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Color Cosmetics Market to Witness an Outstanding Growth by 2020
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North America, followed by Europe, has the largest market for color cosmetics due to innovations in color cosmetics, high consumer disposable income and new product launches in color cosmetic market in the region. Asia is expected to show high growth rate in the color cosmetics market in next few years due to increasing consumer incomes and rise in awareness about personal care products in the region.
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Increasing consumer spending in color cosmetics, rise in consciousness about appearance, innovation of new products, growing beauty and personal care sector, rise in demand for color cosmetics to reduce age related skin imperfections, improving quality of life, technological advancement in color cosmetics are driving the market for color cosmetics. In addition, attractive packaging, increasing consumer health awareness about the personal care and growing fashion trends are expected to drive the market for color cosmetics. However, economic downturn, high cost of quality chemicals, strict government regulations and high price related to packaging are some of the factors restraining the growth for global color cosmetics market.
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Growing demographics and economies in the developing countries such as India and China is expected to offer good opportunities in color cosmetics market in Asia. In addition, continuous rise in loyalty to color cosmetics, rise in demand for organic cosmetic products and innovations in color cosmetic products are expected to offer new opportunities for global color cosmetics market. Increasing number of brands and products, growing online retailing, growing number of mergers and acquisitions and rise in collaborations and partnerships are some of the latest trends that have been observed in global color cosmetics market. Some of the major companies operating in the global color cosmetics market are Estee Lauder Inc., AVON PRODUCTS, INC., L’Oreal SA, Revlon, Procter & Gamble, Johnson & Johnson and Beiersdorf.
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