Color Cosmetics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The color cosmetics market size has grown strongly in recent years. It will grow from $48.08 billion in 2023 to $51.45 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The growth in the historic period can be attributed to changing consumer preferences, shifts in consumer preferences towards makeup trends, rise in disposable income, increasing demand for personalized products, and the influence of celebrities and social media on beauty standards and trends.
The color cosmetics market size is expected to see strong growth in the next few years. It will grow to $68.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to rising acceptance of online purchasing, growing demand for clean and sustainable beauty products, the rise of eCommerce platforms, rising consumer interest in skincare-infused makeup formulations, and growing popularity of social media platforms. Major trends in the forecast period include advancement in technologies, the popularity of minimalist makeup routines and “skinimalism” trends, the expansion of vegan and cruelty-free cosmetics offerings, the increasing use of augmented reality (AR) and virtual try-on technology, and the emergence of innovative ingredient trends such as clean beauty formulations and skin-friendly makeup products.
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Scope Of Color Cosmetics Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Color Cosmetics Market Overview
Market Drivers –
The growing e-commerce sector is expected to propel the growth of the color cosmetics market going forward. E-commerce, also known as electronic commerce, refers to the exchange of goods and services conducted online, involving the buying and selling processes over the Internet. The e-commerce industry is expanding due to its unmatched convenience for consumers, enabling them to make purchases from the convenience of their homes or while on the move, utilizing smartphones or tablets. Color cosmetics are extensively sold on e-commerce platforms due to their visual appeal and the convenience of online shopping. For instance, in August 2023, according to the Census Bureau, a US-based principal agency, U.S. retail e-commerce sales for the second quarter of 2023 were $277.6 billion, an increase of 2.1% (±0.9%) from the first quarter of 2023. Therefore, the growing e-commerce sector is driving the growth of the color cosmetics market.
Market Trends –
Major companies operating in the color cosmetics market are reprioritizing the introduction of novel and innovative offerings such as adaptive skin technology to meet evolving consumer demands. Adaptive skin technology refers to a skincare innovation that aims to empower the skin’s natural resilience by assisting it in renewing, regenerating, and reinforcing itself. For instance, in August 2023, Prada, an Italy-based fashion company, launched Prada Skin and Prada Color, featuring skincare products and color-correcting cosmetics. The collections employ adaptive skin technology to enhance the skin’s resilience. Prada Color offers a range of colors and textures inspired by the brand’s vision, while the skincare line follows the success of the Prada Paradoxe fragrance.
The color cosmetics market covered in this report is segmented –
1) By Product Category: Nail Products, Facial Makeup, Eye Makeup, Lip Products, Hair Color Products, Special Effects Products
2) By Prices: Economic, Premium
3) By Distribution Channel: Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Direct Selling, E-Commerce
4) By Application: Nail Products, Hair Products, Lip Products, Face Products, Other Applications
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Regional Insights –
North America was the largest region in the color cosmetics market in 2023. The regions covered in the color cosmetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the color cosmetics market report are L’Oréal SA; Christian Dior SE; LVMH Moët Hennessy Louis Vuitton SE; Unilever PLC; The Estée Lauder Companies Inc.; Chanel International BV; Amway Corporation; Shiseido Company Limited; Natura & Co; Sephora; Coty Inc.; Amorepacific US Inc.; Mary Kay Inc.; Maybelline New York; Revlon Inc.; Yves Saint Laurent; Givenchy; Fenty Beauty by Rihanna; NYX Professional Makeup; MAC Cosmetics; Clarins Group; Mamaearth; Laura Mercier Cosmetics; Oriflame Cosmetics AG; Julep Beauty
Table of Contents
1. Executive Summary
2. Color Cosmetics Market Report Structure
3. Color Cosmetics Market Trends And Strategies
4. Color Cosmetics Market – Macro Economic Scenario
5. Color Cosmetics Market Size And Growth
…..
27. Color Cosmetics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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