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The global colour cosmetics market size was USD 72,376.2 million in 2019 and is projected to reach USD 91,779.1 million by 2027, exhibiting a CAGR of 3.6% during the forecast period.
Colour cosmetics are colorants that are used in daily beauty and personal care products such as skincare, make-up, haircare, personal hygiene, and fragrances. These cosmetics are used for enhancing physical appearance, defining features, and conceal flaws while providing a healthy and refreshed appearance. Increasing demand for cosmetics among women has improved the prospects of the market in recent years. The rising awareness about cosmetic products and focus on personal grooming has changed the consumption pattern, lifestyle, and purchasing power of consumers. Moreover, rising awareness regarding personal hygiene due to the coronavirus pandemic has progressed the demand for cosmetic products, thus driving the market growth.
Critical Impact on Import/Export of Cosmetic Products to Dwindle Business Amid COVID-19
The coronavirus pandemic has changed the course of the world and has severely hampered import and export activities for the cosmetic industry. The supply chain of the cosmetics industry has taken a massive hit due to the lockdown that is likely to leave a lasting impact. This has led to consumer reliance on cosmetics being drastically reduced. For example, In China, according to the McKinsey report, the cosmetic industry declined up to 80% in February, and in March, a 20% decline was seen on a year-on-year basis. Moreover, retail sales are down due to lockdown, the online purchase of cosmetic products have seen a swift increase, still, the revenue is not much or high customer traffic that will bridge the gap instigated by negligible offline purchasing. Furthermore, some other associated impacts of coronavirus include the temporary closure of salons because of the lockdown imposed by governments across the globe.
However, the rise in sales of colour cosmetic products through online distribution has seen a significant hike, which is supporting the market growth during the pandemic. Huge demand for bacterial protection and skincare products, natural beauty products, through online-streaming of new launches is a rising trend that is leading to the high consumption of cosmetic products. Many manufacturers are using digital marketing and online streaming as a marketing technique to attract consumers thus creating opportunities for market growth.
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Increasing Digital Marketing and Use of E-Commerce Channels to Boost Market
The advancement in technologies is creating new and great opportunities for small- and large-scale cosmetic businesses, enabling them to spread awareness about the product to the consumers. The rising trend of streaming new product launches on the internet through various portals such as Instagram, YouTube, Twitter, Pinterest, Beauty Blogs, and others to gather consumer awareness. Additionally, social influencers provide intake on the products by listing the pros and cons, thus influencing them to buy cosmetic products. Many manufacturers and small businesses are collaborating with social influencers and celebrities that include promotions through digital marketing channels to garner consumer demand for cosmetic products. Moreover, the pandemic has caused many consumers to shift towards online platforms for purchasing cosmetic products, thus positively affecting the market growth. This has also influenced many small-scale businesses and retail stores to promote the product on social media platforms for revenue generation.
Increasing Demand for Organic Cosmetic Product to Aid Growth
The increasing consciousness among consumers for organic products has led to the demand for more sustainable and natural substitutes in the cosmetic industry. Rising demand for organic and vegan products can be associated with consumers that are beauty and skin conscious and more receptive towards the importance of using chemical-free cosmetic products. Many manufacturers are shifting towards producing more organic products that have colour made from natural sources to meet these demands, thus significantly affecting the market growth. Moreover, the increasing demand of customers for value-for-money cosmetic products having both natural and beneficial ingredients. This along with rising disposable income in developing and emerging markets with help of innovations are driving factors for creating a more compelling and attractive colour cosmetic product within the market.
Rising Awareness Regarding Environment and Animal Protection to Hinder Market Growth
Growing awareness regarding the preservation and protection of environment protection and animals has influenced manufacturers to shift towards plant-based cosmetic products, thus affecting the market growth. The ill-effects of chemical-based cosmetics on the skin and body have also led to a decline in sales of cosmetic products. Governments of many countries have mandated regulations over the use of resources and environmental protection. Another factor that acts towards restraining the market is the spread of coronavirus that has led to a disturbance in the supply chain, thus affecting the market growth.
Prestige Product Segment to Hold the Major Share in the Market
Based on the target, the market is segmented into prestige products and mass products. The prestige product segment dominated the market due to the rising disposable economy among the consumers. This can also be attributed to the growing awareness among consumers regarding the use of quality products on the body, and face. Consumer inclining towards better skincare products to improve skin quality have led to high consumption of prestige products, which, in turn, is supporting market growth for colour cosmetics.
The mass product segment is also expected to show market growth due to increasing consumer awareness, the innovation of new and quality products at cheaper rates and growing consciousness about appearance. The rise in population and among that a major part being the younger generation has led to high demand for cosmetic products. To fulfil this demand, manufacturers are innovating cheaper and better-quality products that are affordable to all levels of consumers, creating opportunities for colour cosmetic market growth.
Offline Product Segment to Hold the Major Share in the Market
Based on distribution, the market is segmented into offline and online. The offline product segment dominated the market which can be associated with the easy buying process for consumers. Purchasing cosmetic products offline provides consumers with a look working and demo of the product and can attest to the genuine quality of the product. A major part of the consumer still prefers purchasing products offline due to easy accessibility as they are available at drug stores, convenience stores, retail stores, and salons.
