Color Cosmetics Market to Reach US$ 50 Bn as Demand Picks Up Pace in Japan and South Korea: FMI Study
ESOMAR-certified consulting firm Future Market Insights (FMI) projects the color cosmetics market to grow by 5% CAGR between 2021 and 2031. Demand for natural & organic color cosmetics and facial makeup products will continue increasing through 2031, enabling the color cosmetics sales to top nearly US$ 50 Bn by 2021.
Colour Cosmetics Market
A recent market study published by Future Market Insights on the color cosmetics market of...
Increasing penetration of social media platforms and expansion of distribution channel have burgeoned the sales of color cosmetics. Besides this, the rising demand for cruelty free make up is expected to push sales of vegan color cosmetics through the forecast period.
The color cosmetics market also will gain from the growing preferences of environment friendly cosmetic products and integration of advanced technologies such as artificial intelligence. Some of the leading color cosmetic brands such as L’Oreal and others are integrating AI to visualize and compare thousands of shades of cosmetics better.
Besides this, key players are investing extensively in research activities to include organic and natural color cosmetics such as face and eye makeup products in their portfolio. This is expected to bode well for the market.
As per FMI, facial make-up segment is expected to remain dominant in the global color cosmetic market during the forecast period.
Key Takeaways from FMI’s Color Cosmetics Market Study
- Based on product type, natural & organic color cosmetic segment will account for nearly 49.9% of market share over the next five years.
- In terms of product category, sales in the eye makeup segment will total US$ 15 Bn by 2026
- In terms of price, premium color cosmetic segment is expected to account for over 60% of global market share
- China and South Korea are expected to spearhead the growth across East Asia color cosmetic market
- Supermarkets are expected to remain the preferred distribution channel in the color cosmetics market, however, sales via e-commerce are expected to pick up at a higher pace
- The U.S. is expected to dominate the North America color cosmetic market, with sales of color cosmetics across North America surging at 2% CAGR through the assessment period.
“Growing demand for natural and eco-friendly ingredients has compelled manufacturers to include natural and organic color cosmetic products in their portfolio. Besides this, some of the leading color cosmetic brands are leveraging their online presence to strengthen their brand image and global footprint,” says a FMI analyst.
As per FMI, top players are expected to account for over 30%-35% of global market share in 2021. Presence of numerous leading players in the market have led to intense competition. In order to gain competitive edge, key players are collaborating with social media influencers and e-commerce giants.
Also, some of the manufacturers are introducing new products under the clean-label category in order to capitalize on surging demand for organic and natural color cosmetic products. They are also investing in research and development activities to develop products with extended shelf-life.
Some of the key players profiled by Future Market Insights are L’Oréal SA, LVMH (Moet Hennessey Louis Vuitton), Estee Lauder Companies Inc., Revlon Inc., Shiseido Co. Ltd., Chanel S.A., Coty Inc., Mary Kay Cosmetics, Amway Cosmetics, Kose Corporation, and Others.
Get Valuable Insights on Color Cosmetics Market
Future Market Insights, in its new report, presents an unbiased analysis of the global color cosmetics market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights on growth drivers and market potential in detailed segmentation on the basis of product type (chemical and natural & organics), price (economic and premium), distribution channel (hypermarket/supermarket, convenience store, specialty store, direct selling, and e-commerce), product category (nail products, facial makeup, lip products, eye makeup, hair color products, and special effects products) across seven major regions including North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa, and Japan.
About Consumer Products division of FMI
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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