Color Cosmetics Market to Witness Stellar Growth with Increasing Demand for Organic Personal Care Products
With the increase in consumer affluence around the globe, the expenditure on cosmetic products is soaring rapidly. The trade value of the global cosmetics industry was valued at $58.4 billion in 2018. Color cosmetics are personal care products used to enhance physical appearance in people. These colorants such as facial foundations, nail polish, lipsticks, and eyeliners are widely used in skincare, make-up, and personal hygiene. Growing demand for natural and organic beauty products among consumers is the primary factor fueling the demand for growth of the color cosmetics market. Furthermore, increasing health awareness among consumers across the globe about personal care is expected to drive the market for color cosmetics. Nowadays, prominent companies in the cosmetics industry are investing more in advertising which includes online promotions on social platforms and also endorsements by celebrities have increased brand value among the consumers. Thus, the digital marketing platform is a crucial marketing strategy for the market players, which in turn, incite the growth of the color cosmetics market.
The global color cosmetics market size was valued at $38 billion as of 2018 and is expected to grow with a CAGR of 6.2% throughout the forecast period 2019-2025.
North America Holding Major Share of the Color Cosmetics Market
North America generated 31% of the global color cosmetics market revenue in 2018. The rising demand for premium color cosmetics will subsequently fuel the color cosmetics market in this region in the upcoming years. The introduction of augmented reality (AR) and artificial intelligence (AI) in the cosmetics industry are the key factors for this market growth in North America. For instance, LOreal S.A., a French-based cosmetics company has created an AR app Makeup Genius on Aug 09, 2018. This app allows the customer’s virtual application of cosmetics before selecting the final look. Therefore, technological advancements in the color cosmetics market have impelling this market growth in North America.
New Product Innovations in Facial Makeup Products Creating Significant Demand for Color Cosmetics Market Growth
The application segment that will be creating the most lucrative opportunities for the color cosmetics market is facial makeup. This application segment is projected to grow at a CAGR of 5.8% through to 2025. Increasing demand for makeup products such as anti-aging cream and UV protection lotions are the key factors for this market growth. Online makeup tutorials are the new trend in this segment and have been impelling the demand for facial makeup products. Nowadays, waterproof makeup products have gained substantial acceptance among the women population globally. Also, new facial makeup product innovations, such as creating foundations that offer light-capturing crystals, which in turn, spur the color cosmetics market size. Thus, new makeup products inventions creating tremendous demand for the growth of the color cosmetics market.
The Major Players in the Color Cosmetics Market:
Prominent players in the color cosmetics market include Avon Products, Inc., Chantecaille Beaute Inc., Ciate London, Coty Inc., LOreal Group, Kryolan Professional Make-Up, Revlon Inc, Shiseido Co. Ltd., The Estee Lauder Companies Inc., and Unilever N.V.
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