Unleashing Innovation With A CDMO: Why Contract Development and Manufacturing Organizations Should Be An Integral Part Of Your Product Development Strategy For 2024
The dynamic landscape of the beauty and personal care industry is shifting faster than ever and innovation is crucial for brand success. Expected to reach more than $750 billion in revenue by 20321 and driven by trends like clean beauty, health and wellness, inclusivity and sustainability, the beauty and personal care industry is ripe for innovation.
In fact, Nielsen IQ recently found in their BASES report, Innovating Out of Crisis Thought Leadership, that companies that prioritized innovation over the last three years were almost three times more likely to grow sales than those that reduced their innovation efforts.2 Companies can no longer rely on hero SKUs to drive growth and consistent evolution will be critical for companies to stay relevant to consumers.
CDMOs (contract development and manufacturing organizations) can help unlock innovation in your business by closely collaborating with your team to understand your unique needs, offer tailored solutions and bring your vision to life in record time.
They can bring products to market faster and more efficiently through concept collaboration, existing raw material partnerships and flexible and scalable manufacturing processes. But the ability to constantly innovate and provide unique solutions that meet customers’ changing needs differentiates the most successful CDMOs from the rest.
The dynamic landscape of the beauty and personal care industry is shifting faster than ever and innovation is crucial for brand success.. Continue reading here
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