Color Cosmetics Market Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022
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Color cosmetics are a wide range of cosmetic products that enhance the appearance of users through attractive colors. Color cosmetics are made from chemical compounds that develop the desired color. Color cosmetics can be manufactured from synthetic and natural sources, and are predominantly used by women. Some products available in the color cosmetics market also serve the purpose of cleansing the applied body parts.
Changing consumer lifestyles will be rendered profitable for cosmetics industry, particularly in terms of adoption of color cosmetics. Proliferation of showbiz cultures and controlling influence of social media platforms over the appearance of consumers is affecting the dynamics of global color cosmetics market. As manufacturers continue to strive for higher on-shelf availability, they are drawing flak from consumers who are aware of immoral animal testing prevalent in the production of cosmetics. In the years to come, the global market for color cosmetics is less likely to witness impressive expansion, lest manufacturers shift their focus towards adoption of organic materials in production. The colour cosmetics market is projected to grow to more than US$ 80 billion in 2022, reflecting a moderate CAGR during the forecast period (2017-2022).
Forecast on Color Cosmetics Market in 5 Key Projections
1. According to the report, the global market for color cosmetics will witness a significant rise in demand for lip care products. By the end of 2022, more than US$ 32.5 Bn revenues are anticipated to come from sales of lip color cosmetics in the global market. Demand for hair care products is also expected to gain traction, citing the rising contribution of male consumers in this female-driven market. Nevertheless, only 8.5% of the global color cosmetics revenues will be accounted by sales of hair care products.
2. Rapid urbanization in the Asia-Pacific excluding Japan (APEJ) region is observed to remain lucrative for expansion of global color cosmetics market. Procurement of raw materials is relatively easy in APEJ region, compared to other parts of the world. Manufacturers of color cosmetics are setting up their production lines in the APEJ countries such as China to reap heavy profits from high resource availability and low labor wages. In addition this, dense population recorded in this region translates into vast consumer base for color cosmetics. In 2017, the APEJ region is anticipated to procure 47.3% share over the global color cosmetics revenues. While the overall revenue growth of APEJ color cosmetics market will reflect a moderate 4.8% CAGR, the region will continue to dominate the global market through 2022.
3. North America’s color cosmetics market, however, will reflect a steady growth at 5.1% CAGR throughout the forecast period. Sales of color cosmetics in the US and Canada are expected to gain boost from active use of social media platforms and rising inclination of consumers towards showbiz culture. In 2017, nearly US$ 11 Bn worth of color cosmetics are anticipated to be sold across the US and Canada. By the end of forecast period, North America’s color cosmetics market is poised to reach US$ 14 Bn in value.
4. According to the report, Europe will also be viewed lucrative for sales of color cosmetics. High disposable incomes, coupled with robust retail chains, will facilitate the sales of color cosmetics among European consumers. Between 2017 and 2022, Europe’s color cosmetics market is anticipated to create incremental opportunity of an estimated US$ 3.47 Bn.
5. Supermarkets or hypermarkets are expected to remain the largest sales channel for color cosmetics. The report projects that in 2017, color cosmetics worth US$ 37 Bn will be sold across supermarkets and hypermarkets in the world.
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Lip Care Very Popular in the Colour Cosmetics Market
Lip care comprises a revenue share of 40% by product type segment in the colour cosmetics market and it could be worth nearly US$ 33 billion in 2022. The contribution of the APEJ region to the lip care segment of the colour cosmetics market is nearly 50% i.e. approx. US$ 15.5 billion at the end of the forecast period. The nail product segment is also quite popular as it is on track to be a market worth US$ 12 billion in 2017 itself. A CAGR of 5.2% from 2017-2022 should all but ensure that key stakeholders focus their attention on nail products. Along with the APEJ region, companies could target Europe as both regions are poised to record a similarly high CAGR.
Opportunity in Facial Make-up and Hair Colour in Colour Cosmetics Market
The facial make-up segment in the colour cosmetics market is anticipated to grow from under US$ 7 billion in 2017 to almost US$ 8.7 billion in 2022 with a CAGR of 4.6%. A market opportunity of more than US$ 3 billion in 2017 makes the APEJ region particularly attractive with respect to facial make-up products in the colour cosmetics market and companies are advised to devise their strategies keeping this in mind. The hair colour segment has a similar market opportunity as the facial make-up segment in the colour cosmetics market and it is estimated to be worth a little under US$ 6.5 billion in 2022. Even though APEJ is the largest contributor to the hair colour segment of the colour cosmetics market, companies may wish to target North America as the continent has a higher CAGR of 4.1% for the period 2017-2022.
Hypermarkets and Retailers Clear Winners in the Colour Cosmetics Market
In terms of sales channels, hypermarkets and retailers are clearly the preferred mediums in the colour cosmetics market. Together, they comprise slightly more than 4/5th revenue share and are likely to remain dominant for some time. The hypermarket segment should benefit from an infrastructural push that is especially prominent in emerging economies in the APEJ region and the 5.5% CAGR from 2017 to 2022 coupled with the potential market opportunity of US$ 18 billion is testament to this. Retailers are nonetheless giving a tough fight to the hypermarket channel and this sale channel might grow by US$ 5 billion in the five year timeframe. Retail is particularly strong and well-developed in Europe and North America.
E-commerce the Future of the Colour Cosmetics Market
The online stores segment is still a comparative minnow in the colour cosmetics market that accounts for a mere 11.6% revenue share in the year 2017. However, there is no reason why it cannot become more influential in the days ahead as Internet connectivity improves and online shopping becomes second nature to all customer demographics, just as it already is to the generation of digital natives.
L'Oréal S.A., LVMH Moët Hennessy Louis Vuitton S.E., Unilever N.V., Avon Products, Inc., The Estée Lauder Companies Inc., Shiseido Company, Limited, Coty, Inc., Revlon, Inc., Chantecaille Beaute Inc., and Procter & Gamble are key players profiled in the report, and are expected to remain active in the expansion of global color cosmetics market through 2022.
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