An exhaustive analysis conducted by Future Market Insights (FMI) discovers critical trends accelerating growth in the color cosmetics market. It categorizes the market in terms of product type, distribution channel, price, and product category. The study compares color cosmetics market future outlook with historic performance. It also offers refined forecasts on the scope for expansion across the world.
DUBAI, UAE, Nov. 18, 2021 /PRNewswire/ -- As per a detailed analysis by FMI, the global color cosmetics market is expected to exceed US$ 50 Bn by the end of 2021. Easy availability of a wide variety of cosmetic products owing to the growing e-commerce penetration is boosting the market.
Shifting preference of consumers in favor of natural cosmetic products and higher awareness about toxicity present in synthetic ingredients, traditionally used in the cosmetics industry are favoring sales of organic color cosmetics. In response to this, the color cosmetics market is anticipated to expand at a 5% CAGR over the forecast period 2021-2031.
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Growing consciousness about animal health and environmental protection among present-day consumers is encouraging them to opt for organic color cosmetic products. This is expected to spur sales in the market at 4.5% CAGR in terms of volume through 2031.
Numerous cosmetic companies are aiming at adopting strategies such as mergers, acquisitions, and collaborations to expand their portfolio. For instance, L'Oréal announced the acquisition of a Germany-based natural cosmetic products manufacturer, Logocos Naturkosmetik, to expand its portfolio of vegan products including hair color, make-up, and lipstick. A slew of such developments is anticipated to propel the demand for color cosmetics in the coming years.
In terms of product category, the facial makeup segment is projected to outrank other segments, accounting for nearly 33.4% of sales in 2021. Surging demand for face powder, face creams, and other cosmetics is driving the sales of facial make-up.
"Leading manufacturers are emphasizing on enhancing customer experience by integrating advanced technologies such as artificial intelligence (AI) with the company's e-commerce platforms. These developments will enable customers to try and experiment with their make-up virtually before making the final purchase. This is expected to accelerate growth in the market," says a FMI analyst.
Key Takeaways from Color Cosmetics Market Study
- North America market is projected to expand at 2% CAGR through 2031, owing to the presence of premium brands such as L'Oréal, Estee Lauder, Dior, and others in the U.S.
- The U.K. color cosmetics market will register growth, favored by the rising demand for organic and natural skincare and cosmetic products in the country.
- Japan and South Korea are forecast to account for around 30% and 20% of the global sales through 2021, respectively.
- Based on product type, natural & organic segment is anticipated to remain dominant, exhibiting sales at 6.2% CAGR through 2031.
- In terms of price, the premium segment is expected to hold the largest revenue in the market, accounting for more than 60% of sales in 2021.
- Increasing expenditure on enhancing facial aesthetic and growing trend of beautifying face to hide wrinkles, black spots, and dark circles are the factors propelling demand for color cosmetics.
- Emergence of specialized online cosmetics platforms such as Nykaa and rising consumer preference for online shopping owing to the convenience of door-step delivery are spurring sales via e-commerce and online stores.
- Side-effects associated with the use of chemical-based color cosmetics such as contact urticarial, pigmentary disorders, damage of hair and nails, photosensitization, and others are hindering the sales across the chemical product type segment.
As per FMI, leading players in the global color cosmetics market are anticipated to hold nearly 30% to 35% of the total sales in 2021.
Key companies are focusing on launching new products to expand their product portfolio. Besides this, some of the players are adopting expansion strategies such as collaborations, mergers and acquisitions to strengthen their global presence. For instance,
- In July 2021, Bloomers, a leading company in prestige beauty, announced launching of a new brand of color cosmetics in India. The brand offers a wide range of products such as lipsticks and foundations which will be available in pharmacy stores and local marts.
- In 2019, G&M cosmetics, an Australian cosmetics manufacturer, announced acquiring a natural & vegan skincare product manufacturer, PURE Papayacare skincare. The acquisition with assist the company to expand its portfolio of vegan beauty and baby care products.
Some of the key players operating in the market profiled by FMI are:
- L'Oréal SA
- Louis Vuitton-Moët Hennessy (LVMH)
- Estee Lauder Companies Inc.
- Revlon Inc.
- Shiseido Co. Ltd.
- Chanel S.A.
- Coty Inc.
- Mary Kay Cosmetics
- Amway Corporation
- Kose Corporation
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More Valuable Insights on Color Cosmetics Market
The latest report published by FMI offers a detailed analysis on the global color cosmetics equipment market, forecast sales and demand growth for the assessment period 2021-2031. The study reveals growth projections in color cosmetics equipment market with detailed segmentation:
- Natural & Organic
- Hypermarket/ Supermarket
- Convenience Store
- Specialty Store
- Direct Selling
- Nail Products
- Facial Makeup
- Eye Makeup
- Lip Products
- Hair Colour Products
- Special Effects Products
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
Key Questions Covered in the Report
- The report offers insight into color cosmetics market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for color cosmetics market between 2021 and 2031
- Color cosmetics market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Color cosmetics market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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