Premium Organic Color Cosmetic Products to Enjoy Over 50% Market Share, Evaluates Fact.MR
Published : 30 Nov -0001 Industry: Consumer Goods
As per a revised report published by Fact.MR, the organic color cosmetic products market is anticipated to surpass a valuation of US$ 20 Bn in 2021, and expand at a CAGR of more than 7% over the next ten years. Tier-1 players across the world hold around 30% market share.
Organic color cosmetic products are gaining high traction across the world, mainly due torising demand for cruelty-free and vegan products from consumers. North America and Europe collectively accounted for more than 40% of the value market share in 2020. This is due to the fact that most countries in these regions have high per capita expenditure on personal care products, which also reflects in higher spending on organic color cosmetics.
The COVID-19 pandemic has had a significant impact on market growth, as most people started saving and cut-off expenses on non-essential products, including personal care products. However, manufacturers have adapted to this situation and have started offering products at discounted prices. The market is expected to recover by the end of Q4 2021.
Key Takeaways from Market Study
- The organic color cosmetic products market is anticipated to add 2.1X value by 2031.
- Premium cosmetics to capture major market share, equivalent to more than half of the global market share, and are set to create an absolute $ opportunity of over US$ 6 Bn during 2021-2031.
- Among the distribution channels, online stores are expected to grow at a faster pace, owing to higher purchase through e-Commerce websites.
- In 2021, Europe is set to dominate market revenue; however, by 2031, it is anticipated to lose over 100 BPS.
- The market in MEA and East Asia is expected to rise at around 7% CAGR through 2031.
- Due to the COVID-19 crisis, demand for organic color cosmetic products was hit in 2020, which saw a decline in the 2nd and 3rd quarters of the year.
“Investing in improving shelf life of organic color cosmetics to complement market growth over the coming years,” says a Fact.MR analyst.
Key players have been investing in improving the shelf life of organic color cosmetic products, which would help them gain an upper hand over synthetic color cosmetic manufacturers and attract new customers easily. These enhancements will drive market growth in the medium- to long-term forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global organic color cosmetic products market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of product (lip care products, nail products, facial makeup products, hair color products, eye makeup products, and others), distribution channel (specialty stores, modern trade, department stores, mono brand stores, drug stores, online stores, and other sales channels), and price (economic and premium), across six major regions of the world (North America, Latin America, Europe, Japan, APAC, and the Middle East & Africa).
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Sr. Consultant - Retail & Consumer Goods