March 2, 2024

The Global Color Cosmetics Market Is Driven By Growing Cosmetics Industry

The global color cosmetics market comprises lip care products, nail care products, facial makeup, eye makeup, and others. Color cosmetics are primarily used to enhance the appearance of the face and makeup the aging signs. Different types of cosmetic products such as foundations, lipsticks, eye shadows, blushers, eyebrow colors, and others are used in the color cosmetic industry. The growing fashion and cosmetic industry is fueling the demand for color cosmetics. Rising working women population and increasing spending on personal care products are some of the major factors driving the growth of the color cosmetic market.

The global Color Cosmetics Market is estimated to be valued at US$ 88.9 Bn in 2024 and is expected to exhibit a CAGR of 23% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The key trends in the color cosmetics market include the growing popularity of organic and natural ingredients, increasing demand for multifunctional color cosmetics, and rising influence of digital media and online beauty advice. There is increasing consumer demand for greener formulations in cosmetics owing to growing health awareness. Leading brands are focusing on developing natural and organic cosmetic ranges using plant-based ingredients. Social media platforms also play a major role in influencing consumers’ purchasing decisions, especially young consumers. Video-based tutorials have increased the popularity of advanced makeup techniques and styles.

Porter’s Analysis

Threat of new entrants: The color cosmetics market poses moderate threat of new entrants as it requires high investments and branding to establish oneself in this fragmented market.

Bargaining power of buyers: Buyers in the color cosmetics market have moderate bargaining power due to presence of several established brands and availability of substitutes.

Bargaining power of suppliers: Suppliers of raw materials used in color cosmetics like minerals, pigments etc have low to moderate bargaining power given the high volume demand from key established players.

Threat of new substitutes: The threat of substitutes is moderate as other cosmetic products like skincare, hair care etc can replace color cosmetics to an extent based on consumer preferences.

Competitive rivalry: The global color cosmetics market is highly fragmented with the presence of several global and local players leading to high competitive rivalry.

Key Takeaways

The Global Color Cosmetics Market Share is expected to witness high growth over the forecast period of 2024 to 2031.

The Asia Pacific region is expected to be the fastest growing market for color cosmetics during the forecast period on account of rising middle class population and increasing spending on personal grooming. Rising awareness about new beauty trends especially in India, China and Southeast Asian countries will drive high demand.

Key players operating in the color cosmetics market are focusing on product innovation and expansion in emerging economies to leverage growth opportunities. Established players are investing in celebrity endorsements and digital marketing strategies to strengthen their brand value and customer acquisition. Innovation in packaging and formulations catering to multifunctional products will remain key differentiating factors.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it