by Large paragraph: Color cosmetics include facial makeup products such as foundation, blush, bronzer, concealer, etc. and eye makeup products like eyeshadow, eyeliner, mascara etc. They are widely used to enhance natural beauty or cover imperfections. The rising influence of social media on beauty trends has increased product experimentation among users. The availability of new formulation technologies has enabled brands to launch innovative products catering to specific skin types and concerns. E-commerce platforms allow customers to browse a wide variety of products from leading global brands.
The global Color Cosmetics Market is estimated to be valued at Us$ 77.17 Bn in 2023 and is expected to exhibit a CAGR Of 23% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing dominance of e-commerce channels and online retailing is a major driver favoring the color cosmetics market.Customers can conveniently compare products, read reviews, and have them delivered directly. This is encouraging online shopping particularly among time-constrained urban consumers. Beauty bloggers and vloggers on social media platforms actively endorse and review new launches which is promoting brand discovery. Reliable payment gateways and fast deliveries have increased customer confidence in online purchases. Another driver is the rising working women population with greater spending power and emphasis on appearance. Independent careers are empowering women to experiment boldly with eye-catching looks.
Segment Analysis
The global color cosmetics market can be segmented based on product type and distribution channel. Based on product type, the market is divided into the facial makeup segment and eye makeup segment. The facial makeup segment is further divided into foundation, powder, bronzer, blush, and other facial makeup products. The facial makeup segment dominates the market and accounts for over 45% share as facial makeup products are used on a daily basis by majority of the women population.
PEST Analysis
Political: The government regulations regarding ingredients used in cosmetic products are getting stringent to ensure product safety. This can impact product innovation.
Economic: Rising disposable income and growing working women population is boosting spending on premium color cosmetic products. Higher GDP growth predicts increasing demand.
Social: Changing lifestyle, greater exposure through social media and boosting confidence are key social factors driving huge uptake of cosmetic products especially among young population.
Technological: Advancement in formulation technology is resulting in multifunctional and long lasting products. Use of natural ingredients is trending. Online sales are gaining due to convenience.
Key Takeaways
The Global Color Cosmetics Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising spending on personal care and beauty products across regions. North America dominates currently holding over 35% share due to high discretionary spending and early adoption of trends. However, Asia Pacific is predicted to be the fastest growing market at a CAGR of over 27% during the forecast period due to expanding middle class population in countries like China, India boosting demand.
Regional analysis
The Asia Pacific region offers immense growth potential for the color cosmetics market. Growing working women population and increasing disposable income are driving the uptake of premium color cosmetic brands especially in emerging economies of China and India. E-commerce penetration and social media influence are further propelling the market growth. Chinese manufacturers are also expanding globally through acquisitions.
Key players
Key players operating in the color cosmetics market are L’Oreal, Estee Lauder, Dior, LVMH, Shiseido, Chanel, Coty, Amway, Mary Kay, and Avon. L’Oreal captured the leading market share of over 15% owing to its wide portfolio of brands like Maybelline, Garnier, and L’Oreal Paris catering to all price segments. Estee Lauder is another major player focusing on premium products through brands such as MAC, Clinique, and Bobbi Brown.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
