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The global color cosmetics market size was valued at USD 72.74 billion in 2022 and is projected to grow from USD 77.73 billion in 2023 to USD 114.65 billion by 2030, exhibiting a CAGR of 5.7% during the forecast period.
Color cosmetics are pigments that give color beauty and personal care products that include make-up, personal hygiene, hair care, fragrances, and skincare. These products enhance the look, define facial features, and conceal spots and marks while providing a fresh and healthy appearance. Moreover, the demand for cosmetic products among the female population has increased which, in turn, is propelling the market. Additionally, the increasing trend for personal grooming and high-end lifestyle has improved the consumption of products supported by the availability rise in purchasing power within the consumers.
Disruptions in Import/Export of Cosmetic Products Dwindled Business amid COVID-19
The coronavirus pandemic has changed the course of the world and severely hampered import and export activities and the supply of raw materials for the cosmetic industry. This has also negatively impacted the demand for makeup products due to remote work, reduced social life, and the trend of natural makeup. Moreover, the obligatory use of masks causing reduced demand for lip products and dipping sales of prestige beauty products also affected the overall cosmetics market.
However, the rise in sales of color cosmetics products through online distribution saw a significant hike, supporting the market growth during the pandemic. Huge demand for bacterial protection and skincare products, natural beauty products through online streaming of new launches are rising trends leading to the high consumption of cosmetic products. Many manufacturers are using digital marketing and online streaming as a marketing technique to attract consumers, creating opportunities for global market growth.
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Increasing Digital Marketing and Use of E-commerce Channels to Boost Market Growth
The advancement in technologies is providing small- as well as large-scale cosmetic brands with unprecedented opportunities, 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, could boost 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 caused many consumers to shift toward online platforms for purchasing cosmetic products, thus positively affecting the market trends. This has also influenced many small-scale businesses and retail stores to promote the product on social media platforms for revenue generation.
Growing Consumer Inclination toward Organic Cosmetic Products to Aid Market Growth
Growing attraction of consumers toward organic products has increased 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 to the importance of using chemical-free cosmetic products. Many manufacturers are shifting toward producing more organic products with colors made from natural sources to meet these demands, significantly affecting the market growth. Moreover, the increasing customer preference for value-for-money cosmetic products having both natural and beneficial ingredients is driving market growth. Furthermore, rising disposable income in developing and emerging markets with help of innovations, is a major driving factor for creating a more compelling and attractive market.
Rising Awareness Regarding Environment and Animal Protection to Affect Market Dynamics
Growing awareness regarding the preservation and protection of the environment and animals has influenced manufacturers to shift toward plant-based cosmetic products, affecting the growth of this market. The ill-effects of chemical-based cosmetics on the skin and body have also led to a decline in the sales of cosmetic products. Governments of many countries have mandated regulations on the use of resources and environmental protection. The COVID-19 pandemic, which caused several disruptions in the cosmetics sector, also created several roadblocks for market players.
Prestige Products Segment to Capture Dominant Market Share Due to Demand for Luxurious Goods
Based on target market, the market is bifurcated into prestige products and mass products.
The prestige products segment held the dominant market share due to the rising disposable income among consumers. The growth can also be attributed to the growing awareness among consumers regarding the use of quality products on the body and face. Rising consumer inclination toward better skincare products to improve skin quality has led to the high consumption of prestige products, which in turn, is supporting the color cosmetics market growth.
The mass products segment is expected to show market growth due to increasing consumer awareness, innovative new and quality products at cheaper rates, and growing consciousness about appearance. The rising population and strong demand from the younger generation have led to the rising footfall of cosmetic products. To fulfill this demand, manufacturers are innovating cheaper and better-quality products that are affordable to all levels of consumers, creating opportunities for color cosmetics manufacturers.
Offline Segment to Hold Major Share Owing to Easy Buying Process
Based on distribution, the market is segmented into offline and online.
