The global color cosmetics market is observing significant growth due to increasing consciousness among the younger population regarding their appearance, enhanced beauty and personal care sector, innovation of new products, improved quality of life and increase in demand for color cosmetics to reduce age-related skin imperfections. There are several numbers of products and brands that offer a large number of colored cosmetics to the consumers. The providers are required to maintain a strong point of difference for their offerings in order to gain maximum consumer base and attain maximum consumer retention.
The growing number of online retailing channels has increased the accessibility of these products and is able to capture large consumer base. The cosmetic manufacturers are increasingly using online modes to develop an online store and are also required to maintain strong relations with the existing retail channels in order to satisfy the increasing demand of their consumers and maximize their utility.
Color cosmetics refer to the colorants and cosmetics ingredients that help the consumers to enhance the appearance of the human body. It includes products such as eyeshadows, foundations, nail paints, lipsticks, powers and others. Its range varies from brand to brand and gain maximum consumer from the products that develop a point of difference in their product offerings.
Insight by Category
On the basis of category, the color cosmetics market is categorized into prestige products and mass products. Among the two categories, the mass product is expected to hold the larger market share during the forecast period owing to pocket-friendly pricing and its large customer base. On the other hand, the prestige product segment is expected to grow at a faster rate than mass product segment as the brand consciousness and loyalty is increasing among the prestige color cosmetics customers in the developed regions.
Insight by Application
On the basis of application, the color cosmetics market is categorized into nail products, lip products, eye make-up, facial make-up, hair color products, and special effect products. Applications such as lip products, facial make-up, nail products, and hair color products are expected to register higher growth than other applications during the forecast period.
The primary factors that are aiding towards the growth of the global color cosmetics market include the increasing awareness among the consumers regarding their appearance and the attractive packaging of these color cosmetics. The booming fashion industry is making the younger population conscious regarding their physical appearance and the offerings introduced by the personal care industry is satisfying the social needs of these consumers. The young girls are increasingly following their fashion ideals, as a result, the cosmetic companies are making those celebrities as their brand ambassadors which have greater popularity in the overall market.
With an increasing number of working populations globally, the trend for coloring their lips, nails and eyelashes are increasing and as a result, the cosmetic manufacturers are rapidly increasing their make-up range and enhancing the distribution reach as the new players enter the market. The attractive packaging that comes with these cosmetic products makes it very appealing and gain instant attention from the consumers. Moreover, these factors are increasingly affecting the demand for color cosmetic market globally.
The increasing demographics and disposable income in developing countries such as China and India are expected to create greater opportunities for global color cosmetic market. Additionally, the continuous expansion in loyalty to the color cosmetic products and the increasing demand for organic cosmetic products and continuous innovation in color cosmetic products is expected to create greater opportunities for this market to grow globally.
The manufacturers are progressively introducing new colors in lipsticks, nail paints, foundations, face powder and eyeshadows which create the wider scope of expansion for color cosmetics market. The new products introduced are increasingly adopted by the innovators and early adopters of the adoption process cycle that comprises of the majority of the market globally and supports the growth of the global color cosmetics market. However, the high cost of quality chemicals, economic downturn, strict regulations and the high price of packaging are the major factors restraining the growth of global color cosmetic market.
Geographically, North America is the largest color cosmetics market as the demand for beauty and personal care products in the region is increasing. The growing demand for organic cosmetic products, technological upgradation in the color cosmetics, attractive packaging and increasing consumer health awareness about personal care and fashion trends are expected to drive the growth of this market in North America.
The global color cosmetics market is expected to witness the fastest growth in Asia-Pacific. The increasing disposable income of the population, accelerating consciousness regarding appearance and improving quality of life are the major factors contributing towards the growth of the color cosmetics market in this region.
Some of the key players operating in the global color cosmetics industry include Unilever N.V., L'oréal Group, Avon Products, Inc., The Estée Lauder Companies Inc., Shiseido Co. Ltd., Coty Inc., Revlon Inc., Ciaté London, Chantecaille Beaute Inc. and Kryolan Professional Make-Up.