Colour Cosmetic Market to Record Sturdy Growth During 2016-2026
The global colour cosmetic market is estimated to be valued at nearly US$ 52 Bn in 2017 and is anticipated to touch a value of nearly US$ 80 Bn in the year 2026, registering a CAGR of 4.8% during the forecast period. The global colour cosmetic market is set to present an incremental dollar opportunity of nearly US$ 30 Bn between 2016 and 2026.
Global Colour Cosmetic Market: Drivers
Increasing number of working individuals across the globe is resulting in increasing spending capacity on cosmetic products, which in turn is leading to increasing sales of quality cosmetic products. Therefore, disposable income is directly proportional to the total spending on colour cosmetic products. In the personal care market, product availability and retail shelf space plays a critical role in creating demand for the product.
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Increasing consumer demand for green products is resulting in manufacturers to shift from niche distribution channels to mainstream mass retailers. Increasing product penetration in the colour cosmetic market through online retailing channels is a major factor driving colour cosmetic market growth across the globe. Sales of cosmetics through e-Commerce is further anticipated to witness significant growth over the forecast period owing to higher adoption of smartphones and also increasing penetration of the internet in various untapped markets across the globe.
This expected growth is attributed to easy availability of a wide range of products and ability of customers to compare prices of various products available in the market during an online search or through social networking platforms. Consumer inclination to buy clean label personal care and cosmetic products is shifting significantly due to increasing awareness regarding the benefits of natural and organic ingredients. Consumers are increasingly opting for greener products owing to the presence of toxic ingredients in chemical or synthetic products.
Growing trend of working women to spend more on their personal appearance is another major factor fuelling revenue growth of the global colour cosmetic market. Promotion and advertisement through various media including television, magazines, social media, etc. is further expected to fuel the growth of the colour cosmetic market across the globe.
Global Colour Cosmetic Market: Trends
The key factors trending the global colour cosmetic market are high demand for natural and organic cosmetic products, usage of multifunctional makeup, efficient distribution channels, high demand for high-end colour cosmetic products especially in developed economies, increasing preference for environment friendly cosmetic products, and high innovation in colour cosmetic products. Technological developments have had an impact on the rising demand for customisation and convenience, which has resulted in the development of new products in colour cosmetics.
Global Colour Cosmetic Market Analysis by Product Type
The global colour cosmetic market is segmented on the basis of product type as natural & organic and chemical. In terms of volume, the chemical segment was estimated to hold relatively high share of 55.4% in 2016 which is expected to decrease to 50.1% by 2026 with CAGR of 2.4%. In terms of value, the natural & organic segment is expected to register a relatively high CAGR of 6.2% over the forecast period and account for 49.9% market share by 2026.
Global Colour Cosmetic Market Attractiveness Analysis by Product Category, 2016– 2026
Facial Makeup segment is expected to rank relatively high on the attractiveness index in the global colour cosmetic market by 2026 end
The facial makeup segment is expected to remain dominant in the global colour cosmetic market throughout the forecast period with a revenue share of more than 30% by 2026. By 2026 end, the eye makeup segment is estimated to account for a little over 18% value share and be valued at nearly US$ 15 Bn.
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Key factors impacting the global colour cosmetic market
- A large number of women workers who are enjoying increasing economic power and financial independence is a key growth driver for the global colour cosmetic market
- Demand for branded colour cosmetic products such as L’Oreal, Estee Lauder, LVMH, etc. leads to rapid rate of growth of the market in terms of value
- Increasing awareness about beauty products is a major factor trending the global colour cosmetic market
- The Asia Pacific colour cosmetic market is growing at a relatively high rate in terms of volume, attributed to increasing per capita income of consumers and increasing population