The domestic cosmetics OEM (contract manufacturing) market is booming like never before, driven by the full recovery of inbound demand, new entrants from other industries, and the rapid rise of social media-born independent brands (D2C).

According to a survey by Yano Research Institute, the cosmetics contract manufacturing market is projected to reach approximately 361.9 billion yen (102.0% year-over-year) in fiscal year 2025.In this article, we provide a thorough analysis of the latest rankings of major players with sales exceeding 10 billion yen—the companies driving this growing market—as well as the strategic benefits of partnering with these major manufacturers.

Cosmetics OEM/ODM Manufacturers Sales Rankings [2024–2025 Results]

The top five companies driving the industry all boast strong R&D capabilities and global production networks.

Note: The above data is based on each company’s official gazettes, financial results announcements, and publicly available materials (including consolidated financial statements). These leading companies account for over 30% of the market share, indicating ongoing industry consolidation and sophistication.

Why Focus on “Major” Companies Now? 4 Benefits of Partnering with Major Cosmetics OEMs

Amid a growing number of startups and entrants from other industries, there are clear strategic advantages to partnering with major manufacturers.

1. Capability to handle quasi-drugs (medicated cosmetics)

Developing quasi-drugs containing active ingredients for “wrinkle reduction” or “skin brightening” requires vast amounts of clinical data and expertise in submitting applications to the Ministry of Health, Labor and Welfare. Major companies with a proven track record possess many “pre-approved formulations,” allowing them to significantly shorten development timelines.

2. Provision of the latest trends and “evidence”

Only major companies with the capacity for capital investment can smoothly address 2026 trends such as “clean beauty” and “sustainable packaging (refillable).” They also provide extensive support in obtaining data (evidence) to substantiate efficacy and offer consultation on advertising claims in compliance with the Pharmaceutical and Medical Devices Act.

3. Cost efficiency and stable supply through economies of scale

Thanks to their strong raw material procurement capabilities, they can offer cost-effective solutions even amid global raw material price hikes. Furthermore, their automated production lines ensure consistent quality even for large orders in the tens of thousands, minimizing the risk of stockouts.

4. Strong support for overseas expansion

Their ability to handle and support complex regulatory compliance on your behalf—such as NMPA applications in China and exports to ASEAN countries—is an essential factor for brands looking toward future global expansion.

Summary

By partnering with a major OEM manufacturer, you can expect a stable supply of high-quality products, cost reductions, and product development that leverages their extensive know-how and experience. While in-house manufacturing requires significant initial investment and effort, outsourcing to a major OEM manufacturer alleviates these burdens.

Why Japan’s Major Cosmetics OEM Are Recognized Globally

The manufacturing technologies that underpin Japan’s “J-Beauty” are attracting keen interest from overseas brands.

Nanotechnology and Penetration Technology: Advanced emulsification technology that delivers ingredients deep into the skin (the stratum corneum).
Attention to Texture: Achieving the delicate feel unique to Japanese consumers (e.g., moisturizing without feeling sticky).
Thorough Quality Control (GMP-Compliant): Clean rooms to prevent foreign material contamination and stability testing conducted over several years.

[Important] Points to Consider When Selecting a Major OEM

While there are many benefits, there are also key points that clients should understand.

Minimum Order Quantity (MOQ) Barrier: Large manufacturers often require orders starting from several thousand to over 10,000 units. If you wish to start on a small scale, negotiation is necessary.
Speed of Decision-Making: Due to the size of the organization, responding to detailed specification changes may take time.

Summary: Choosing the Right Partner Can Make or Break Your Brand

Success in the cosmetics business depends on the product’s “formulation” and “stable supply.” Major OEM manufacturers are not merely “contract manufacturers” but strategic partners who share the latest insights and technologies. It is important to select the most suitable partner based on your company’s brand concept, distribution channels, and projected future scale.

Below is a ranking of major cosmetics OEM and ODM manufacturers by sales.

Here are our recommendations

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TOA Co., Ltd.: 62.9 billion yen (fiscal year ending March 2025): 18.9% market share

TOA Co., Ltd. (TOA, Total Outsourcing Access; formerly Nippon Colmar Co., Ltd.) is a company that handles everything from the design to the development and production of cosmetics and quasi-drugs.

Key Features

• Capable of producing all types of cosmetics

Cosmo Beauty Co., Ltd.: 40.1 billion yen (fiscal year ending March 2025): 12.1% market share

An OEM manufacturer specializing in value creation centered on “purity, cleanliness, and beautification.” Guided by its corporate statement, “Making People and Society Beautiful,” the company aims to enhance the beauty of everyone and everything.

