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.
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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.
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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.
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Competitive Landscape
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.