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Global Color Cosmetics Market To Reach $140 Billion by 2031

Diversity, online sales and organic ingredients will fuel growth in makeup.

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By: Melissa Meisel

Global Color Cosmetics Market To Reach $140 Billion by 2031

Big news for makeup marketers and formulators: the global color cosmetics market is slated to expand at a CAGR of more than 6% and be valued at over US$ 140 billion by 2031, according to new research from Fact.MR, a market research and competitive intelligence provider.

Online sales channels are a primary factor influencing the global market. Cosmetics sales via e-commerce websites are anticipated to witness a surge owing to increased Internet usage and rising adoption of smartphones across regions, especially emerging markets.

This predicted progress is also attributed to wide accessibility of a diverse range of products as well as consumer ability to compare prices of different products offered through various e-commerce websites. Advertisement and promotion through various mediums—including magazines, television and social media—is also fueling market expansion. Campaigns and free sample offerings are major promotional tools being used by market players.

Lip, Nail Beauty Products Lead Marketplace

  • The U.S. is estimated to account for more than 80% of the North American market, supported by increasing working women population.
  • According to Fact.MR’s analysis, China is estimated to account for more than 40% of the East Asian market share, supported by aggressive advertising and promotion activities.
  • Germany is one of the potential markets in Europe, accounting for over 24% value share, supported by increased demand for premium colour cosmetic products.
  • Lip products are anticipated to hold nearly 42% of the market in 2021, but nail products are expected to witness higher growth rate at a CAGR of 8.5% over the forecast period.
  • Crème form in color cosmetics reflects around 34% of the market in 2021.

Increased Demand for Organic Color

There is a large consumer base with high income and preference for quality color cosmetic products such as organic color cosmetics. Consumers want to know how their beauty products are produced and from where they are sourced, said the report.

Organic color cosmetic products are derived from organically produced or grown plants or animals and are not genetically modified organisms or GMOs. These factors are increasing consumer affection towards organic products across regions.

A Peek into Mass Market Sales

Retail storage space and product availability are important in creating demand for a product in the personal care market. Manufacturers are trying to shift from niche channels of distribution to mainstream mass retailers in response to rising consumer demand for green products.
  • Major retailers such as Walmart and Target are emphasizing on natural and organic color cosmetics.
  • Premium brands of color cosmetic products are usually sold through drugstores and beauty specialist retailers.
Emergence of efficient and user-friendly distribution channels such as online retailing is one of the factors that is expected to aid market growth. Moreover, various chains such as Wild Oats and Trader Joe’s develop and offer their products under private labels, said the report.

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