personal care contract manufacturing industry and the increased demand of sustainable and organic products leaves room for new entrants to enter the market.

Covid-19 has impacted the industry by causing certain manufacturers to shut down, or pause operations which caused supply-chain issues. The industry suffered a decline of profits due to lack of customer discretionary income and rising unemployment rates. But on the contrary, in early 2021 the demand for personal care products increased due to the surge in growth of the online beauty market. Although offline sales of products decreased during that time, online sales of personal care products increased. Large companies and retailers expands their reach beyond physical stores to online formats to serve their customers better through technological advancements. Governments around the globe have also recently started to enforce companies to disclose product information and specific benefits of products to customers, which increases transparency between customers and companies.