Global color cosmetics market was valued at USD 51.26 billion in 2023, expected to reach USD 87.42 billion in 2031, with a CAGR of 6.90% for the forecast period between 2024 and 2031. The market is driven by numerous key factors including growing demand for inclusive and diverse products, rising trend of functional cosmetics, and social media influence.
With growing awareness among people toward their skin, consumers are seeking shades of color cosmetics that go well with their skin complexion. Also, a shift in demand from male consumers is noticeable with growing number of sales for men’s makeup products. Functional cosmetics, on the contrary, serve as the need of the hour as consumers, in no way, are ready to compromise with their skin. Product ingredients are of vital importance to consumers these days.
Furthermore, as there is a growing young population across the globe, drawn toward the beauty influencers online, who share their skin care and makeup regime with their followers, shaping their choice and preferences. Growing access to the internet and e-commerce sites and applications provide easy access to these products, resulting in increased demand and sales of these products.
Furthermore, as environmental concerns are rising, Gen-Z consumers seek eco-friendly products with their packaging formats. The sustainability trend is compelling manufacturers to bring innovation to their products by introducing product lines that are organic, vegan, cruelty-free, and allergen-free. Aligning with the ongoing innovation trend, in June 2024, ÈSSIRI LLC expanded its Èyes Are The Story optocosmetics range with the launch of an eyeshadow palette, The Story Shades. The biobeauty startup used ingredients such as caffeine, resveratrol, trigonella fœnum græcum, centaurea cyanus, and olea europaea to cater to the cosmetics needs of people with sensitive eyes.
Growing Trend of Functional Cosmetics to Drive the Market Demand
Functional cosmetics merged with skin care are an important catalyst for the development of color cosmetics market because they influence both outside looks and internal impact. They are able to meet the increased consumer desire about flawless appearance while providing for other complementary health needs and benefits at the same time.
Cosmetic beauty products with functional components including hyaluronic acid, skin vitamins, antioxidants, among others, provide moisture to the skin and act against aging or ultraviolet rays despite having normal beautifying benefits. For example, BB cream, which is used as makeup foundation cream, giving dense coating, also works like moisturizer while protecting the face from harmful environmental problems. Also, in May 2023, the US-based company Supergoop! launched a unique product, the Lipshade 100% Mineral SPF 30 Lipstick, that offers UV protection and hydration. The product has five tones, from being just a beauty tool to a whole lip care regimen that provides protection along with a wide range of colors.
Consumers seek products that deliver multiple benefits, saving time and money while promoting overall skin health. The trend towards functional cosmetics is driven by increased consumer awareness on skincare as well as a preference for streamlined beauty routines.
Rising Inclusivity Propels Market Growth
The inclusivity trend in color cosmetics market accommodates products for different skin tones, without being gender specific. This trend emerged with more consumers demanding more personalized beauty thereby compelling companies to work on shade expansion as well as posing a challenge to them of producing formulas that can take care of various skin problems.
In addition, inclusivity pertains to the design of foundations, concealers, and other face products in a variety of shades that will suit different human skin colors. Fenty Beauty introduced a whole new dimension in composition through coming up with 50 shades of foundation for the first time in history thus acting as a reference for other producers. Moreover, gender-neutral make up ranges have also been formulated under this concept including the ones intended for all ages or cultural groups as well as skin conditions.
Click Here:https://www.marketsandata.com/industry-reports/color-cosmetics-market
Besides, inclusive marketing campaigns have models of different ethnicities, genders, ages, and body types. This promotes the idea of diverse and universal beauty. Companies go for diversity as they meet the client’s demand hence making them trust the brand and perform repeat purchase. Inclusivity in color cosmetics enhance an individual’s innate beauty, this mirrors how the sector has developed from being homogeneous into being diverse and all-encompassing.
In January 2024, the D2C cosmetics company, NuNorm, launched its range of makeup specifically designed for men’s skin. The range included five unique men’s makeup products essential for daily routine, namely the Shine Eraser, the Cover Stick, the Tinted Hydrator, the Brow Rescue, and the Okuni Brush. Every NuNorm product is claimed to be vegan, cruelty-free, and free of parabens.
Face Cosmetics Dominate the Global Market Share
The global color cosmetics market is dominated by face cosmetics, which are essential in enhancing facial features and achieving a flawless complexion. It comprises foundation, blush, bronzer, highlighter, concealer and other items that are crucial in majority of the makeup routines. Considering the segment’s dominance, in March 2024, Rare Beauty, LLC added Soft Pinch Luminous Powder Blush to its portfolio, broadening its collection of beauty products. Available for purchase on the Sephora app, Sephora at Kohl’s, and RareBeauty.com, the product is introduced in six distinct hues.
The popularity of face cosmetics has increased with new product formulations which include waterproofing agents together with longevity enhancers for the benefit of the skin prompting a complexion where wrinkles cannot overlap. Trends such contouring, highlighting and strobing, popular through beauty influencers and social media have made people to consume it even more. In January 2024, Kosas Cosmetics, LLC expanded its Tinted Skincare product line by adding a new product, BB Burst, to it. The product is in the form of tinted gel cream, delivering light buildable coverage while giving a blurring effect to the skin. It is available in 24 varied shades.
Asia-Pacific is the Fastest Growing Market
Asia-Pacific is the world’s fastest-growing market in the color cosmetics industry due to various reasons. These reasons include rapid urbanization, increasing number of people with higher incomes with better spending powers, as well as growth in number of customers who care about their appearance. China, India, South Korea, Japan with their rapidly growing middle-class community combined with deeply rooted notions regarding attractiveness and skin care products drive this trend.
Social media and beauty influencers contribute to the regional growth by determining consumers’ tastes and introducing unique and innovative goods. For instance, in April 2024, Colorbar Cosmetics Pvt. Ltd. extended its line of eye cosmetic products by introducing a selection of Petite Eyeshadow Palettes on its direct-to-consumer e-commerce site and its network of physical stores.
Given the various skin tones and types, it will be very essential to have multiple product options that are unique and of good quality. Furthermore, organic and natural products are becoming popular as more consumers in the Asia Pacific region practice healthy living and promote environmental conservation.
Future Market Scenario (2024 – 2031F)
1. Consumers will have an increased need of products which are eco-friendly, animal-friendly and plant-based. Consequently, companies ought to embrace sustainability as well as open-source ingredients because buyers are more concerned about the effect of what they buy on the world they live in.
2. To include more inclusivity and diversity, brands are going to start offering different types and shades of color cosmetics. What is going to bring about this change is the consumers’ desire to use original products which represent their own selves and cultural backgrounds.
3. Online shopping and social media will continue shifting how buyers discover and buy makeup products. Influencer marketing, online consultations and augmented reality (AR) applications are the crucial elements that will help enhance customer involvement leading to improved sales.
Report Scope
“Color Cosmetics Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the color cosmetics market globally, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, opportunities and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Read More:https://www.marketsandata.com/industry-reports/united-states-whey-protein-market
https://www.marketsandata.com/industry-reports/united-states-jewelry-market
About Us:
Markets and Data provides a comprehensive/ panoramic understanding of markets at global, regional, and country levels. Examine changing consumer preferences, emerging challenges, underlying trends, and growth prospects to accelerate your business strategies.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343-3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com