Global Color Cosmetics market was valued at US$80.393 billion in 2019. The global color cosmetics market is rising due to increasing consciousness among people about their appearance and the improving quality of life. Color cosmetics help in enhancing one’s beauty and providing them confidence. The major driving factor for the growing color cosmetics market is the increase in the disposable income of people, changing lifestyles, and consciousness about their appearance. The growing numbers of working women are improving their lifestyle, demanding stylish and designer clothes. This is due to the high fashion sense among women. The increasing presence of high fashion-conscious consumers and high disposable income are the major reasons for the high demand for color cosmetics. The developing countries are seeing a rise in their disposable income due to urbanization and growing industries. This is giving people the liberty to spend more of their income on their desired products. The rise in the number of women working in multi-national companies is giving rise to the formation of new markets for fulfilling their demands. This is encouraging global cosmetics companies to invest more in developing new products while diversifying their product line.
At the same time, a rapid increase in internet and smartphone penetrations has given rise to a new platform for retailers to sell cosmetics directly to the end-users. The increasing visibility and ease of accessibility of the online platform have raised the market for e-commerce companies. The color cosmetics market is increasing its presence in the online market by way of providing customers a convenient and wide range of products while investing low on advertising.
New market players are entering the global color cosmetics market with the help of online selling platforms across different regions. For example, Indian brands, Nykaa and Purplle started their businesses through an online platform and have gained a large amount of popularity in the country. Thereby growing its revenues and creating a place for itself in the cosmetics industry. The increasing influence of digital media due to huge investments by Cosmetics Company for advertising and marketing their products through social media platforms like Instagram, Facebook, YouTube, Pinterest, and the beauty blogs help in increasing the sales. The increasing affluence of social media to be an opportunity for companies to expand their horizon. This is resulting in more competition in the global color cosmetics market, thereby fueling the overall market growth.
The global color cosmetics market is segmented by the target market, application, and geography. Market segmentation based on the target market is done as premium products and mass products. The global color cosmetics market is also segmented by application as nail products, lip products, eye make-up, facial make-up, hair color products, special effect products, and others.
Premium products work heavily on brand loyalty
The premium product group targets mostly those customers who are brand loyal and mostly buy branded goods. The luxury goods mostly come in prestige target. As luxury goods are expensive and exclusive, only a group of selectable people are able to afford it. The luxury/premium color cosmetics market is usually driven by rich people. The mass product segment has a significant share in the global color cosmetics market. These color cosmetics are largely used by people of the middle and lower-income groups. The increasing innovation and affordability of color cosmetics is constantly spurring the market growth of mass product segment across the world. The increasing innovation by color cosmetics companies for providing consumers with a variety of options like anti-aging cream, UV protection lotions, etc. are fueling the market. The demand for organic color cosmetics is an upcoming trend and is going to increase the demand in the forecast period.
Facial Make-up has a notable amount of market share
The color cosmetics can be used for enhancing look on face, eyes, lips, nails, and hair. The increasing number of female workers around the world and increasing disposable income is growing the demand for color cosmetics. Facial make-up has a significant amount of market share due to various facial products including face powder, foundation, concealer, bronzer, and many more. The increasing shade of lipsticks and nail polish is growing the market for lip and nail application segments. The increasing purchasing power of the consumer, especially in emerging economies like India and China, will continue to boost the market of color cosmetics during the next five years.
By geography, Europe has a significant share in the market
Regionally, the global color cosmetic market is classified into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific. Europe is expected to have a significant market share in the color cosmetic market due to the presence of major cosmetics companies and high demand for color cosmetics in the region. The emerging popularity of organic/natural color cosmetics due to rising concerns over the harmful effects of synthetic cosmetics is further driving the color cosmetics market growth in the region. The Asia Pacific region is expected to be the fastest-growing regional market for color cosmetics during the forecast period. The increasing disposable income of people and rising working women population is augmenting the demand for color cosmetics. The urbanization and growing economy of the nation have provided more power for people to buy their desired products. This growth is further supported by the presence of many online make-up and other cosmetics, both international and domestic brands, selling platforms in countries like India, China, and South Korea.
Market Players and Competitive Intelligence
Prominent key market players in the Global color cosmetics Market include L'Oréal S.A., Estée Lauder Companies Inc., Avon Products, Inc., Coty Inc.,Revlon Consumer Products Corporation, Kryolan Professional Make-Up, Shiseido Company Limited, Chantecaille Beaute Inc., Unilever N.V.,and Ciaté London. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global color cosmetics Market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.