Future Market Insights (FMI) projects the color cosmetics market size to expand at 5% CAGR between 2021 and 2031. The demand for color cosmetics is expected to grow by 2% in 2021, reaching a market valuation of nearly US$ 50 Bn.
Growing demand for natural and organic cosmetics products will augment the sales of color cosmetics over the forecast period. On account of this, the market is expected to grow at 4.5% in terms of volume through 2031.
As per the study, color cosmetics market accounted for around 15% – 20% of total sales in the beauty industry in 2020. FMI also forecasts the sales of natural and organic color cosmetics to surge at above 6% CAGR in the coming years, giving tailwinds to the color cosmetics market growth through the assessment period.
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Rising consumer preference for natural personal care products and the increasing awareness regarding the benefits of organic ingredients are compelling manufacturers to introduce plant based color cosmetics.
Harmful effects of toxic ingredients in synthetic personal care ingredients are tipping scales in favor of organic color cosmetics. Furthermore, extensive use of social media has increased the consciousness among consumers regarding the benefits of organic and natural color cosmetic products, which is expected to aid the overall expansion of the market.
According to FMI, higher awareness regarding the benefits of clean label ingredients and expansion of e-commerce platforms will offer novel opportunities for growth. As clean label color cosmetics carve a niche in the beauty industry, the sales of color cosmetics will improve in response.
Consequently, the demand for color cosmetics is expected to increase at 4.5% CAGR, in terms of volume, during the forecast period.
As per FMI, facial make-up segment is expected to remain dominant in the global color cosmetic market during the forecast period.
Key Takeaway From FMI 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.
“Growing demand for natural and eco-friendly ingredients has compelled manufacturers to include natural and organic color cosmetic products in their portfolio. Besides this, some of the leading color cosmetic brands are leveraging their online presence to strengthen their brand image and global footprint,” says a FMI analyst.
Competitive Landscape
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.
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Major Key Player:
- L’Oréal SA
- LVMH (Moët Hennessy -Louis Vuitton)
- Estee Lauder Companies Inc.
- Revlon Inc.
- Shiseido Co. Ltd.
- Chanel S.A.
- Coty Inc.
- Mary Kay Cosmetics
- Amway Corporation
- Kose Corporation
- Others
Some of the leading color cosmetics brands are leveraging social media platforms such as Instagram, Facebook, and Twitter to strengthen their global footprint.
Higher likelihood of making purchase via online shopping platforms post pandemic has compelled color cosmetics producers to rethink their marketing strategies. Hence, key players are spending on digital marketing strategies to enhance their brand presence through these platforms.
Some of the premium color cosmetics brands have joined the bandwagon to promote their products through social media influencers. This has helped them to reach millennial and Gen Z consumers.
Meanwhile, local manufacturers and other economic brands are also collaborating with e-commerce platforms and social media influencers to strengthen their position in the industry. This has also influenced numerous small-scale businesses and home-grown color cosmetic brands to establish their brand presence and generate gain traction through social media platforms.
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By Segment:
Product Type:
- Chemical
- Natural & Organic
Distribution Channel:
- Hypermarket/ Supermarket
- Convenience Store
- Specialty Store
- Direct Selling
- e-Commerce
Price:
- Economic
- Premium
Product Category:
- Nail Products
- Facial Makeup
- Eye Makeup
- Lip Products
- Hair Colour Products
- Special Effects Products
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
- Japan