April 20, 2022 05:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune,India, April 20, 2022 (GLOBE NEWSWIRE) -- The global color cosmetics market size garnered USD 70.34 billion in 2021. The market is projected to surge from USD 72.74 billion in 2022 to USD 94.49 billion by 2029 at a 3.8% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Color Cosmetics Market, 2022-2029.”
According to the analysis, color cosmetics have become trendier to complement the high-end lifestyle and personal grooming. With the rising prominence of personal hygiene, skincare, fragrances, hair care and makeup, industry players are likely to inject funds into cosmetic products.
The report offers a comprehensive perspective of the market size, share, volume and revenue. It has also delved into SWOT analysis and Porters’ Five Force Analysis. The report has been prepared through qualitative and quantitative analysis to bolster the strategic approach. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
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Major Players Profiled in the Market Report:
Asia Pacific to Remain at Helm with Rising Middle-Class Population
Stakeholders expect China, Japan and India to provide lucrative opportunities for color cosmetic manufacturers and suppliers. Asia Pacific market size stood at USD 30.02 billion in 2021 and will observe a similar trend in the wake of the soaring middle class population. To illustrate, face and nail products will gain considerable traction across China, prompting leading manufacturers to expand their penetration.
North America market outlook will be strong on the back of technological advancements and the presence of leading companies. It is worth noting that the prevalence of social media influencers in the U.S. and Canada will prompt leading companies to invest in the portfolio. Besides, major players, including Glossier, Morphe and Kylie cosmetics, have upped investments in promotional activities through social media. Prevailing trends allude to a robust outlook across the U.S. and Canada, with investments likely to shift towards environmentally friendly products.
Industry participants expect Europe color cosmetics market growth to gain ground following the penetration of premium cosmetic products. Prominently, Germany has emerged as a major hub due to increased organic products consumption. Online channels are expected to be sought across the U.K., France, Germany and Italy against the backdrop of the COVID-19 pandemic.
In terms of the target market, the market is segmented into mass products and prestige products.
Based on distribution, the industry is fragmented into online and offline.
With respect to application, the market is segregated into hair products, nail products, face products, lip products and others.
On the geographical front, the market covers Europe, North America, Asia Pacific, the Middle East & Africa and Latin America.
Rising Footfall of Online Channels to Underscore Industry Growth
Technological advancements and the trend for streaming product rollouts on platforms, such as YouTube, Meta (Facebook), Twitter and Instagram will foster color cosmetics market share. Manufacturers are likely to join hands with celebrities and influencers to retain old customers and attract new ones. With the expansion of digital marketing, millennials and Gen Z population are poised to exhibit a preference for color cosmetics. Furthermore, the penetration of organic products will also add fillip to the industry growth. Several manufacturers have shifted towards sustainable products across emerging and advanced economies.
However, chemical-based cosmetic products could witness a dip in sales in the wake of rigorous regulations.
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Leading Players Invest in Strategic Approaches to Gain Footfall
Industry players are slated to invest in technological advancements, mergers & acquisitions, product rollouts and R&D activities. Besides, investments in innovations and product offerings will gain prominence to expand their geographical footprint.
Key Color Cosmetics Industry Development
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