Newark, April 14, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 75.37 Billion in 2023 color cosmetics market will reach USD 139.49 Billion by 2033. The color cosmetics business is expanding rapidly and has a lot of potential going forward. This expansion can be attributed to various factors, including shifting consumer preferences, the impact of social media, and well-known company executives’ efforts to diversify their product offerings. The increasing demand for color cosmetics such as foundations, eyeshadows, and lipsticks results from an increased focus on self-care and beauty enhancement. Customers’ interest in and knowledge of using color cosmetics is developing due to their increasing attention to appearance and improved quality of life. Given the extensive availability of natural and synthetic color cosmetics, the market is anticipated to see a rise in demand for color cosmetics. The market for colored cosmetics may expand if consumers use cosmetics more frequently due to their various benefits, which include the ability to keep products fresh for longer period of time between when they are made and when people are finished using them.
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Key Insight of the Color Cosmetics Market
Asia Pacific is anticipated to expand at the highest CAGR of 8.37% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 8.37% over the forecast period. The increasing demand for skin care products from countries like China, Japan, and India is driving the expansion. On the basis of the overall recovery, color cosmetics and perfumes witnessed exceptionally significant growth as more consumers upgraded. The pandemic directly caused individuals to feel the need to spend money after a long period of uncertainty and great sacrifice, which impacted premium sales and product development. The rapid growth of e-commerce and the digitization of retail are driving new growth prospects.
The nail products segment is expected to register the highest CAGR of 9.51% over the projected period in the color cosmetics market.
The nail products segment is anticipated to grow at the highest CAGR of 9.51% in the color cosmetics market. Nail polishes with unique textures and special effects are becoming increasingly popular. This includes matte finishes, holographic effects, metallic finishes, glitter, and even magnetic polishes that create intriguing patterns when they come into touch with a magnet. Pastel colors, metallic and chrome finishes, nude and neutral tones, negative space nail art, gradient and ombre effects, and geometric nail art are all in high demand worldwide. Hence, propelling the expansion of the segment.
Over the projected period, the online retail segment is expected to register the highest CAGR of 9.26% in the color cosmetics market.
Over the forecasted period, the online retail segment is anticipated to grow at the highest CAGR of 9.26% in the color cosmetics market. Additionally, e-commerce gives brands access to a worldwide market, making it a highly favoured channel for both well-established businesses and up-and-coming independent brands.
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Market Dynamics
Driver: Celebrity endorsements and the growth of social media
Many customers in the color cosmetics market are active users of several social media networks. Many people study personal and cosmetic care items on blogs and social media sites. The nail art website usually dominates the discussion section for nail color brands. A brand can reach a larger audience with the use of these blogs. These platforms can also identify important goals, educate potential clients about the company, and raise awareness of a certain brand. Throughout the projected period, there will likely be a rise in demand for color cosmetics due to social media’s significant influence on consumer spending power.
Restraint: A rise in the number of imitation products available
The increasing number of imitation products is a distinctive feature of the colored cosmetics sector. The sale of counterfeit items impacts the sales and overall value of well-known brands. Low-quality raw materials are used to make many counterfeit goods, which lowers production costs. Several dangerous compounds, such as lead, mercury, cyanide, and arsenic, are commonly detected in counterfeit goods. Furthermore, online sales channels are the primary means of distribution for counterfeit goods. The pricing and functionality of these imitation items are likely to compete with those of well-known brands, hurting sales of the top companies and preventing the color cosmetics market from expanding over the forecast period.
Some of the major players operating in the color cosmetics market are:
• Avon Products Inc.
• C’est Moi
• Lancome
• Christian Dior SA
• Francia Cosmetics
• LVMH Moet Hennessy – Louis Vuitton
• Shiseido Co. Ltd.
• Cargill Inc.
• L’Oreal SA
• City Color Cosmetics
• Revlon Inc.
• Chanel SA
• Unilever PLC
• Kose Corporation
• M-A-C Cosmetics (Make-up Art Cosmetics)
Key Segments cover in the market:
By Product:
• Hair Products
• Face Products
• Nail Products
• Lip Products
• Others
By Distribution Channel:
• Online Retail
• Supermarkets/Hypermarkets
• Specialty Stores
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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