Nippon Shikizai

What Nippon Shikizai does

Nippon Shikizai, Inc. (株式会社日本色材工業研究所) is a Japanese cosmetics ODM/OEM manufacturer with approximately 100 years of history, founded in 1930 as a face-powder pigment lab and incorporated in 1957. The company is publicly listed on the Tokyo Stock Exchange Standard Market and the Nagoya Stock Exchange Main Market under ticker 4920, with the Nagoya listing completed on February 26, 2026. Nippon Shikizai provides end-to-end product development and manufacturing services — from concept and formulation through scale-up and final product delivery — to global cosmetics brand customers across base makeup (foundations, concealers, primers, powders), eye makeup (mascara, eyeliner, eyeshadow, brow), point makeup (lipstick, gloss, blush, highlighter), skincare/UV (toner, moisturizer, cream, makeup remover, sun protection), and quasi-drug items.

The company's technical foundation is built on color cosmetics formulation expertise, ingredient selection, safety and stability evaluation, and lab-to-factory scale-up, supported by an in-house R&D program that has produced a broad portfolio of filed patents covering organic colorant-doped silica gel, oil-wax gel structure control, collapsible microtubular powders, petal-like calcium silicate for high-UV loose powder, and genetic-algorithm-designed UV composites. Four manufacturing facilities — the Zama Factory and Tsukuba Factory in Japan, plus Nippon Shikizai France S.A.S. (acquired 2017) near Orléans and THEPENIER Pharma & Cosmetics S.A.S. (acquired 2000) in Normandy — provide dual-country production with both 'Made in Japan' and 'Made in France' positioning.

Nippon Shikizai operates a pure B2B model with no direct-to-consumer brand, generating revenue through ODM development fees plus manufacturing fees for proprietary formulations, and OEM production fees for customer-provided formulations. Customer acquisition is driven by direct enterprise sales and a recurring presence at major industry trade shows (MakeUp in Paris, CITE Japan, MakeUp in New York, IFSCC congresses). The customer base spans major international and domestic cosmetics brands, with Estée Lauder having recognized the company with its 2018 Supplier Excellence Award. Sustainability credentials — UN Global Compact signatory (2024), Sedex member (2022), EcoVadis Silver (2018-2023) and Bronze (2025-2026) at parent, EcoVadis Platinum (top 1%) at French subsidiary NSF, and ISO 14001:2015 certification at Zama — are positioned as procurement-relevant differentiators for global brand customers.

Name

Nippon Shikizai

Legal name

株式会社日本色材工業研究所

Website

https://shikizai.com

Company type

Public

Founded year

1930

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Nippon Shikizai is a Japan-based, publicly listed cosmetics ODM/OEM manufacturer with ~100 years of history, providing end-to-end formulation, development, and dual-country (Japan and France) production services to global cosmetics brand customers across color cosmetics, skincare, and UV product categories.

Ownership category

akta.pro rank

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. ODM (Original Design Manufacturing) Services: Nippon Shikizai develops proprietary formulations and proposals which are presented to cosmetics brand customers. When adopted, the company manufactures and delivers the final products. Revenue is generated through development fees and product manufacturing fees based on the scope of services from formulation through final product delivery.
2. OEM (Original Equipment Manufacturing) Services: The company manufactures products based on customer-provided formulations and designs. Revenue is generated through production fees tied to manufacturing volumes and complexity of the products produced.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Nippon Shikizai is a B2B cosmetics ODM/OEM manufacturer that develops and produces color cosmetics and skincare products for global cosmetics brands. The company provides end-to-end services spanning formulation development, ingredient selection, safety/stability evaluation, and scale-up from laboratory to factory production, operating four manufacturing plants across Japan and France to offer both 'Made in Japan' and 'Made in France' production capabilities.

Product overview

Nippon Shikizai is an ODM/OEM cosmetics manufacturer with approximately 100 years of history, providing end-to-end support from development to production for cosmetics brands worldwide. The company offers five main product categories: BASE MAKEUP (foundations, concealers, primers, and powders), EYE MAKEUP (mascaras, eyeliners, eyeshadows, and eyebrow products), POINT MAKEUP (lipsticks, lip glosses, blushes, and highlighters), SKINCARE/UV (toners, moisturizers, creams, makeup removers, and UV protection products), and OTHERS (quasi-drug items and design fillers). The company specializes particularly in color cosmetics (makeup products) and maintains a BtoB business model as an ODM manufacturer, supporting brands from concept through final product delivery.

