Rise in disposable income and financial independence of working women are expected to boost the market growth.
According to a new report published by Allied Market Research, titled, Color Cosmetics Market by Target and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global color cosmetics market was valued at $5,875 million in 2016, and is projected to reach at $9,555 million by 2023, registering a CAGR of 7.4% from 2017 to 2023.
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Color cosmetics are beauty products used to enhance the external appearance of a human body. These cosmetics are made up of chemicals and natural ingredients such as secretions, pearl powder, ground bamboo, seaweed, venom, Tremella mushrooms, and starfish extract.
Color cosmetic products include facial make up product, nail care product, eye make-up product, and lip care products.
The global color cosmetics market is driven by rise in the disposable income in emerging economies such as, India, Brazil, UAE, Saudi Arabia, Africa, and Egypt. Moreover, financial independence of working women influences the market to a large extent.
In addition, increased awareness about external appearance fuels the market growth.
In 2016, the mass product segment accounted for the highest share in the market, and is expected to maintain its dominance during the forecast period, owing to ease of availability and affordability. Moreover, increased innovations in mass products segment, such as anti-aging cream and UV protection lotions, drive the market growth.
Key Findings of the Color Cosmetics Market:
- Asia-Pacific is expected to maintain its dominant position in the global market during the forecast period, followed by Europe.
- The mass products segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 7.9% during the forecast period.
- The facial make up segment dominated the global market accounting for approximately two-fifths share.
- LAMEA accounted for approximately one-eighth share of the global market in 2016.
- The Asia-Pacific color cosmetics market is anticipated to grow at the highest CAGR of 7.6%.
- North America accounted for approximately one-fourth share in the global market, and is expected to grow at a CAGR of 7.1%.
Asia-Pacific and LAMEA collectively contributed about 50% share of the global market in 2016.
The key players operating in the global color cosmetics market are Unilever N.V., LOreal Group, Avon Products, Inc., The Este Lauder Companies Inc., Kryolan Professional Make-Up, Shiseido Co. Ltd., Chantecaille Beaute Inc., Coty Inc., Ciat London, and Revlon Inc.
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