The color cosmetics market rides on the back of several macro-trends in the overall beauty industry. The distinct demand trajectories for color cosmetics has been witnessing several spikes over the past few years driven by changing fashion and fads. These changes have been increasingly being driven by consumers who are looking for newer and more effective formulations in skincare and anti-aging products.
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The growing inclination toward color cosmetics based on natural and organic ingredients has unlocked promising prospects in the market. Strategies on capitalizing on these avenues have led to notable product innovations in color cosmetics, especially in developing and developed regions. Market players are also leveraging the potential of online commerce to introduce new products and tap into emerging markets for color cosmetics.
According to Fact.MR, the opportunities in the color cosmetics market is expected to cross worth of US$80 billion by the end 2024. The demand for color cosmetics will rise at a promising pace over the forecast period of 2017–2022, projects the report.
There is a vast demand for lip care in the color cosmetics products, world over. The segment contributed a revenue share of around 40% in the global color cosmetics market and by the end of it is forecast to reach a worth of US$33 billion. A large chunk of this revenue, about half of it, is expected to come from Asia Pacific region. However, the demand of nail products is fast gathering steam among the users of color cosmetics. The rising popularity of color cosmetics applied on nail will give a substantial boost to the segment in the coming years, with estimated valuation in 2017 was nothing less than US$ 12 billion. The nail care segment is forecast to rise at a CAGR of 5.2% during 2017-2022.
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Lucrative Avenues in Asia Pacific to impart Substantial Growth Impetus to Color Cosmetics Market
Asia Pacific is emerging as the regions with immense potential for companies in the color cosmetics market. This is attributed to the large lucrative avenues in key product segments notably facial make-up and hair color segments. A rapidly aging population has led to a burgeoning adult population, women as well as men, increasingly demanding hair dye brands. This is expected to lead to an extensive uptake of hair color cosmetics products in the region. However, in the coming years, players in the color cosmetics market may shift their attention to North America. A probable reason supporting this shift is the higher growth pace of the regional market, which is anticipated to rise at CAGR of 4.1% during the assessment period.
The facial make-up segment is equally attractive segment in the color cosmetic market. The segment is projected to expand at a CAGR of 4.6%. The opportunities was estimated at US$7 billion in 2017 and is anticipated to touch an approximate valuation of US$8.7 billion.
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Companies find Substantial Prospects in Hypermarkets/Supermarkets
Hypermarkets/supermarkets are presently the most popular medium of sales channel for manufacturers and retailers of color cosmetics. Presently, the segments contribute the major share of revenue by sales channel amounting to over 75.0% in the global color cosmetics market. The segment is expected to hold its sway in the global color cosmetics market coming few years as well. The segment is projected to rise at 5.5% CAGR from 2017 to 2024 accounting to a revenue of US$18 billion. However, small retailers are offering stiff competition to change the status quo enjoyed by hypermarkets and supermarkets in the overall color cosmetics market. Over the assessment period, the revenue generated by retailers is projected to be US$5 billion.
E-commerce channels in the color cosmetics market are expected to proliferate at a robust CGAR in the coming years. In the year 2017, its revenue share was not substantial amounting to 11.6% in the overall color cosmetics market. However, there are several trends stoking the popularity of online channels for producers of color cosmetics. Rapid advances being made in the internet technologies, especially in emerging and developed economies, and changes in consumer buying patterns, are expected to fuel the demand for e-commerce sales channels in the color cosmetic products. The ease of the accessibility and rapid delivery of products are making e-commerce channel the cynosure of attention for users of color cosmetics.
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