The Fact.MR report on global market for color cosmetics projects a moderate growth for the market in the immediate future. Increasing awareness of animal testing in production of cosmetic products, and lack of organic products is observed to curb the expansion of global color cosmetics market. In 2017, more than US$ 63 Bn worth of color cosmetics are anticipated to be sold in the world. Although, the report expects that the global color cosmetics market will incur a sluggish expansion, reflecting moderate revenue growth by the end of 2022.
Key Projections of Global Color Cosmetics Market
- According to the report, the global market for color cosmetics will witness a significant rise in demand for lip care products. By the end of 2022, more than US$ 32.5 Bn revenues are anticipated to come from sales of lip color cosmetics in the global market. Demand for hair care products is also expected to gain traction, citing the rising contribution of male consumers in this female-driven market. Nevertheless, only 8.5% of the global color cosmetics revenues will be accounted by sales of hair care products.
- Rapid urbanization in the Asia-Pacific excluding Japan (APEJ) region is observed to remain lucrative for expansion of global color cosmetics market. Procurement of raw materials is relatively easy in APEJ region, compared to other parts of the world. Manufacturers of color cosmetics are setting up their production lines in the APEJ countries such as China to reap heavy profits from high resource availability and low labor wages. In addition this, dense population recorded in this region translates into vast consumer base for color cosmetics. In 2017, the APEJ region is anticipated to procure 47.3% share over the global color cosmetics revenues. While the overall revenue growth of APEJ color cosmetics market will reflect a moderate 4.8% CAGR, the region will continue to dominate the global market through 2022.
- North America’s color cosmetics market, however, will reflect a steady growth at 5.1% CAGR throughout the forecast period. Sales of color cosmetics in the US and Canada are expected to gain boost from active use of social media platforms and rising inclination of consumers towards showbiz culture. In 2017, nearly US$ 11 Bn worth of color cosmetics are anticipated to be sold across the US and Canada. By the end of forecast period, North America’s color cosmetics market is poised to reach US$ 14 Bn in value.
- According to the report, Europe will also be viewed lucrative for sales of color cosmetics. High disposable incomes, coupled with robust retail chains, will facilitate the sales of color cosmetics among European consumers. Between 2017 and 2022, Europe’s color cosmetics market is anticipated to create incremental opportunity of an estimated US$ 3.47 Bn.
- Supermarkets or hypermarkets are expected to remain the largest sales channel for color cosmetics. The report projects that in 2017, color cosmetics worth US$ 37 Bn will be sold across supermarkets and hypermarkets in the world.
The report also includes a comprehensive section on the competitive landscape in the global color cosmetics market, which includes profiling of companies, namely LVMH Moët Hennessy Louis Vuitton S.E., Unilever N.V., L'Oréal S.A., Avon Products, Inc., Shiseido Company, Limited, The Estée Lauder Companies Inc., Coty, Inc., Chantecaille Beaute Inc., Revlon, Inc., and Procter & Gamble.