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Colour Cosmetics Market Analysis, Market Size, In-Depth Insights, Growth and Forecast 2021-2026
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The COVID-19 Impact on Colour Cosmetics
While colour cosmetics continued to see notable year-over-year surge right till the beginning of Q1 2020, they started losing their share to only the essential categories in market, overnight. Hand hygiene, face and body cleaning, and personal care and hygiene products suddenly took over everything else as soon as the COVID-19 outbreak struck, which led to a slump in colour cosmetics temporarily. Falling out of relevance, colour cosmetics suffered measurable fall in demand, both online and offline. Eye and facial makeup products, nail and lip products especially saw a heavy collapse amid the pandemic. Colour cosmetic brands are expected to realign their efforts to match the evolving consumer interests that are now tilted more to hygiene and health products. Green, clean-labelled products are thus expected to garner greater interest in the market.
Lip balm, lipsticks, foundations, face powders, and blush continued to witness sustained demand even during the later months of pandemic, especially online, as the new critical quarantine cosmetics. However, sales of lipsticks were relatively down than usual as the use of face masks became mandatory. As masks come off gradually, and workplaces, and public places get a green signal for operating offline, demand for lipsticks has rebound rapidly.
Developed Regions Continue to Surge Ahead, K-Beauty Makes a Buzz in Asia
Strong presence of globally leading cosmetics brands will continue to account for sustained dominance of North America, and Europe in global colour cosmetics market. Demand for luxury, and organic cosmetic products is likely to uplift the attractiveness of these markets throughout the period of forecast. On the other side, the market in Asia Pacific is driven by Gen-Z, and millennials. South Korean market that has showcased fastest recovery signs after the pandemic has slowed down is reaping significant benefits from the K-Beauty trend.
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Leading Players in Global Colour Cosmetics Market
Procter & Gamble Co., LVMH Moët Hennessy Louis Vuitton SE, The Colgate-Palmolive Company, Natura Cosméticos S.A., AmorePacific Corporation, Henkel AG & Co. KGaA, Mary Kay Inc., L Brands Inc., and KOSÉ Corporation constitute some of the significant companies driving competition in the global colour cosmetics market space.
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