What Is The Scope Of The Global Color Cosmetics Market?
Color cosmetics refer to cosmetic products that are applied to enhance or change the appearance of the skin, particularly the face, eyes, lips, and nails. These products are available in a variety of colors and formulations, including powders, creams, liquids, and are used to add color, definition, and texture to the skin.
Color Cosmetics Global Market Report 2024 provides data on the global color cosmetics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Color Cosmetics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Color Cosmetics?
The color cosmetics market size has shown robust growth, expanding from $48.08 billion in 2023 to $51.45 billion in 2024 at a compound annual growth rate (CAGR) of 7%. This growth in the historic period is driven by evolving consumer preferences, shifts towards makeup trends, increased disposable incomes, and the pervasive influence of celebrities and social media on beauty standards. Looking ahead, the market is projected to reach $68.18 billion in 2028 with a CAGR of 7.2%, propelled by the growing acceptance of online shopping, rising demand for sustainable and clean beauty products, the surge in eCommerce platforms, and the popularity of skincare-infused makeup products. Major trends in the forecast period include technological advancements, the rise of minimalist makeup routines and "skinimalism," the expansion of vegan and cruelty-free cosmetic lines, the integration of augmented reality (AR) for virtual try-ons, and innovations in clean beauty formulations and skin-friendly makeup.
What Factors Are Driving Growth In The Color Cosmetics Market?
The growing e-commerce sector is expected to propel the growth of the color cosmetics market going forward. E-commerce, also known as electronic commerce, refers to the exchange of goods and services conducted online, involving the buying and selling processes over the Internet. The e-commerce industry is expanding due to its unmatched convenience for consumers, enabling them to make purchases from the convenience of their homes or while on the move, utilizing smartphones or tablets. Color cosmetics are extensively sold on e-commerce platforms due to their visual appeal and the convenience of online shopping. For instance, in August 2023, according to the Census Bureau, a US-based principal agency, U.S. retail e-commerce sales for the second quarter of 2023 were $277.6 billion, an increase of 2.1% (±0.9%) from the first quarter of 2023. Therefore, the growing e-commerce sector is driving the growth of the color cosmetics market. The market size for color cosmetics is projected to reach $P billion in 2023, $Q billion in 2024, and $R billion by 2028.
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What Are The Main Segments Of The Global Color Cosmetics Market?
The color cosmetics market covered in this report is segmented –
1) By Product Category: Nail Products, Facial Makeup, Eye Makeup, Lip Products, Hair Color Products, Special Effects Products
2) By Prices: Economic, Premium
3) By Distribution Channel: Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Direct Selling, E-Commerce
4) By Application: Nail Products, Hair Products, Lip Products, Face Products, Other Applications
What Emerging Trends Are Influencing The Growth Of The Color Cosmetics Market?
Major companies in the color cosmetics market are reprioritizing the introduction of novel and innovative offerings, such as adaptive skin technology, to meet evolving consumer demands. Adaptive skin technology is a skincare innovation that aims to empower the skin's natural resilience by assisting it in renewing, regenerating, and reinforcing itself. For example, in August 2023, Prada, an Italy-based fashion company, launched Prada Skin and Prada Color, featuring skincare products and color-correcting cosmetics. These collections employ adaptive skin technology to enhance the skin's resilience. Prada Color offers a range of colors and textures inspired by the brand's vision, while the skincare line follows the success of the Prada Paradoxe fragrance.
What Is The Largest Region In The Color Cosmetics Market?
North America was the largest region in the color cosmetics market in 2023. The regions covered in the color cosmetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