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Toyo Shinyaku Co., Ltd.: 30.7 billion yen (fiscal year ending September 2024, group revenue): 9.2% market share

Toyo Shinyaku Co., Ltd. is an ODM manufacturer of health foods, cosmetics, and pharmaceuticals founded in 1997 with a corporate name embodying the aspiration to “create and deliver health foods, cosmetics, and pharmaceuticals to the world without being bound by conventional wisdom or preconceived notions.”

AFC-HD Amus Life Sciences Co., Ltd.: 30.1 billion yen (fiscal year ending August 2024): 9.0% market share

AFC-HD Ams Life Sciences Co., Ltd. is a comprehensive contract manufacturer of health foods and cosmetics in Japan. Its headquarters are located in Suruga Ward, Shizuoka City, Shizuoka Prefecture.

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Tokiwa Co., Ltd.: 29.9 billion yen (Fiscal Year Ending December 2023): 9.0% market share

Tokiwa Co., Ltd. is a comprehensive cosmetics developer that consistently delivers high levels of satisfaction by always considering the perspectives of both users and manufacturers, in order to earn the trust of all cosmetics manufacturers.

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Toyo Beauty Co., Ltd.: 27.5 billion yen (Fiscal Year Ending December 2024): Market Share 8.3%

Toyo Beauty Co., Ltd. is a manufacturer specializing in OEM production of cosmetics and quasi-drugs. We are actively working to modernize and diversify our production facilities to accommodate a wide variety of products and small batch sizes. We meet our customers’ diverse needs—from small-batch production of a wide variety of products to mass production—and promote a proactive, technology-driven, and solution-oriented OEM business.

Picasso Beauty Chemical Research Institute Co., Ltd.: 26.9 billion yen (Fiscal Year Ending March 2024): Market Share 8.1%

Picasso Beauty Chemical Research Institute is a company founded in 1935 that conducts research and development, planning, design, and manufacturing of functional and natural cosmetics.

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Air Water Realize Co., Ltd.: 26.2 billion yen (fiscal year ending March 2024): 7.9% market share

Air Water Realize Co., Ltd. is a comprehensive OEM/ODM manufacturer with aerosol products, general-purpose filled products, and cosmetics as its main pillars, supplying products to a wide range of industries.

Key Features

• Leveraging its high market share in the aerosol industry, the company has entered the cosmetics ODM/OEM business

Nippo Co., Ltd.: 21.9 billion yen (Fiscal Year Ending March 2024): Market Share 6.6%

Nippo Co., Ltd. offers integrated cosmetics manufacturing that combines container production with bulk manufacturing. The company manufactures a wide range of products, from cosmetics OEM and consulting to planning and integrated manufacturing.

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Japan Pigment Research Institute Co., Ltd.: 17.6 billion yen (fiscal year ending February 2025): 5.3% market share

Nippon Color Materials Research Institute Co., Ltd. provides comprehensive support for all needs related to cosmetics and beauty products, including integrated manufacturing, contract manufacturing, container and product design, and packaging.

Myojo Sangyo Co., Ltd.: 15.6 billion yen (fiscal year ending June 2024): 4.7% market share

Myojo Sansho is built on two core businesses: “OEM manufacturing and sales of pharmaceuticals, quasi-drugs, cosmetics, and other products” and “manufacturing and sales of commercial supplies.”

Cosmetic Tech Japan Co., Ltd.: 11.878 billion yen (fiscal year ended December 2022): Market share 3.5%

Cosmetic Tech Japan Co., Ltd. operates an OEM business for cosmetics and health foods, covering everything from planning and formulation development to manufacturing, filling, packaging, sales, and regulatory compliance.

Anzu Corporation: 9.7 billion yen (FY 2024): 2.9% market share

Anzu Corporation aims to provide “LTV-based ODM” that contributes to consumers by helping client companies realize their vision for cosmetics.

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Asanuma Corporation: 9.3 billion yen (fiscal year ending June 2024): Market share 2.8%

Asanuma Corporation, as a manufacturer specializing in makeup products, offers cosmetics that embody a commitment to beauty.

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Cosme-Nist Co., Ltd.: 7.4 billion yen (FY 2024 results): 2.2% market share

Cosme-Nist Co., Ltd. prioritizes safety and peace of mind above all else and has built a comprehensive formulation database by conducting approximately 2,000 prototype tests of original formulations each year.

Mikimoto Pharmaceutical Co., Ltd. (OEM Division): 7.2 billion yen (December 2024): 2.2% market share

Mikimoto Pharmaceutical Co., Ltd. is a cosmetics manufacturer headquartered in Ise City, Mie Prefecture. For over 75 years, the company has continued to manufacture and sell cosmetics, pharmaceuticals, and quasi-drugs based on rare pearl-derived ingredients.