Pune, India, Oct. 06, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global color cosmetics market is set to gain traction from the increasing awareness about cosmetic products and personal grooming. It has increased the consumption of these products. Moreover, the rising awareness about personal hygiene due to the coronavirus pandemic is also likely to fuel the market in upcoming years. As per the report, the market size was USD 68.41 billion in 2020. It is projected to grow from USD 70.33 billion in 2021 to USD 90.76 billion in 2028 at a CAGR of 3.7% in the forecast period during 2021-2028.
Report Coverage:
The research report focuses on analyzing color cosmetics by taking into consideration contributions, prospects, and growth trends. It presents detailed profiles of key players present in the market to determine their competencies in each segment. Besides, it ensures to help our clients better understand the competitive landscape, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Driving Factors:
Increasing Demand for Organic Cosmetic Products to Aid Growth
The growing demand for organic, sustainable, and natural beauty products is expected to promote the color cosmetics market growth. Additionally, the growing popularity of and vegan products is also likely to favor the market. Therefore, many manufacturers are developing chemical-free and organic products that have color made from natural sources. Furthermore, the increasing demand of consumers for value-for-money cosmetic products is favoring the product demand.
On the other hand, the growing awareness about the protection of the environment and animals has influenced manufacturers to shift towards plant-based cosmetic products, and this is affecting the market growth.
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Regional Insights
Asia Pacific to Dominate Backed by the Rising Demand for Skincare Products in the Region
Asia Pacific is expected to remain at the forefront and hold the highest position in this market during the forecast period owing to increasing demand for skincare products from countries such as China, Japan, Korea, and India. Moreover, rising disposable income in the region is also accelerating the regional market. The region stood at USD 29.05 billion in 2020.
Europe is expected to showcase significant color cosmetics market share in upcoming years, owing to the increasing demand for cosmetic products from all levels of consumers. Additionally, the continuously changing consumer lifestyle is acting as the primary driver for premium cosmetic products. In Europe, Germany is one of the major evolving cosmetic countries due to the high consumption of direct and indirect economic activity that improves the value chain of the cosmetic industry.
Segments
Based on distribution, the market is bifurcated into offline and online. The offline product segment dominated the market. This is attributable to the fact that many consumers prefer to check the demo and quality of the product in person before buying. Moreover, these products are easily accessible as they are available at drug stores, convenience stores, retail stores, and salons.
Competitive Landscape
Key Players to Focus on New launches to Strengthen their Market Prospectus
The global market for color cosmetics contains a large number of prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions, and collaborating to strengthen their portfolio in the market.
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Fortune Business Insights profiles some of the prominent companies operating in the color cosmetics market. They are as follows:
- L'Oréal S.A (Clichy, France)
- Unilever (London, U.K.)
- Avon Products Inc. (London, U.K.)
- Estée Lauder Inc (New York, U.S.)
- Shiseido Company, Limited (Tokyo, Japan)
- Revlon, Inc. (New York, U.S.)
- Coty Inc. (New York, U.S.)
- Amway (Michigan, U.S.)
- KRYOLAN (Berlin, Germany)
- CIATÉ (London, U.K.)
- CHANEL (Paris, France)
Below is industry development:
October 2020: Amway India announced the launch of a customized skincare solution product with Artistry Signature Select named Personalized Serum. By this launch, the company marked its presence in the serum segment of skincare. This will enhance the company’s product portfolio in the Indian market.
Major Table of Content for Color Cosmetics Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Color Cosmetics Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
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