Personal care and cosmetics industry highlights
Personal care and cosmetics market have experienced a strong growth over the past decade. Industry revenue has been growing at an annualized rate of 12.2% from 2010 through 2015, to an estimated $19.9 billion. Over the next five years through 2020, industry revenue is forecast to grow 3.4% annually, to total $23.6 billion. Western Europe has the higher revenue with €77 billion followed by the US with €62 billion. More than 11 billion personal care products are sold each year in the U.S. China has become one of the largest cosmetics markets in the world and is ranked first in Asia.
Innovation and trends leads new product development in an industry that’s getting more and more complex and competitive. Manufacturers, brands or retailers face many challenges as accelerate innovation and time-to-market, facilitate collaboration, master their product range portfolio and be compliant with regulations.
How a PLM solution can help you?
Short product life cycles, fast-evolving trends, patent-protected formulas, increasing competition, technology evolution and expensive ingredients are making new product development even more complex and time-consuming. Marketing, regulatory and R&D teams need to invest time and money into value-added tasks and concentrate their efforts for customer satisfaction.
Lascom provides a Product Lifecycle Management (PLM) solution to help personal care and cosmetics bussinesses face their challenges. Lascom CPG software supports product development throughout their entire lifecycle, from marketing briefs to product launch.
Thanks to a unique knowledge base, you control product development, manage risks, ensure to comply with regulations, reduce time-to-market and improve collaboration with your subcontractors. Improve packaging design with a viewer tool allowing you to visualize your creations in different formats (PDF, PhotoShop, InDesign, …), annotate and compare the different versions with other team members.Track your projects and product range efficiency with tasks workflows and customized dashboards.
Key functions for personal care and cosmetics challenges
To remain competitive, cosmetics professionals must, more than ever, be attentive to market trends in terms of trends and strengthen their ability to innovate. Thus, mastering all the stages of the process of launching new products is one of the major challenges of this sector.
Benefits for personal care product management
Customized access to updated and unique information
Time waste and errors – including due to information re-keying- reduction
Collaboration inefficiency reduced by 70% while exchanging information with key partners
Automated documents generation – technical datasheet, ingredients statement, allergens, nutrition facts, etc.
Effective change and impact management
Easy sanitary alert control
Regulatory compliance assistance
Quality internal audits efficiency increased by 30%
Optimize NPD and launching processes
Time to market reduction of 30%
Decision making process assistance
Project priorisation assistance (score-carding)
Existing products portfolio management
Access our guides and whitepapers for your industry :
- White Paper – How to Accelerate Product Innovation ?
- Collaboration as a Key to Success in Retail – White Paper
- Improve growth and margins with PLM – Infographic