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The color cosmetics market size is forecast to increase by USD 23.47 billion, at a CAGR of 5.61% between 2023 and 2028. Our market research and growth report examines historical data from 2018-2022, besides analyzing the current market scenario.
The APAC market is poised for significant growth, driven by several factors. Increasing disposable incomes in key countries like China, South Korea, and India, coupled with evolving lifestyle preferences, are placing a renewed focus on personal care and appearance. The broad consumer base in APAC countries, with different skin tones and tastes, represents a substantial market opportunity for a variety of color cosmetics. This trend is expected to fuel market growth in the region, making it a key focus area for market players looking to capitalize on global trends and forecasts for the cosmetics industry. Additionally, Ciate London. company offers color cosmetics such as nail polish, foundation, concealer, eyeshadow, and lip liner.
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The market is flourishing within the broader fashion industry, driven by the purchasing power of working women and the convenience offered by eCommerce platforms. Rising disposable income levels have fueled demand for a wide range of products, amplified by the influence of social media platforms. Consumers are increasingly seeking organic products and personalized options, including the emerging segment of men's cosmetics. With a focus on meeting evolving consumer preferences and ethical standards, brands are emphasizing safety and quality standards. This has led to a surge in the popularity of herbal beauty products and the tinted cosmetics market, reflecting a growing demand for clean and sustainable options. The market's growth is further propelled by increasing internet penetration, a growing emphasis on health and wellness, and the impact of reviews, digital marketing, and social influencers.
Growing awareness for beauty and personal care is the key factor driving the market. A significant driver behind this expansion is the growing consumer preferences on grooming and appearance. In recent years, there has been a notable cultural shift toward self-expression and individualism, prompting consumers to prioritize personal care and grooming as essential aspects of their daily routines. The demand for color cosmetics has surged as customers seek to enhance their natural characteristics and express their individuality. Moreover, products like lipsticks, eyeshadows, and foundations have become indispensable tools for self-expression, allowing customers to experiment with various looks while staying on-trend.
Further, the expansion of the global beauty and personal care market has also been facilitated by the influence of social media, beauty influencers, and celebrity endorsements, which continue to shape beauty standards and foster product acceptance. With the evolving perception of cosmetics as a source of empowerment and self-confidence, the market is poised for growth during the forecast period. Additionally, the rise of e-commerce platforms and internet penetration has further propelled the market expansion, enabling consumers to access a wide range of personalized, clean and sustainable beauty products while fostering consumer preferences and brand loyalty.
Growing demand for natural and organic products is the primary trend in the market. Consumer awareness of the negative consequences of synthetic chemicals used in color cosmetics has grown recently. This increases the demand for natural and organic products. Over the last decade, there has been a significant rise in the demand for natural and organic that contain little to no chemicals. Although skin care and hair care makeup products manufactured using synthetic ingredients are highly effective over the short term, their prolonged use is known to have detrimental effects on the skin and hair health.
Additionally, owing to the rising awareness about the benefits of natural ingredients, the demand for skincare and hair care products that contain natural and organic ingredients such as coconut, bakuchiol, pumpkin, blue algae, avocado, argan, and olive oil; antioxidants; hyaluronic acid; clay; and jojoba, aloe vera, sunflower, and carrot seed extracts is increasing significantly. Natural products are manufactured from ethically and sustainably sourced ingredients and target the growing demand for organic and natural ingredient-added products. Overall, the shift toward natural and organic products is expected to boost the market during the forecast period.
The presence of toxic chemicals is the major challenge that affects market expansion. Chemical ingredients in color cosmetics cause health issues like cancer (compounds such as formaldehyde) and hormone disruption. Toluene, formaldehyde, and dibutyl phthalate (found in nail products) are suspected of causing multiple health hazards. Formaldehyde resin may cause dermatitis. Camphor, yet another ingredient used in nail polishes, leads to nausea, dizziness, and headaches when inhaled in large doses. The adverse effects of camphor act as a challenge for nail technicians.
Furthermore, the regular application of lip balms is considered unsafe. Lead and aluminum are found in traces in such products. Aluminum has been linked to osteoporosis, extreme nervousness, speech troubles, and memory loss. Cadmium, also a common ingredient in such products, is a well-known carcinogen that disrupts the human deoxyribonucleic acid (DNA). Consequently, the presence of toxic chemicals and their adverse effects has the potential to negatively impact the growth of the market during the forecast period.
