by The color cosmetics market is estimated to be valued at US$ 77.17 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The color cosmetics market consists of various makeup products such as foundations, concealers, powders, blushes, bronzers, mascaras, lip products and eye products which provide aesthetic appeal and texture to human skin. Changing fashion trends and increased spending capacity of millennials are majorly driving the demand for color cosmetics.
Market Dynamics:
Rising purchasing power of millennial population is a key driver augmenting the growth of color cosmetics market. According to a survey, around 60% of millennial women prefer spending on cosmetic products. Growing penetration of social media platforms such as YouTube, Instagram, and Facebook is influencing beauty trends and purchasing decisions of millennials which is significantly contributing to the market growth. Another driver propelling the market growth is availability of organic and natural color cosmetic products due to rising health and environment concerns among consumers. However, availability of counterfeit color cosmetic products pose a challenge for established brands in the market.
SWOT Analysis
Strength: Color cosmetics enable self-expression and confidence building. They provide wide range of products from lipsticks, eye shadows to nail polishes. Innovation and new product launches by key companies expand product offerings.
Weakness: Changing consumer preferences and demand for natural and organic products pose challenges. Adverse health effects of certain chemicals used and potential allergies are concerns. Pricing pressure from private label brands increases competition.
Opportunity: Growing makeup tutorials and social media influence drives experimentation. Rural areas and developing nations present new potential customers. Online retail channels aid easy accessibility.
Threats: Strict regulations around ingredients and production practices raise compliance costs. Economic slowdowns lower discretionary spending on cosmetics. Rising raw material costs may require price hikes.
Key Takeaways
The global Color Cosmetics Market Size is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing demand for multifunctional and long-lasting makeup products. Asia Pacific dominated more than 35% of the overall market share in 2023 led by countries like China, India, and Japan. Growing working women population and rising middle-class disposable income levels in the region augment the demand.
Regional analysis: North America holds the second largest market share led by U.S. due to high spending capacity of consumers on premium beauty products. Europe follows next supported by active promotion through fashion and cosmetic shows. Growing focus on appearance and western influence drives growth in Latin America.
Key players: Key players operating in the color cosmetics market are Beiersdorf, Krylon, Estee Lauder Companies Inc., Amway, Avon Products Inc., CHANEL, Coty Inc, Johnson & Johnson, KRYOLAN, L’oreal S.A, Revlon, Inc., Shiseido Company, Limited and Unilever. Major players focus on new product innovations, expanding distribution channels and marketing campaigns to enhance market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
