Color Cosmetics Market Report 2021: Industry Insights, Growth, Development and Forecast to 2027
DescriptionThe global color cosmetics market size is expected to grow from USD 78 billion in 2020 to USD 120 billion by 2027, at a CAGR of 6.35% from 2021 to 2027. Color cosmetics are a mix of products chemicals used to enhance appearance or fragrance. of the human body Cosmetics such as facial makeup, nail care, lip care, and eye makeup fall into this category. These products can be found in various places, including exclusive brand outlets, supermarkets, specialty stores, and online. The growth of the color cosmetics market is driven by rising appearance concerns and rising disposable incomes in emerging economies such as India, Brazil and Indonesia. Additionally, the market is driven by the many benefits of color cosmetics, such as anti-aging and tanning.
The color cosmetics market in developed countries such as North America and Europe and emerging countries such as Asia-Pacific and the rest of the world is driven by increasing disposable income, increasing appearance awareness and improving quality of life. In addition, rising consumer health awareness of personal care, organic cosmetic products, technological advances in color cosmetics, attractive packaging, and growing consumer health awareness of beauty trends are expected to increase. fashion drive demand for color cosmetics.
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Additionally, increased brand awareness and market growth have been aided by increased purchasing power among women and heavy investment in marketing and advertising, including promotions on social media platforms and celebrity endorsements. The expansion of digital marketing has also been a driver of market growth, with organic beauty products experiencing significant growth. The market is also benefiting from increased awareness of animal health and environmental protection.
Impact of COVID-19 on the global color cosmetics market COVID 19 is a global pandemic that has affected a large part of the population. Consumer purchases and business activities have come to a halt as a result of the global spread of covid-19. As a result of the pandemic lockdowns, which restricted people's exposure to the outside world, there was a decline in demand for cosmetics. The closure of specialty beauty shops, which allowed customers to sample products on board, resulted in a further drop in sales. The cosmetics industry supply chain has been severely affected by the lockdown, which is expected to have long-term implications. As a result, consumer confidence in cosmetics has dropped dramatically. The COVID-19 outbreak has also had a negative impact on the growth of the market. Although the COVID-19 pandemic had a significant effect on the global beauty industry, the major color cosmetics companies could recover quickly by temporarily shifting their focus to the production of disinfectants and products for healthcare workers. On the other hand, the color cosmetics market is a long-standing industry that has amassed many loyal customers over time.
Dynamics of the global color cosmetics market
Drivers: Organic Cosmetic Products on the Rise
The increasing use of organic cosmetic products is expected to drive the growth of the market during the forecast period. Extreme weather has driven the adoption of facial care products such as moisturizers and sunscreens, and in a polluted environment, consumers prefer natural products, especially for facial care. Several new brands offer organic and natural products due to the growing emphasis on grooming and personal appearance among consumers. Also, facial care manufacturers or companies work with influencers to promote their brands and e-commerce businesses to reach a larger audience and expand their customer base. They also run paid ads on YouTube and Instagram to increase brand awareness.
Also, on YouTube, there are 50% off beauty content videos and tutorials based on makeup. To achieve a better appearance, sunscreens and moisturizers are commonly used in cosmetics. The facial serum is used in the same way in the makeup routine. Cleansers are also designed to remove everyday dirt such as makeup, excess oil and pollutants. Additionally, BioClarity launched its omnichannel at Ultra Beauty, the largest beauty retailer, in February 2021. At ulta.com, customers can find a wide range of bioClarity products. BioClarity could connect with more Gen Z beauty customers and younger millennials at Ulta Beauty thanks to this partnership.
Restrictions: raising awareness about the environment and the protection of animals
The growing awareness of the importance of environmental preservation and animal protection has influenced manufacturers to switch to plant-based cosmetics, thus affecting the growth of the market. Cosmetic sales have also decreased due to the adverse effects of chemical-based cosmetics on the skin and body. The governments of many countries have imposed regulations on resource use and environmental protection. Another factor acting to slow the market is the spread of the coronavirus, which has disrupted supply.
chain and slowed down the growth rate of the market.
Opportunities: Technological advance in color cosmetics
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In the coming years, the increasing technological advancements in color cosmetics will create lucrative growth opportunities in the market during the forecast period. Improvements in technologies create great new opportunities for small and large-scale cosmetics companies, allowing them to spread product knowledge among consumers. There are various technologies on the market including color change technology and color change sensors among others. Researchers have measured the importance of the skin microbiome in hygiene and personal care due to the advent of metagenomic and biogenetic technologies. Cosmetic scientists have focused on its vital link to beauty and wellness as a result of this. However, educating the consumer is a fundamental link that the industry must carry out.
Scope of the ReportThe study categorizes the target and application based on the global Color Cosmetics market on a regional and global basis.
By Purpose (Revenue, Billions of Dollars, 2017-2027)Prestige ProductsMass ProductsBy Application (Revenue, Billions of Dollars, 2017-2027)Face MakeupLip ProductsEye MakeupHair Color ProductsSpecial Effects ProductsNail ProductsBy Region (revenue, billions of dollars, 2017-2027)North America (USA, Canada, Mexico)South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)Europe (Germany, Italy, France , United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia , Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific) Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
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The mass market segment of the global color cosmetics market is projected to account for most of the target. The global color cosmetics market has been segmented into mass products and prestige products based on the target. The mass-market automobile segment accounted for the largest share in the global color cosmetics market in 2020. Due to the innovation and affordability of the obvious segment, mass-market products are on the rise. The prestige segment, on the other hand, is expected to grow at the fastest rate. In the developing countries of Asia-Pacific, the demand for both prestige and mass products is increasing rapidly. Additionally, the benefits associated with prestige products entice more customers to spend more money while increasing customer loyalty.
Asia Pacific represents the highest CAGR during the forecast period in the global Color Cosmetics market
Based on regions, the global color cosmetics market has been segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In Asia-Pacific, four main countries are analyzed, namely China, India, Japan and the rest of Asia-Pacific. Asia-Pacific ranks second in the global color cosmetics market. China accounted for a significant part of this market in 2020, with India expected to see rapid growth during the forecast period.
Due to high demand from emerging economies such as India, China, Indonesia and others, Asia-Pacific is expected to grow at the fastest pace of the global market. In addition, as the financial independence of working women grows, the demand for color cosmetics is expected to increase. Also, rising disposable income, higher standard of living and heightened awareness of personal appearance are contributing to the growth of the market in Asia-Pacific. Also, due to the availability of snail secretions, pearl powder and starfish extract, the color cosmetics market in South Korea is expected to be the most lucrative market for manufacturers in the near future. Natural ingredients such as ground bamboo, seaweed, poison and Tremella mushrooms are popular in South Korean cosmetics and skin care. Color cosmetics made from the aforementioned natural ingredients are known as K-Beauty, and the industry has seen rapid growth in recent years.
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Key Market PlayersThe global color cosmetics market is loosely concentrated in nature with few global players operating in the market such as Unilever NV, L'Oreal Group, Avon Products, Inc., The Estée Lauder Companies Inc., Kryolan Professional Make-Up, Shiseido Co. . Ltd., Chantecaille Beaute Inc., Coty Inc., Ciaté London and Revlon Inc, among others. The other market players include Procter & Gamble Co., Natura Cosméticos SA, AmorePacific Corporation, The Colgate-Palmolive Company, Henkel AG & Co. KGaA, Mary Kay Inc., L Brands Inc. and KOSÉ Corporation. These players have been adopting various winning strategies to gain larger shares or maintain leading positions in the market.