North America stands tall as the largest Color Cosmetics Market, boasting a substantial revenue share of 2%. Within this region, the USA is predicted to take the lead, closely followed by Canada. Several factors contribute to this market domination:
- Influence of Premium and Indie Brands: The presence of both premium and indie brands has created a significant impact, with celebrity and beauty influencer endorsements fueling their popularity across the country.
- Increasing Awareness of Organic Products: The USA has experienced a surge in awareness regarding the benefits of organic skincare and color makeup products, leading to a growing preference for such offerings.
- Social Media and Smartphone Influence: The pervasive reach of social media and smartphone usage has been instrumental in influencing the preferences of Millennials and Generation-Z consumers. This tech-savvy demographic is more inclined to experiment with and consider purchasing color cosmetics.
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With these factors at play, the USA is set to maintain its dominance in the North American color cosmetics market, while Canada follows suit in this dynamic and evolving industry
The colour cosmetics market leads to an estimated CAGR of 5% in the global market during the forecast period and registers a revenue valued at US$ 52.5 Billion in 2022 and is expected to cross US$ 85.52 Billion by 2032.
Thanks to the growth of distribution channels and the growing adoption of social media platforms, sales of colour cosmetics have skyrocketed. Additionally, it is projected that throughout the projection period, the rising demand for cruelty-free cosmetics would propel sales of vegan colour cosmetics.
The growing demand for eco-friendly cosmetics and the inclusion of cutting-edge technologies like artificial intelligence will be favourable for the market for colour cosmetics. AI is being used by top colour cosmetic firms like L’Oreal and others to enhance the comparison and visualisation of hundreds of cosmetic colour variations.
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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.
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.
Color Cosmetics Market by Category
Product Type:
- Chemical
- Natural & Organic
Distribution Channel:
- Hypermarket/ Supermarket
- Convenience Store
- Specialty Store
- Direct Selling
- e-Commerce
Price:
- Economic
- Premium
Product Category:
- Nail Products
- Facial Makeup
- Eye Makeup
- Lip Products
- Hair Colour Products
- Special Effects Products
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
- Japan
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