Differentiator

Problem solved

Functional benefit

Products and services

• Base Makeup Products (Foundations, Concealers, Primers, Powders)

Quantifiable outcome

• One乳化釜 (1 ton scale) can produce approximately 140,000 mascaras
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Japan Cosmetic Testing Association (日本化粧品検定協会)minorGTM or Marketing Partner · 6 February 2025Collaborative content partnership producing educational short videos about cosmetics manufacturing processes. Videos featured on TikTok and Instagram showcasing factory operations, product types (mascara, sticks, roll washing), production workflows, and hygiene management. Two rounds of collaboration released in February and June 2025.
• United Nations Global Compact (UNGC)coreOthers · 1 September 2024Joined the UN Global Compact in September 2024. Commits to support and practice the ten principles across human rights, labor, environment, and anti-corruption. Part of a global sustainability initiative with 25,000+ companies and organizations across 160+ countries.
• SedexminorOthers · 1 January 2022Joined Sedex in 2022. Sedex is a UK-based NPO that promotes ethical and responsible business practices in global supply chains, providing a platform for sharing ethical supply chain data.
• CDP (formerly Carbon Disclosure Project)minorOthers · 1 January 2021Responded to CDP climate change questionnaire since 2021. CDP is an international NGO that encourages disclosure of environmental information from companies and cities, focused on climate change, water security, and deforestation.
• Estée Lauder Companies Inc.coreStrategic or Co-development Partner · 7 November 2018Major global cosmetics brand and customer. Awarded the 2018 SUPPLIER EXCELLENCE AWARD recognizing high-level service and excellent supplier performance. Only OEM manufacturer and only Asian company among 15 global award winners that year.
• Nippon Shikizai France S.A.S. (NSF)coreStrategic or Co-development Partner · 1 January 2017French cosmetics OEM company acquired in 2017, located in Saint-Cyr-en-Val near Orléans. Enables Nippon Shikizai to offer 'Made in France' production capability, serving European cosmetics brands and providing EU regulatory compliance. Functions as both cosmetics OEM and ODM operation based on the parent company's formulations.
• THEPENIER PHARMA & COSMETICS S.A.S.coreStrategic or Co-development Partner · 1 January 2000French pharmaceutical and cosmetics OEM company acquired in 2000, located in Mortagne in the Normandy region. Originally a pharmaceutical OEM company,化妆品 ODM equipment was introduced after acquisition. Currently conducts both pharmaceutical OEM and cosmetics ODM operations based on formulations developed by the parent company. Contributed to regional economic revitalization and employment in Normandy, recognized by the Normandy Regional Council.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Pierre Fabre: French pharmaceutical and dermo-cosmetics group with significant in-house manufacturing. Comparable as a larger European player that both owns brands and operates manufacturing, with overlapping capabilities in cosmetic formulation and EU regulatory expertise.
• Coty Inc. Global beauty company with significant in-house manufacturing of color cosmetics and skincare. Comparable as a large incumbent that both competes in the cosmetics space and operates its own manufacturing, providing reference scale for the broader category.
• Shiseido: Major Japanese cosmetics company with extensive in-house formulation and manufacturing capabilities for color cosmetics and skincare. Comparable as a Japanese incumbent with deep technical expertise in color cosmetics that could both compete and partner with Nippon Shikizai.

Direct peers

• Mana Products: US-based cosmetics contract manufacturer with deep expertise in color cosmetics serving global prestige and emerging brands. Comparable in business model and customer base as a major ODM/OEM manufacturer in the color cosmetics space.
• Intercos: Italian global contract manufacturer specializing in color cosmetics for prestige and mass-market brands. Directly comparable as a European-headquartered contract manufacturer with deep formulation expertise serving global cosmetics brands.
• Cosmogen: France-based cosmetics packaging and full-service formulation/contract manufacturing company serving global beauty brands. Comparable as a French cosmetics manufacturer providing formulation development and production services.
• Cosmax: Korea-based global cosmetics ODM/OEM manufacturer and the largest in Asia by scale. Directly comparable as a contract manufacturer offering formulation development and manufacturing services to global cosmetics brands across color cosmetics and skincare categories.
• Fareva: France-based global contract manufacturer serving beauty, personal care, and pharmaceutical markets. Comparable as a European-headquartered full-service contract manufacturer with manufacturing operations across multiple countries.
• KDC/One: North American-based global contract manufacturer of beauty and personal care products. Comparable as a multi-region contract manufacturer offering formulation, manufacturing, and packaging services to global brand customers.
• Kolmar Korea: Major Korean cosmetics ODM/OEM manufacturer serving global brand customers with color cosmetics and skincare formulations. Highly comparable in business model, customer base, and full-service development-to-manufacturing capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/cosmekentei
• TikToktiktok.com/@cosmekentei
• LinkedInlinkedin.com/company/nippon-shikizai-inc-4920-

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nippon Shikizai