The Color Cosmetics Market is estimated to be valued at US$ 77.17 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Color cosmetics refer to makeup products that are used to enhance the appearance of the face and make the skin look fresh, radiant and youthful. The products include foundations, concealers, bronzers, blushes, eye shadows, lipsticks, lip glosses and various nail paints. They come in different forms such as powders, creams, gel and liquids. The cosmetics provide coverage, correction and protection to the skin from sun damage. They cater to both personal and professional needs by boosting self-confidence and presenting oneself in the desired manner.
Market Dynamics:
An increasing working women population is driving the sales of color cosmetics as they prefer using foundations, concealers, eye shadows, lipsticks and nail paints on a daily basis. The rising popularity of online shopping along with product recommendations and reviews on beauty blogs and social media platforms has significantly boosted the market growth. Furthermore, aggressive promotional strategies adopted by brands such as product bundling, limited period offers, celebrity endorsements and free makeover programs have aided in increasing awareness and fostering customer loyalty. However, growing health concerns pertaining to the use of chemical-based ingredients in cosmetic products have prompted manufacturers to introduce natural and organic variants made from vegetable extracts, herbs and plant oils. This is gaining wide acceptanc
Segment Analysis
The Color Cosmetics Market Size is dominated by the facial makeup sub-segment, accounting for over 40% share of the total market. Facial makeup products have witnessed tremendous popularity among consumers globally owing to rising focus on outward appearance and social media influence. Facial makeup allows consumers to highlight their facial features, mask out imperfections and create desired looks easily for everyday use or special occasions.
PEST Analysis
Political: Regulations surrounding ingredients and formulations vary across countries and global harmonization is required. Economic: Rising disposable incomes and rapid urbanization in developing countries is fueling demand. Social: Changing social ideals of beauty and growing peer pressure have popularized cosmetics usage. Technological: Advancements in formulation techniques, delivery systems and digital shopping are reshaping industry.
Key Takeaways
The global color cosmetics market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period of 2023 to 2030, due to increasing urbanization and western influences.
The Asia Pacific regional color cosmetics market is expected to witness exponential growth over the forecast period, owing to increasing spending power and uptake of makeup routines across different parts of Asia. Increasing aspirations to look youthful and trendy along with rising working women population underpin region’s surge in cosmetics spending. The Chinese color cosmetics market currently represents over 25% share of the Asia Pacific market and is expected to emerge as the biggest cosmetics bazaar globally by 2030.
Some of the key global players operating in the color cosmetics market include Beiersdorf, Krylon, Estee Lauder Companies Inc., Amway, Avon Products Inc., CHANEL, Coty Inc, Johnson & Johnson, KRYOLAN, L'oreal S.A, Revlon, Inc., Shiseido Company, Limited and Unilever. These companies are focusing on expanding their product portfolios, distribution channels and indulging in strategic acquisitions to strengthen market foothold. Innovation in formulation and packaging along with celebrity endorsements are some other strategies adopted by leading brands in the competitive market.
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