Increasing adoption of e-commerce and internet penetration worldwide are the aspects projected to boost revenue development of the global male color cosmetics market. Expanding number of consumers utilizing digital technology for purchasing various products and mobile transactions via an online platform remain the key growth catalyzer. To capitalize on millennial who are tech-savvy, companies active in the male color cosmetics market are engaged with customers via social media usage and different digital avenues to promote their products and boost the market revenue through online sales.
Rising online sales and usage of e-commerce for advertising FMCG products in East Asia, North America, and South Asia have directed towards the development of B2C business in the customer goods sector. Over the years, customer’s behavior has radically changed and is more inclined towards researching products online and buying a range of products, from men foundation creams, men’s lips sticks via e-commerce.
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The male color cosmetics market is projected to record 11% CAGR during the forecast period (2019-2029).
Key Takeaways of the Male Color Cosmetics Market Study
- As per the research, key market participants will center on the product penetration in South Asia and Latin America.
- Manufacturers are shifting their focus toward organic and natural ingredients in the products.
- Rising awareness about color cosmetics for men along with look conscious behavior among men is one of the foremost reasons is influencing preference for organic and natural products.
- To aim this untapped space, companies are developing new products with natural ingredients, which are expected to boost the overall market growth in the future.
- Product advertisement concerning customer sentiments is the foremost strategy accepted by the companies.
- Latin America’s market is expected to witness higher growth rates, due to greater product awareness among men and rapid penetration of cosmetic companies in the region.
- Fortifying sales channels in the MEA and Latin America will generate significant growth prospects for players in the global male color cosmetics market.
- Sales of male color cosmetics via e-Commerce channels are projected to produce high revenue during the forecast period.
“Companies must concentrate on attractive & innovative packaging for boosting the sales of male color cosmetics. Lack of awareness among customers regarding male color cosmetics when contrasted with different personal care products is the foremost barrier of the market growth. Therefore, efficient advertising is necessary for the quick development of the male color cosmetics market,” says an FMI analyst.
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Celebrity Endorsement to Prompt Consumer’s Buying Behavior
A rising trend in the market for male color cosmetics is the growing number of foremost players constituting several celebrities from the field of films and sports for their product enforcement, with a purpose to influence customers to accept the same. For example, David Beckham & L’Oréal has teamed up for a partnership for male product promotion in the brand ‘HOUSE 99’. The brand is enlisted in providing Natural Bronzing Effect Moisturizing Gel.
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