Color cosmetics products such as foundations, concealers, lipsticks, eyeshadows, and fragrances are witnessing high demand across the globe. Color cosmetics aid in enhancing facial features and expressing personality and style. These products are applied to improve complexion and overall appearance. Rising working women population coupled with growing consumer spending on beauty and personal care products is propelling the growth of the color cosmetics market. The global Color Cosmetics Market is estimated to be valued at US$ 88.9 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Surging consumer demand for natural and organic color cosmetics owing to increasing health concerns is presenting lucrative growth opportunities for players in the color cosmetics market. Consumers today prefer cosmetic products containing natural ingredients as these products have minimal side-effects. As a result, companies are increasingly focusing on developing natural and organic color cosmetic ranges using plant-based components, mineral pigments, vitamins, and other natural ingredients. For instance, Lotus Herbals, a India-based personal care company launched a range of natural cc+ color correcting and concealing makeup products in 2019. The product line contains natural ingredients like licorice, mulberry, and olive extracts offering skin benefits along with coverage. Growing preference towards natural and clean label products is expected to positively influence the demand for natural color cosmetics over the forecast period.
Porter’s Analysis
Threat of new entrants: The color cosmetics market requires large capital investments for R&D, machinery, and branding which prevents new players from easily entering the market. However, threat is moderate from established personal care and cosmetic brands venturing into color cosmetics.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands to choose from. However, brand loyalty remains high.
Bargaining power of suppliers: Key raw material suppliers including pigment, base formulations and packaging material providers have low to moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat from new substitutes is low as color cosmetics have well-entrenched brands however established skin care brands pose moderate threat.
Competitive rivalry: Intense due to presence of global majors and private label offerings from retail chains.
SWOT Analysis
Strength: Wide product range, brand loyalty, extensive distribution and retail partnerships. Weaknesses: high fixed costs, susceptibility to trend changes, counterfeiting.
Opportunity: Growing demand in Asia Pacific and Latin America, room for premiumization and tailored formulations. Threats: regulations on ingredients, increasing raw material costs.
Key Takeaways
The Global Color Cosmetics Market Share is expected to witness high growth between 2024 to 2031.
Regionally, Asia Pacific captures over 40% of the global color cosmetics market share in 2024 led by China, India, Indonesia, Japan and South Korea. Rapid urbanization, adoption of western lifestyles and improving purchasing power in Asia Pacific economies are fueling the region’s market growth.
Key players operating in the color cosmetics market are Desktop Metal, Formlabs, HP, 3D Hubs, WASP, GE Additive, Aleph Objects (Lulzbot), Apis Cor, 3D-Fuel (3DomFuel), Doob Group, E3D, Nano Dimension, Open Bionics, Zortrax, Nanoscribe GmbH, Monoprice, Stratasys, 3D Systems, Divergent3D, and Optomec. L’Oreal, Estee Lauder and Shiseido corner a major share of the global color cosmetics market revenues through their wide brand portfolios and global footprints.
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