The offline segment dominated the market, which can be associated with the easy buying process for consumers. Purchasing cosmetic products offline provides consumers with improved physical experiences through 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 recent years and this segment is expected to foresee substantial growth over the coming years. 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 a sales increase. Moreover, doorstep delivery acts as a plus point for consumers in their daily busy lives. Easy availability and a wide range of product offerings on e-commerce portals also attract consumers to purchasing, leading to increased demand for color cosmetics.
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Face Products Segment to Hold Major Share with Rising Consumer Awareness Regarding Beauty Trends
Based on application, the market is segmented into nail products, hair products, lip products, face products, and others.
The face products segment dominated the market in 2022 due to growing consumer awareness about beauty trends and improving lifestyles. These products include face powder, moisturizer, face cream, anti-aging cream, and others. The rising trend for beautifying the face to improve facial structure, hide aging lines, and mask dark circles leads to high demand for cosmetic products. Plastic surgery is 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 expected to grow significantly during the forecast period. The growing purchasing power in developing and developed countries and rising beauty trends among the younger generation are supporting the segmental growth. Lip products include lipstick, lip balm, lip liner, and others. Consumption of these lip products has been increasing due to improved daily lifestyles. Moreover, the growing number of working women is further expected to drive the market for color cosmetics.
The hair products segment includes hair dye, color shampoos, bleaches, and temporary hair colors. The adoption of trends from social media for improving the hair look is surging the demand for color cosmetics. The nail segment growth is associated with an increase in the high percentage of demand for nail art, fake nails with artistic designs, and neon colors.
Asia Pacific Color Cosmetics Market Size, 2022 (USD Billion)
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Asia Pacific is slated to dominate the global color cosmetics market share through 2030. In 2022, the regional market was valued at USD 31.15 billion in 2022, led by the increased demand for skin care products from countries such as China, Japan, and India. The robust economic growth in these countries has caused major lifestyle changes, creating higher demand for cosmetic products for face, body, lip, and eyes.
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 toward the innovation of new products. This demand, along with the feasible economic status of countries within the region, is driving the market growth. The presence of social influencers and techniques for digital marketing through various portals is supporting the market within the region. Furthermore, big companies such as Morphe, Glossier, and Kylie cosmetics have generated major revenue through promotional activities on social media.
Europe is predicted to capture a notable share of the market through 2030. The growth is attributable to the heightened demand for cosmetic products. Premium cosmetics are gaining traction owing to changing consumer lifestyles. According to Cosmetics Europe, in 2020, the region employed about 206,800 people directly, 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 market growth of color cosmetics.
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Latin America and the Middle East & Africa regions are anticipated to grow at a notable CAGR during 2023-2030. Growth in the Latin America market will be led by Brazil. Rapid urbanization and growing innovation within the region have led to the high consumption of cosmetics.
Players Focus on Collaborations and Capacity Expansions to Stay Ahead
L’Oreal S.A, Unilever, Avon Products Inc., and Estée Lauder Inc. are some of the prominent players in the market. Companies are emphasizing product innovation, social marketing, acquisition, and collaborations. For example, in July 2021, 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.
Another beauty giant, Amway, in 2021, launched a new range of Attitude color cosmetics that comprises 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 color cosmetics 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 in recent years.
CAGR of 5.7% from 2023 to 2030
Value (USD Billion)
By Target Market, By Distribution, By Application, and By Geography
By Target Market
Fortune Business Insights says that the global market size was USD 72.74 billion in 2022 and is projected to reach USD 114.65 billion by 2030.
In 2022, the market value stood at USD 72.74 billion.
Growing at a CAGR of 5.7%, the market will exhibit steady growth in the forecast period (2023-2030).
The face products segment is expected to lead this market during the forecast period.
The increasing demand for cosmetics among consumers is a key factor driving the market growth.
LOreal S.A, Unilever, Avon Products Inc., and Estée Lauder Inc. Industries are a few of the leading players in the global market.
Asia Pacific dominated the global market in terms of share in 2022.
Continuous growth in the economy, lifestyle, and population of younger generations are factors expected to drive the product demand.
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