May 24, 2024
Color Cosmetics Market

Color Cosmetics Market is expected to be Flourished by Increased Spending on Personal Care

The global color cosmetics market provides an array of beauty products that include foundations, concealers, powders, blushes, bronzers, mascaras, eye liners, lipsticks and other makeup essentials. Color cosmetics provide advantages such as accentuating features and enhancing appearance. They are widely used for special occasions, photographic purposes and to gain self-confidence. A surge in working women population and improved earning potential has boosted the spending capacity on personal care products. Additionally, the proliferation of social media platforms like Instagram, Facebook and YouTube influencing trends has propelled the demand for new launches.

The global color cosmetics Market is estimated to be valued at US$ 88.9 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 Dynamics

Increased spending on personal care and changing fashion trends are the major drivers propelling the growth of color cosmetics market. Women nowadays pay greater attention to their looks and are willing to spend more on cosmetic makeovers. Growing consciousness towards one’s appearance coupled with high disposable incomes has augmented the sales of color cosmetics. Additionally, rising popularity of professional makeup artists on social networking sites and launch of innovative products in sync with latest beauty routines by key players further fuel the demand. However, strict regulations pertaining to testing cosmetic products for safety and toxicity check may restraint the market during the forecast period. Nonetheless, emphasis on organic and natural ingredients based formulations expected to create lucrative opportunities for marketers.

Segment Analysis

The global color cosmetics market is dominated by the skin care and makeup sub-segment. The skin care and makeup sub-segment accounts for nearly 60% share of the overall market owing to rising awareness about appearance and increasing enthusiasm for personal grooming among individuals across the globe. The skin care and makeup products provide multiple benefits such as protection from UV rays, hydration, anti-aging, and coverage of blemishes which has resulted in high demand and consumption of these products over other sub-segments.

PEST Analysis

Political: The color cosmetics market is positively impacted by initiatives taken by governments to raise awareness about personal care and hygiene. However, stringent regulations related to testing of ingredients may increase the cost of compliance for players.

Economic: Rising disposable incomes, growing working women population, and expanding middle-class in developing nations is fueling the sales of color cosmetics. However, economic slowdowns can negatively impact the discretionary spending on such products.

Social: Changing lifestyles, increasing social media influence, and growing preference for natural and organic products is favoring the demand for innovative and high-performance color cosmetics.

Technological: Advancements in formulation technology is influencing the development of long-lasting, multi-benefit, and customized products. Innovation in packaging solutions supported by digital technologies is also optimizing the consumer experience.

Key Takeaways

The Global Color Cosmetics Market Share is expected to witness high growth during the forecast period.

The Asia Pacific region dominated the market with over 35% share in 2024 owing to large population, growing working women population, and rapid urbanization in nations such as India and China.

Key players operating in the color cosmetics market are L’Oreal, Estee Lauder, LVMH, Shiseido, Coty, Beiersdorf, AmorePacific, Avon, and Johnson & Johnson. L’Oreal captured the leading market share in 2024 attributed to its wide portfolio of brands, effective marketing strategies, and heavy investments in expanding presence across all regions worldwide.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it