Rising Influence of Social Media and The Increasing Demand for Personalized Beauty Products Are Propelling the Growth of The Color Cosmetics Market
Austin, Sept. 02, 2024 (GLOBE NEWSWIRE) — As per the SNS Insider research, The Color Cosmetics Market Size was valued at USD 76.8 billion in 2023 and is expected to reach USD 128.7 billion by 2032 and grow at a CAGR of 5.9% over the forecast period 2024-2032.
The color cosmetics market has continued to showcase rapid growth because of certain influential factors, which include the rise of social media and shifting beauty trends that are in tune with the growing demand of end-consumers. Companies have been aggressively expanding their product offerings to keep pace with the changing consumer dynamism. For example, in March 2024, Defiance Beauty by Nechami introduced inclusive and diverse new color cosmetics to meet an increasingly large array of skin tones and skin types. This move reflects a general trend within the industry, with much more interest in inclusivity and diversity, along with personal expression through makeup.
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KEY PLAYERS
- Revlon, Inc
- Loreal Group
- Shiseido Company, Ltd
- The Estée Lauder Companies Inc.
- Coty Inc.
- Unilever N.V.
- Kryolan Professional Make-Up
- Shiseido Co. Ltd.
- Chantecaille Beaute Inc.
- Ciaté London
- Avon Products, Inc.
The market is expected to see a considerable surge with the movement of sales to online channels and the impact of influencer marketing. Several brands, such as Staze launched by Honasa Consumer in August 2023, have been able to capitalize on this trend and make an incursion into the color cosmetics market by offering products that get millennials and Gen Z consumers off their couches. These platforms have become vital in the world of branding, as they allow for real-time feedback and engagement in ways that are put together to help the brand connect directly with its customers. Not the least significant factor is e-commerce, wherein brands can now be broadcast across the globe and sell products. The latest data show that the digital segment has become a fast-growing sales channel for color cosmetics and contributes much to the growth of the market as a whole. From the perspective of market dynamics, there is a noticeable line between sustainability and ecological safety. More aware of the nature of their purchases from this aspect, consumers search for offers of cruelty-free, vegan, and biodegradable products. This trend is further supported by brands like Defiance Beauty which have intentionally pursued sustainable packaging and ethical sourcing of ingredients. All these factors put together will keep driving the color cosmetics market toward a more diverse and sustainable future, making it one of the most dynamic sectors with full growth potential.
Color Cosmetics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 76.8 Billion |
| Market Size by 2032 | US$ 128.7 Billion |
| CAGR | CAGR of 5.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | •By Type (Chemical, Natural & Organic)
•By Product Type (Nail Products, Facial Makeup, Eye Makeup, Lip Products, Hair Colour Products, Special Effects Products) •By Form (Powder, Spray, Crème, Gel) •By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Direct Selling, e-Commerce, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers | • Growing demand for diverse and inclusive beauty products that cater to a wide range of skin tones and preferences
• Increased influence of social media and beauty influencers driving consumer interest in the latest color cosmetics trends |
| RESTRAINTS | • High competition and market saturation leading to increased marketing costs and difficulty in differentiating products |
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Segment Analysis
In 2023, the Facial Makeup segment dominated the Color Cosmetics Market and had an estimated market share of over 35%. Growth in demand for foundation, concealer, blusher, and highlighter will drive this segment, as consumers strive for blemish-free skin. This has also been driven by the proliferation of beauty influencers and social media tutorials, turning sundry makeup products- contouring kits, highlighters-into the staples of everyday consumption. New lines of foundation unveiled by major beauty brands and designed for multiple skin tones drove the sales of the product. Besides, the trend for more minimalistic and natural-look makeup favored the demand for light and skin-enhancing products, which further fixed the leading position of the facial makeup segment.
Transformations in the Color Cosmetics Market: Embracing Personalization, Sustainability, and Digital Influence
The color cosmetics market is a domain of high evolution, supported both by changes in consumer preference and technologies. Besides this, the growing demand for personalized and inclusive beauty products is transforming the landscape, whereby wide variations in skin tone and specific skin concerns are considered. Companies introduce novelty innovations that merge cosmetic benefits with skincare benefits, including anti-aging and moisturizing. The rise of social media and influencer culture has further driven growth into the market, where beauty enthusiasts look for recommendations and trends online.
Secondly, sustainability is proving to be one of the big focuses; brands are going green in their practices and packaging as demand increases for environmentally responsible products. It also has a trend for premium and niche products, which reflects the willingness of consumers to invest in high-end quality and unique beauty solutions. The color cosmetics industry can thus expect further growth as it adapts with the evolving consumer expectations and industry trends.
Recent Developments
November 2023: Avon Products, Inc. opened its first store in the UK, displaying over 150 products. It introduced ‘mini beauty boutiques’ in local communities to capture the middle-income group of customers.
December 2023: Unilever has acquired K18, a hair care brand anchored by its biotech-based research, with the view to strengthen its portfolio of premium hair care offerings with a solution to repair hair damage.
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Regional Analysis
The Asia-Pacific dominated and accounted for a revenue share of over 40% in the Color Cosmetics Market in 2023. A large and continuously growing population increased disposable incomes, and better awareness of beauty and skincare products are the major factors driving this dominance. Countries such as China, Japan, and South Korea have now been considered hot spots for innovations within the beauty domain. Consumers from these markets have developed a great liking for using quality-based innovative color cosmetics. For example, K-beauty trends have gained much attention due to their high emphasis on skincare and the natural looks of makeup. These trends have driven consumer preference across the Asia Pacific significantly, hence giving rise to the demand for facial makeup in the marketplace and positioning this region as the leading one in the market.
Key Takeaways:
- The sales and visibility of goods have increased many times due to electronic commerce and social media.
- Brands are also focusing on eco-friendly packaging, and inclusive shade ranges as an attempt to achieve consumer demands.
- Products with cosmetic benefits combined with skin care are also gaining momentum among consumers.
- The growth factors include increasing income and interest in beauty among the Asia Pacific population.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Region, 2023
5.2 Feedstock Prices, by Country, by Region, 2023
5.3 Regulatory Impact, by Country, by Region, 2023
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Region, 2023
6. Competitive Landscape
7. Color Cosmetics Market Segmentation, by Type
8. Color Cosmetics Market Segmentation, by Product Type
9. Color Cosmetics Market Segmentation, by Form
10. Color Cosmetics Market Segmentation, by Distribution Channel
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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