The global color cosmetics market is poised to achieve a substantial milestone, reaching US$ 81.74 billion in 2022. As we look ahead to the forecast period spanning from 2022 to 2032, the global color cosmetics market is expected to maintain a steady growth trajectory, with a projected Compound Annual Growth Rate (CAGR) of 5.54%, ultimately accumulating a noteworthy US$ 140.1 billion.
This growth is underpinned by a range of benefits associated with cosmetic products, notably their effectiveness in addressing issues such as anti-tan and anti-aging concerns. These advantages are anticipated to be key drivers of market expansion during the forecast period. Moreover, with a significant portion of the population working from home and traveling less, consumer preferences have shifted towards “above-the-mask” cosmetic treatments. This trend is expected to persist, as individuals continue to wear masks even when commuting to work.
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Major Growth Drivers in the Global Color Cosmetics Market
“Digital Marketing and E-Commerce Surge: Driving Growth in the Market”
The continually advancing landscape of technology is ushering in a host of opportunities for both small and large cosmetic brands, enabling them to effectively reach consumers and raise product awareness. An emerging trend is the live streaming of new product launches across various platforms such as Twitter, Instagram, YouTube, Pinterest, and others, poised to significantly boost product visibility. Furthermore, social media influencers play a pivotal role by offering insights into products, evaluating their pros and cons, thereby driving sales.
Manufacturers and small enterprises are increasingly collaborating with social media influencers and celebrities, leveraging digital marketing channels for promotion and advertising to meet consumer demand for cosmetic products. Additionally, the outbreak of the pandemic has led a substantial number of consumers to shift towards online platforms for purchasing cosmetics, consequently positively influencing color cosmetics market dynamics.
Moreover, strategic acquisitions within the industry are anticipated to further bolster market growth during the forecast period. For instance, in January 2020, Natura & Co. acquired Avon Products, Inc., a provider of beauty and personal care products, which significantly enhanced Natura’s product portfolio. These factors collectively underpin the market’s expansion in the coming years.
“Rising Preference for Organic Cosmetic Products Drives Market Expansion”
Growing consumer affinity towards organic products has spurred the demand for sustainable and natural alternatives within the cosmetics sector. The escalating desire for organic and vegan products is driven by beauty-conscious consumers who prioritize organic and chemical-free cosmetic items. Additionally, consumers increasingly favor cosmetic products that offer both natural ingredients and value-for-money benefits, thereby propelling growth in emerging markets through innovative developments.
Furthermore, the introduction of new products into the market is poised to contribute to market expansion. For instance, in March 2020, the skincare brand Pour le Monde (PMPM) unveiled a product tailored for acne-prone skin in China. This product incorporates organic ingredients such as baobab essence sourced from baobab trees in Madagascar and is available through prominent online platforms like Alibaba Group’s Tmall, JD.com, and the RED. These developments are expected to further bolster the industry’s growth in the forecast period.
Recent Developments from the Market Include :
- In September 2022, Revlon launched its experiential brand location in Delhi, India. The store features the full line of Revlon color cosmetics, skincare, and personal care goods along with a few Revlon Professionals and Street Wear Products. The flagship store will offer a comprehensive range of hair and makeover services, comprising hair coloring with the Revlon Professional line, hair care, hair cutting, and hair styling as well as party makeovers and basic grooming, all performed by experts.
- In January 2022, Chanel announced the launch of a new line of beauty products combining natural ingredients from sustainable sources and more eco-friendly packaging solutions.
Color Cosmetics Providers:
- Johnson & Johnson
- Benefit Cosmetics LLC
- Revlon Group
- MAC Cosmetics
- Procter & Gamble Co.
- Colgate-Palmolive Company
- Chanel S.A.
- Laverana GmbH & Co. KG
- Clarins Group
- Shiseido Co. Ltd.
- Coty Inc.
- Ciate London
- Chantecaille Beaute Inc,
- Kroylan Professional Make-up
- Avon Products, Inc.
- The Estee Lauder Companies Inc.
- Unilever PLC
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Questionnaire answered in the Market outlook Report of Color Cosmetics include:
- What is the key strategy deployed by large players to maximize Color Cosmetics Market growth?
- What are the main challenges faced by players in the Color Cosmetics market Demand?
- With the advent of technological advancement, how will the Color Cosmetics market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Color Cosmetics market size?
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