Online product purchasing is a new trend that has arisen in the coming years and this segment is expected to propel growth. The changing lifestyle of consumers and high dependence on social media has created opportunities for the cosmetic industry to attain market growth. Consumers are easily influenced through social media promotion by celebrities and social influencers thus resulting in sales increase. Moreover, doorstep delivery acts as a plus point to consumers in their daily busy life. Easy availability and a wide range of product offerings on e-commerce portals also attract consumers for purchasing thud leading to increased demand for colour cosmetics.
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Face Products Segment to Hold the Major Share in the Market During the Forecast Period
Based on application, the market is segmented into nail products, hair products, lip products, face products, and others. The face product segment dominated the market in 2019 due to growing consumer awareness about beauty trends and improving lifestyles. These products include face powder, moisturizer, face cream, and others. The rising trend of beautifying the face to improve facial structure, hide aging lines, and masking dark circles is leading to high demand for cosmetic products. Plastic surgery is too expensive and the availability of these cosmetics at cheaper rates has caused increased consumption of cosmetic products, further supporting market growth.
The lip product segment is also expected to have significant growth during the forecast period. The growing purchasing power of the in developing countries and rising beauty trend among the younger generation is supporting the colour cosmetic market. Lip products include lipstick, lip balm, lip liner, and others, consumption of these lip products have been increasing due to improved daily lifestyle among the consumers. Moreover, the growth rate of working women is further expected to drive the market.
Asia Pacific Colour Cosmetics Market Size, 2019 (USD Million)
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North America is estimated to have a significant share in the global market, which can be attributed to the rapid technological advancement and high disposable income in the region. The increased demand for organic products has been leading the manufacturers towards the innovation of new products. This demand along with the feasible economic status of countries within the region is driving the colour cosmetic market. The presence of social influencers and techniques for digital marketing through various portals is supporting the market within the region. Moreover, big companies such as Morphe, Glossier, and Kylie cosmetics have generated major revenue through promotional activities on social media.
Asia Pacific dominated the colour cosmetics market and is estimated to have a value of USD 30,036.8 million in 2019 which can be attributed to increasing demand for skin care products from developing countries such as China, Japan, and India. The economic development within these countries has led to an improvement in the lifestyle of consumers causing high demand for cosmetic products for face, body, lip, and eyes. Moreover, the growing middle-class population is further fueling the demand for cosmetic products. The cosmetic industry in China is dominant in the region due to changing demographics and a rising number of younger populations that are more affluent towards colour cosmetic products.
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The European region is expected to have significant market growth during the forecast period. This growth can be associated with the high demand for cosmetic products from all levels of consumers. The evolving consumer lifestyle acts as a key driver for the high demand for premium cosmetic products. Germany is one of the major evolving cosmetic countries due to the high consumption of direct and indirect economic activity that improves the value chain of the cosmetic industry. In 2019, the region employed about 206,800 people directly, thus creating job opportunities and supporting the growing economy. This growth has led to an increase in high disposable income among the general population, which is further supporting the growth of the colour cosmetics market.
Latin America and the Middle East & Africa are expected to have substantial growth during the forecast period. Brazil is one of the major countries responsible for major growth in the region. Rapid urbanization and growing innovation within the region have led to the high consumption of cosmetics. This can growth can be attributed to the growing economy which is causing high disposable income for consumers, thus supporting the market growth.
Joint Ventures and Capacity Expansion Projects by Players to Intensify Competition
Key players operating in the industry are L'Oréal S.A, Unilever, Avon Products Inc., Estée Lauder Inc., and others. Companies profiled are involved in product innovation, social marketing, acquisition, and collaboration thus gaining a competitive edge in the global market. For example, In July 2020, Avon introduced a new product called ANEW Skin Reset Plumping Shots that is clinically proven to restore collagen for healthy skin. This product provides a concentration of patented Protinol technology that restores seven years of collagen loss in seven days and gives plumper and firmer-looking skin.
Moreover, in 2020, Amway launched a new range of Attitude Color cosmetics that will comprise matte and crème lipsticks along with six hues of nail enamels. To propel growth and meet the evolving demands of young consumers, the company expanded the product offerings with new-age solutions under the premium beauty brand ‘Attitude’.
An Infographic Representation of Colour Cosmetics Market
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The market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, sources, applications, and products. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Value (USD Million)
Target Market; Distribution; Application; and Geography
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Fortune Business Insights says that the global market size was USD 72,376.2 million in 2019 and is projected to reach USD 91,779.1 million by 2027.
In 2019, the market value stood at USD 72,376.2 million.
Growing at a CAGR of 3.6%, the market will exhibit steady growth in the forecast period (2020-2027).
The face product segment is expected to be the leading segment in this market during the forecast period.
Increasing demand for cosmetics among consumers is a key factor driving the market growth.
LOreal S.A, Unilever, Avon Products Inc., Estée Lauder Inc. Industries are a few of the leading players in the global market.
Asia Pacific dominated the global market in 2019.
The continuous growth in the economy, lifestyle, and population of younger generations are factors expected to drive the product demand.
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