Cosmetic and Personal Care industry highlights
The Cosmetic and Personal Care Product Manufacturing industry has posted strong growth over the past decade. The revenue for the U.S. cosmetic industry is estimated to amount to $62.46 billion in 2016. 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 ranks first in Asia. 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.
Cosmetics development growth in organic products is also noticeable. The global market for organic personal care products will to be worth approximately $15.98 billion by 2020, reflecting annual growth rates of between 9% and 10% across Europe, North America and the Asia Pacific regions.
Cosmetics development ever complex and driven by trends, is supported by an effective NPD process. Time to market, collaboration, product information and product traceability are key success factors to optimize in cosmetics development.
Lascom’s solution for personal care product management
Personal care companies face a myriad of challenges. To lead competition, professionals need to be extremely aware of new trends and boost their cosmetics development and innovation processes.
The cosmetics industry is also facing extreme regulatory compliance expectances. Local and global regulations are stricter than ever. Compliance with new regulations needs to be easily and quickly accesable.
Short product lifecycles, fast-evolving trends, patent-protected applications, formidable competition for market share, new technology evolutions and high costs for complex chemistries and scientifically based innovations are other challenges to handle when in personal care products management.
The ability to succeed in a crowded marketplace depends on new product innovation, effective formulation and testing new attributes to differentiate products.
Cosmetics product management from design to launch as well as cosmetics development are key in the industry. It is essential to benefit from an optimized personal care product management.
Lascom provides a Product Lifecycle Management (PLM) solution to assist personal care and cosmetics organizations with these issues. Lascom CPG solution supports the launch and development of products throughout their entire lifecycle, from the design phase through to the manufacturing phase. Our Product LifeCycle Management (PLM) solution will enable us to manage all the data and documents surrounding the products.
During the product lifecycle, Lascom CPG will control the launch of the product, manage risks, control compliance with schedules, ensure compliance, etc. Our solution ensures centralization and consistency of data within a single repository.
This PLM cosmetic solution will also allow you to fluidify the processes of creation and execution of your packagings. Thanks to a viewer system built into the Lascom solution, you can easily view your files in different formats (PDF, PhotoShop, InDesign, …), annotate them directly in the tool, or compare the different revisions or versions of your packaging.
Our collaborative platform will allow you to improve collaboration with your suppliers, packaging agencies, creative agencies, etc. Thanks to the implementation of workflows, you easily orchestrate the stages of revisions, validations and exchanges with your partners. Provide dashboards for effective tracking of your files and to monitor the progress of each of your projects.
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 :
- Collaboration as a Key to Success in Retail – White Paper
- Improve growth and margins with PLM – Infographic
- Challenges in Personal Care and Cosmetics – Index card