Color Cosmetics Market by Premium Brands, Modern Trade, Sales & Revenue by L'Oréal S.A, Unilever, Estée Lauder Inc., Avon Products, Inc., Shiseido Company Limited, Coty Inc., Revlon, Inc.
The global color cosmetics market size is likely to attain over USD 117.9 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 7.7% during the forecast years 2021-2028. Furthermore, the industry is being driven by the numerous advantages of color cosmetics goods, such as anti-aging and anti-tan.
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However, the economic slowdown, rigorous government restrictions, high costs of quality chemicals, and high packaging costs are some of the reasons restricting growth in the color cosmetics industry
High expenditure in advertising and marketing activities, such as promotions on social networking sites and celebrity endorsements, has improved brand recognition and visibility among customers. The growth of digital marketing has been a significant driver of this sector. As part of their marketing and public relations activities, manufacturers are collaborating with social influencers. This powerful digital campaign has shifted customers' buying habits toward e-commerce platforms.
The primary digital marketing platforms that influence customers to test new cosmetic products include Instagram, YouTube, Facebook, Twitter, Pinterest, and Beauty Blogs. For instance, between 2013 and 2018, the number of Google searches for "foundation for me" more than doubled. Since a result, the digital platform is an important marketing tool for the manufacturer, as it allows them to communicate directly with the customers.
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The demand for organic cosmetic products has increased substantially in recent years. Growing concern about animal welfare and environmental preservation is driving up demand for organic products. Furthermore, increasing consumer preferences toward the use of organic goods as a result of increased worries about the negative consequences of synthetically generated cosmetics is boosting the market globally.
Europe emerged as the highest market share in 2018 with 29.5% of global sales. France, Germany, the UK, Poland, Spain, and Italy are among the region's key markets. The cosmetics business contributes considerably to the European economy and employs over 2 billion people throughout the region.
In recent years, color correction and highlighter products have risen in popularity in the region. Because of growing worries about the negative consequences of conventional cosmetics, the region is seeing an increase in interest in organic color cosmetics. Consumers are increasingly looking for non-controversial synthetic ingredients and multifunctional cosmetics.
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