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The global color cosmetics market size stood at USD 72.74 billion in 2022. The market value is slated to rise from USD 77.73 billion in 2023 to USD 114.65 billion by 2030 at a CAGR of 5.7% during 2023-2030. The rise is on account of the surging adoption of cosmetic products by the female population and the growing trend of personal grooming. This information is presented in a report titled “Color Cosmetics Market Size, Share & COVID-19 Impact Analysis, By Target Market (Prestige Products and Mass Products), By Distribution (Offline and Online), By Application (Nail Products, Hair Products, Lip Products, Face Products, and Others), and Regional Forecast, 2023-2030”.
COVID-19 Pandemic Impacted Industry Growth Driven by Import/Export Disruptions
The pandemic led to disruptions in the import/export activities. This created difficulties in the procurement of raw materials for the cosmetics sector. The market expansion was further affected by demand for makeup products on account of reduced social life and remote work.
However, the market growth was revived by an upsurge in product sales on account of the rising prevalence of online distribution.
Avon Launches Second Batch of K-Beauty Products to Strengthen Industry Position
In April 2020, Avon rolled out a second batch of K-beauty products. The range was launched in collaboration with a Korean manufacturer. The partnership helped the brand bring authentic ingredients and innovative formulas to customers.
As claimed by the company, the K-beauty collection uses cutting-edge ingredients. These include rice water, pearl extract, green tea, citrus essential oils, tea tree oil, portulaca extract, pomegranate, and peony.
Surging Use of E-commerce Channels to Propel Industry Expansion
The color cosmetics market growth is being propelled by the growing usage of e-commerce and an upsurge in digital marketing. The expansion is further impelled by the increasing trend of streamlining new product launches on the internet via a range of portals such as Twitter, YouTube, Instagram, Beauty Blogs, Pinterest, and others.
However, the industry expansion could be restrained by the soaring awareness regarding animal protection.
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Key Market Players Enter into Partnership Deals to Propel Industry Foothold
Leading companies are adopting a series of strategic initiatives for strengthening their industry positions. These include merger agreements, collaborations, and partnership agreements. Other steps comprise an increase in the formation of alliances and rising participation in trade conferences.
Key Players Profiled:
Notable Industry Development
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 5.7% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | By Target Market, By Distribution, By Application, and By Geography |
By Target Market |
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By Distribution |
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By Application |
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By Geography |
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