Expected to post a 7.7% CAGR during the forecast period 2017-2023, the global color cosmetics market could reach a valuation of US$ 62.5 Bn by the end of 2023. In 2017, the global color cosmetics market was valued at a US$ 40.0 Bn.
With hundreds of players operating across the world, the global color cosmetics market is not a highly concentrated one.
Global Color Cosmetics Market: Drivers and Restraints
The global color cosmetics market is envisaged to obtain support from improving living standards of people in developing economies. Increasing disposable income and economic recovery are other factors pushing the growth of the global color cosmetics market. Quick economic growth and rising population in emerging countries are also expected to create opportunities in the global color cosmetics market.
Growing awareness about fashion trends, high demand for beauty care, and increasing consciousness about appearance could provide a fillip to the global sales of color cosmetics.
However, the presence of counterfeit and fake products and side effects associated with the use of some color cosmetics are prophesied to loom over the market as a threat to its growth.
Global Color Cosmetics Market: Forecast by Application
On the basis of application, the global color cosmetics market is bifurcated into online and offline. Both these segments of the global color cosmetics market are studied in great detail in the research study.
Global Color Cosmetics Market: Forecast by Product
By type of product, the global color cosmetics market is categorized into nail cosmetics, eye makeup, lip products, facial makeup, and others including brush sets. All of these products are deeply evaluated for their growth in the global color cosmetics market.
Global Color Cosmetics Market: Forecast by Region
Developed economies are observed to see high consumption of color cosmetics. The EU and the U.S. are the two key markets that witness heavy presence of leading color cosmetics manufacturers. The consumption of color cosmetics is anticipated to gather pace in Asia Pacific, especially in China. The country could register a faster CAGR of 9.2% during the forecast period.
In terms of market share, Europe is prognosticated to rank higher in the global color cosmetics market. It collects a strong 28.0% share of the global color cosmetics market. North America closely follows Europe as it attracts a 26.0% share.
Global Color Cosmetics Market: Key Players
The characteristics of marketing channels are projected to differ from one company to another and also from region to region. Chinese players are well aware of the disadvantage of marketing channels in the country and are focusing on finding a way around. Makeup tools are generally sold on a separate counter in China as opposed to Korea, Japan, the EU, and North America where they are offered along with makeup and personal care products. As a result, China could witness lower market penetration compared to developed economies.
Major players of the global color cosmetics market are Amore Pacific, Shiseido, Estée Lauder, Unilever, and L'Oréal. Vendors may take to inter-companies cooperation and merger and acquisition for growth and development in the global color cosmetics market.
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