The colour cosmetics industry is anticipated to grow at a CAGR of 5%. Sales of colour cosmetics will reach US$ 50 billion by 2031 as demand for natural and organic colour cosmetics and facial makeup products continues to grow.
Thanks to the growth of distribution channels and the growing adoption of social media platforms, sales of colour cosmetics have skyrocketed. Additionally, it is projected that throughout the projection period, the rising demand for cruelty-free cosmetics would propel sales of vegan colour cosmetics.
The growing demand for eco-friendly cosmetics and the inclusion of cutting-edge technologies like artificial intelligence will be favourable for the market for colour cosmetics. AI is being used by top colour cosmetic firms like L’Oreal and others to enhance the comparison and visualisation of hundreds of cosmetic colour variations.
Besides this, key players are investing extensively in research activities to include organic and natural color cosmetics such as face and eye makeup products in their portfolio. This is expected to bode well for the market.
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As per FMI, facial make-up segment is expected to remain dominant in the global color cosmetic market during the forecast period.
Key Takeaways from FMI’s Color Cosmetics Market Study
- Based on product type, natural & organic color cosmetic segment will account for nearly 49.9% of market share over the next five years.
- In terms of product category, sales in the eye makeup segment will total US$ 15 Bn by 2026
- In terms of price, premium color cosmetic segment is expected to account for over 60% of global market share
- China and South Korea are expected to spearhead the growth across East Asia color cosmetic market
- Supermarkets are expected to remain the preferred distribution channel in the color cosmetics market, however, sales via e-commerce are expected to pick up at a higher pace
- The U.S. is expected to dominate the North America color cosmetic market, with sales of color cosmetics across North America surging at 2% CAGR through the assessment period.
As per FMI, top players are expected to account for over 30%-35% of global market share in 2021. Presence of numerous leading players in the market have led to intense competition. In order to gain competitive edge, key players are collaborating with social media influencers and e-commerce giants.
Also, some of the manufacturers are introducing new products under the clean-label category in order to capitalize on surging demand for organic and natural color cosmetic products. They are also investing in research and development activities to develop products with extended shelf-life.
Some of the key players profiled by Future Market Insights are L’Oréal SA, LVMH (Moet Hennessey Louis Vuitton), Estee Lauder Companies Inc., Revlon Inc., Shiseido Co. Ltd., Chanel S.A., Coty Inc., Mary Kay Cosmetics, Amway Cosmetics, Kose Corporation, and Others.
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Color Cosmetics Market by Category
- 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
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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