April 29, 2020
According to the research report titled ‘Global Color cosmetics Market Size study, by product type (Face, Lip, Eye), by distribution channel (Online, Offline) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global color cosmetics market accrued USD 54.89 billion in the year 2018 and is presumed to grow with a CAGR of 6.19% during 2019-2026.
For the record, color cosmetics include various products for lips, cheeks, eyes and skin. These cosmetics comprise of products such as bronzers, eyeliners, lipsticks, nail paint and foundations.
Increasing awareness pertaining to personal aesthetics along with advancements in color cosmetics are major factors driving the market growth. Escalating spending on personal grooming and inclination towards color cosmetics to eliminate skin related imperfections are further fueling the market size. According to Statista, in Brazil, the average spending on color cosmetics in 2016 was around USD 9.5 per person and is expected to reach USD 10.8 per person by the year 2021. Similarly, Europe cosmetics market report - 2019 states that European customers pay around USD 149 per year on cosmetic products.
Rising concerns pertaining to adverse effects of conventional cosmetic products have impelled the demand for organic color cosmetics. While the former contains chemicals such as mercury, asbestos, lead, arsenic, and hexachlorophene; organic products are environment friendly and contains no harmful substances, which in turn is stimulating the industry outlook. However, strict regulatory scenario regarding the development of color cosmetics may hinder the overall market growth.
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Considering the geographical landscape, Asia-Pacific color cosmetics market is presumed to expand substantially during the estimated timeframe. Technological improvements in color cosmetics, rising per capita income and increasing working population are favoring the market outlook in Asia-Pacific.
Established companies in global color cosmetics market are Avon, Amorepacific Group Kao Corp., Revlon, Shiseido Co. Ltd. Beiersdorf, Coty, Estee Lauder, Unilever and L’Oreal Group among others.