Color cosmetics products such as nail paints, lipsticks, eye shadows, foundations and other beautifying items are gaining immense popularity among both men and women across all age groups globally. These products not only enhance appearance but also give confidence and empowerment. Color cosmetics provide advantages like concealing skin imperfections, achieving desired looks, expressing personality and mood. The global color cosmetics market is estimated to be valued at US$ 88.9 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing penetration of e-commerce platforms especially post-Covid pandemic has significantly boosted the color cosmetics market size. Online shopping has made color cosmetics products more accessible to consumers living in remote areas. Major players are pursuing online sales channels to expand their customer reach. For example, Estee Lauder entered a partnership with Alibaba to sell its products on Tmall marketplace in China. Premium brands are also launching own e-commerce websites and mobile apps for online shopping experience. Live streaming and user generated content on social media have emerged as new marketing strategies adopted by companies to increase online visibility and sales. The trend of try-at-home samples and virtual makeovers offered on e-commerce platforms is further propelling the market growth.
Segment Analysis
The global color cosmetics market is dominated by the facial make-up segment. Facial make-up products contribute around 60% share in the total market revenue. One of the major reasons is that facial make-up are easier to use compared to other types of color cosmetics products like nail make-up or eye make-up. Since facial make-up involves products like foundation, concealer, blush, etc. which are daily use products, their demand tends to be higher and more consistent.
Key Takeaways
The Global Color Cosmetics Market Share is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: The Asia Pacific region is projected to be the fastest growing as well as dominating regional market for color cosmetics. Countries like China, Japan, and India are driving the market growth in APAC. The rising spending power, growing working women population, and increasing influence of western brands in makeup are some factors powering the color cosmetics market growth in Asia Pacific.
Key players operating in the color cosmetics market are Desktop Metal, Formlabs, HP, 3D Hubs, WASP, GE Additive, Aleph Objects (Lulzbot), Apis Cor, 3D-Fuel (3DomFuel), Doob Group, E3D, Nano Dimension, Open Bionics, Zortrax, Nanoscribe GmbH. Desktop Metal, L'Oreal, Estee Lauder, Shiseido, and Unilever dominate the global color cosmetics market. They leverage technology and innovations to widen their consumer base.
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