Global Color Cosmetics Market – Insights
Color cosmetics are a mixture of chemicals that are used to enhance the appearance or divulging an aroma to the human body. Color cosmetics market is expected to propel owing to the growth in nail care segment; for example various innovations such as Avon’s new wellness brand Espira to be launched in 2018 is expected to penetrate as a new wave in the nail care sector. Introduction of various features such as improved skin texture in facial makeup segment and other skin care benefits such as improvement in skin tone, moisturizing, and inclusion of anti-aging properties are expected to fuel growth of the color cosmetics market during the forecast period.
Increasing inclination of women towards aesthetic appeal is one of the major driver for growth of color cosmetics market. Furthermore, new product launches such as new double wear foundation in 2017, increasing retail presence such as launch of new Sephora stores in Indian market are some of the factors playing a key role in the market. For instance, Sephora, a premium cosmetics retailer plans to open over ten to twelve stores by 2018 across the Indian market. Furthermore, increasing disposable income of population coupled with increasing adoption of branded products are driving the demand for premium color cosmetics products. Some of the leading vendors in the premium color cosmetics market include Coty, Chanel, Estee Lauder, LVMH, and Shiseido.
Furthermore, sales through online distribution channel is key factor driving growth of the market. The e-commerce platform allows consumers to compare a wide range of products before buying them. For instance, online cosmetic sales in China accounted for around 37% sales in 2017.
On the basis of product type, color cosmetics market is segmented into nail care, lip care, eye make-up, and face make-up. On the basis of distribution sector, the market is segmented into hypermarkets, supermarkets, specialty stores, and online stores. Face make up segment is expected to account for the highest revenue share over the forecast period, due to increasing availability of cosmetic products at low prices. According to Coherent Market Insights analysis, the face make up segment is expected to grow at a CAGR of 5.6% during the forecast period.
Asia Pacific is the dominant region in the global color cosmetics market and was valued at US$ 18.40 Bn in 2016. China is leading market in this region, owing to increasing prevalence of western culture and demand for branded products. In 2016, L’Oreal led the color cosmetics market in China owing to its high brand presence and extensive distribution network. India stands to be another important market for color cosmetics owing to growing demand from tier 2 and tier 3 cities. Owing to the stiff competition and market maturity, retailers are increasing their presence to tier 2 and tier 3 cities to gain market presence. Color cosmetic products such as lip sticks and nail polish are some of the most popular products across all age groups in India. In addition to this, entry of foreign players into the market is further driving the market. For instance, LASpalash Cosmetics, an US-based company and KIKO MILANO, Italian company, entered the Indian market in 2016.
Europe is expected to be the second largest market for color cosmetics in terms of revenue over the forecast period. Economies such as U.K., Germany, and France are major region for market. Increasing adoption of recent trends in fashion by population in this region and advent of social media bloggers and fashion influencers educating customers about new trends and fashion are increasing demand for color cosmetics, which in turn is expected to fuel growth of the market during the forecast period.
The color cosmetics market was valued at US$ 62.36 billion in 2016 and is expected to expand at a CAGR of 4.22%, in terms of revenue, over the forecast period (2017 – 2025).
Figure 1. Global Color Cosmetics Market Share (%), by Region, 2016
North America is projected to hold a revenue share of 21.97% in the color cosmetics market by 2025, owing to high demand for premium products such as Estee Lauder and Coty. Furthermore, in the U.S., celebrity endorsements and launch of their own product lines are driving growth of the market. For instance, popular celebrity brands such as Kylie Cosmetics and Flower Beauty are gaining traction among population, which in turn is fueling growth of the market.
Major Players in Global Color Cosmetics Market:
Some of the key players operating in the global color cosmetics market include L’Oreal Group, Coty Inc., Krylon, Estee Lauder Companies Inc., Avon Products, Inc., Johnson & Johnson, Revlon, and Beiersdorf.
Color cosmetics are the colorants and other ingredients of cosmetics, which enhance the looks and form of the human body. The global color cosmetics market is expected to grow at a higher rate due to increasing demand for organic and natural products of cosmetics, effective distribution channel, which provides higher availability to consumers, and technological development such as customized color cosmetics. These factors are expected to propel growth of color cosmetics market over the forecast period.
Asia Pacific is projected to hold the dominant position in global color cosmetics market, followed by Europe and North America over the forecast period, owing to increasing demand for cosmetic products from economies such as India, China, Australia, and Japan. Furthermore, increasing awareness among consumers towards natural and organic products due to presence of toxic materials in conventional cosmetics is fueling growth of the color cosmetics market in this region. For instance, in China from 2010 to 2016, 23.7% of consumers shifted from chemical cosmetics products to organic products. Several manufacturers are expanding their color cosmetics product portfolio through various strategies such as merger and acquisition. In October 2016, a U.K. based company, which is specialized in offering hair appliances and straighteners, Good Hair Day (GHD) was acquired by Coty.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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