The offline segment is estimated to witness significant growth during the forecast years. The offline distribution channel includes specialty stores, mass merchandisers, and drugstores. The growing retail industry and the establishment of numerous retail outlets are driving the sales of color cosmetics through this segment. The number of offline distributional channels is increasing globally, and this trend is expected to continue during the forecast period.
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The offline segment was the largest segment and was valued at USD 44.04 billion in 2018. Additionally, more mass merchandisers are emerging in the market to offer their own brands of color cosmetics as shoppers are inclined toward buying color cosmetics after enquiring about the authenticity of high-end color cosmetic products. Furthermore, since drugstores and pharmacies are widely present, consumers find it easy to travel to the nearby drugstores and purchase the product needed. Such factors, in turn, may drive the expansion of the offline distribution channel segment, which in turn is expected to drive the growth of the market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast years. The impact of social media platforms, beauty influencers, and celebrity endorsements has helped to raise awareness and demand for new and trend-driven cosmetic products. The regional color cosmetics market is shifting toward luxury and specialist products, including cruelty-free and sustainable solutions. Furthermore, the penetration of e-commerce channels allows for easy access to a diverse range of color cosmetics, which fuels market growth. Overall, APAC's complex cultural landscape and evolving beauty standards position the region is expected to serve as a significant driver of the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
AMOREPACIFIC Group Inc., Amway Corp., Christian Dior SE, Coty Inc., Glossier Inc., Johnson and Johnson Services Inc., Kao Corp., Kryolan GmbH, Loccitane International SA, LOreal SA, LVMH Moet Hennessy Louis Vuitton SE, Revlon Inc., Shiseido Co. Ltd., The Avon Co., The Estee Lauder Companies Inc., The Procter and Gamble Co., and Unilever PLC
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The color cosmetics market research report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
In the competitive landscape of the market, research and development drive innovations, leading to personalized products that comply with regulatory standards. This market caters to diverse needs, including the demand for herbal beauty products and the influence of smartphone usage on consumer behavior. With a focus on personal hygiene and personal grooming, particularly among the female population, there's a surge in demand for high-quality beauty and personal care products. The rise of online distribution channels facilitates access to a wide array of offerings, including natural makeup, prestige beauty products, and organic cosmetic products, aligning with preferences for sustainable and natural substitutes.
Additionally, the market is characterized by intense competition, driving companies to prioritize Regulatory compliance while catering to evolving consumer preferences. There's a growing demand for Herbal beauty products as consumers focus on wellness and Exercise. Innovations in pigments cater to those seeking a high-end lifestyle, influencing their consumption habits. Import/export dynamics impact the availability of raw materials essential for formulations. Trends like remote work and changes in social life fuel demand for masks, lip products, and skincare products offering bacterial protection. The market sees a surge in online streaming and new launches, with technologies shaping the landscape. Emerging small-scale cosmetic brands and endorsements by celebrities contribute to the popularity of organic and vegan products, chemical-free cosmetic products, and value-for-money cosmetic products.
Furthermore, increasing awareness about the environment and animal protection drives the demand for plant-based cosmetic products. Market segmentation highlights the significance of the prestige products segment alongside the mass products segment, while distribution analysis emphasizes the growth of the online segment. Various offerings in hair products, lip products, face products, including face powder, moisturizer, and face cream, cater to diverse consumer needs. Additionally, trends in anti-aging cream, hair dye, color shampoos, bleaches, temporary hair colors, nail art, fake nails, and artistic designs respond to changing preferences for vibrant neon colors.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.61% |
Market Growth 2024-2028 |
USD 23.47 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.19 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Japan, Germany, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AMOREPACIFIC Group Inc., Amway Corp., Beiersdorf AG, Chanel Ltd., Christian Dior SE, Ciate London, Coty Inc., Glossier Inc., Johnson and Johnson Services Inc., Kao Corp., Kryolan GmbH, Loccitane International SA, LOreal SA, LVMH Moet Hennessy Louis Vuitton SE, Revlon Inc., Shiseido Co. Ltd., The Avon Co., The Estee Lauder Companies Inc., The Procter and Gamble Co., and Unilever PLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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