NEWARK, Del, Feb. 27, 2024 (GLOBE NEWSWIRE) — The colour cosmetics market is expected to be valued at US$ 54,772 million in 2024. The market is expected to rise at a CAGR of 4.8% through 2034. The market value is forecasted to hit US$ 87,916 million by 2034.
The fashion industry is constantly evolving and new trends emerge every season. Evolution has resulted in the launch of new cosmetic products that cater to the changing needs of consumers.
The rise of eCommerce platforms has made it easier for consumers to access a wide range of cosmetic products from the comfort of their homes. The platforms lead to an increase in competition among cosmetic brands, which has resulted in the launch of new and innovative products at competitive prices. This has further fueled the demand for color cosmetics, as consumers are always looking for the latest and best products.
The rise in disposable income of consumers across the globe is stimulating sales of colour cosmetics. Moreover, the growing popularity of social media platforms is a significant contributor to the increasing demand for color cosmetics. Social media platforms have led to an increase in the awareness of beauty products, which has further fueled the demand for color cosmetics. Beauty influencers on social media platforms have played a significant role in promoting various cosmetic products, leading to a surge in demand.
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The increasing number of working women has also contributed to the growth of the color cosmetics market. With more women joining the workforce, the need for cosmetics catering to their needs is growing. In the current period, women are looking for products that are long-lasting, easy to use, and provide a flawless finish.
“The rising demand for organic and natural cosmetics presents an excellent opportunity for manufacturers to invest in research and development of safer and healthier products. As consumers are becoming more aware of the harmful chemicals used in cosmetics, the demand for organic products is increasing, providing manufacturers with a chance to cater to the growing demand and expand their market share,” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights.
Key Takeaways from the Colour Cosmetics Market
- The colour cosmetics market is estimated to register a CAGR of 4.8% and reach a valuation of US$ 87,916 million by 2034.
- The natural and organics segment is anticipated to dominate the global market, holding a share of 64.3% in 2024.
- The eCommerce segment is expected to account for a 31.8% market share in 2024.
Competitive Landscape
With new brands entering the market and established players introducing innovative products, companies are competing on several factors such as quality, brand recognition, and pricing. Furthermore, the proliferation of eCommerce has made it easier for new players to enter the market and compete with established brands.
Key Market Players
- Chanel
- Dior
- Givenchy
- L’Oréal S.A.
- Kroylan Professional Make-up
- Lancôme
- Mamaearth
- TOM FORD S.A.
- Plum
- Coty Inc.
- MAYBELLINE New York
- Yves Saint Laurent
- PAC Cosmetics
- Revlon Group
- NYX Professional Makeup
- Shiseido Company
- Sephora
- Rimmel London
- Laura Mercier
- Julep Beauty
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Recent Developments
In 2022, Revlon, a renowned cosmetic brand, recently inaugurated a new store in Delhi, India that provides customers with an immersive and experiential shopping experience. The store offers a complete range of Revlon color cosmetics, skincare, and personal care products, along with select Revlon Professionals and Street Wear Products. The flagship store also features a diverse range of hair and makeover services, including hair coloring using the Revlon Professional line, hair care, hair cutting, and hair styling, as well as party makeovers and basic grooming, all performed by skilled professionals.
Key Market Segments
By Product Type:
- Chemical
- Natural & Organic
By Prices:
- Economic
- Premium
By Product Category:
- Nail Products
- Facial Makeup
- Eye Makeup
- Lip Products
- Hair Colour Products
- Special Effects Products
By Distribution Channel:
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Direct Selling
- e-Commerce
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
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Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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