New York, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global color cosmetics market size is estimated to attain at ~4% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 95 billion by the end of 2033, up from a revenue of ~USD 73 billion in the year 2022.The market growth is credited to the increased usage of cosmetics among people, especially women. The adoption of digital media and the globalization of social media established the need for cosmetics to enhance beauty and popularity through looks. As per the reports women in America spend over USD 300 per month for cosmetics which is about USD 3800 per annum while men spend USD 3000 per year with more than USD 240 per month which is 20% less than women.
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Further, the worldwide awareness of people regarding personal appearance and attire irrespective of gender is projected to propel the market size. Nearly 50% of women in the U.S. purchase beauty products from online platforms compared to 42% of men as of the 2023 statistical report. Color cosmetics help to improve the appearance of a person by increasing their beauty. The color correction rectifies the pigmentation on the skin, under eye darkness, to cover pimples, breakouts, and other underlying defects. The improvement in per capita spending of people and the expanding benefits are promoting market growth in the coming years.
Aging Population and the Rising Disposable Income is Protruding to Boost the Growth of the Color Cosmetics Market
The disposable income of people is enhancing with urbanization and the adoption of digital technology across the globe. The demand for beauty products is increasing owing to the aging population with wrinkles, fine lines, saggy skin, and age spots that need to be covered. These factors encourage the growth of the market in the coming years. Moreover, as per the reports in 2022, there were nearly 800 million population aged 65 and above across the world which contributed to 10% of the global population.
Color Cosmetics Market: Regional Overview
High Demand for Skin and Nail Care Products and Advancement in Beauty Technology is Outlined to Flourish the Market Growth in the Asia Pacific Region
The Asia Pacific region color cosmetics market is proposed to hold a significant market share of 31% by the end of 2033 as a result of improvement in the utilization of skin and nail care products by the people. Besides, the increased number of beauty salons and parlors that provide high standards of quality products is impelled to mount the market size in the region. The advancements in the beauty industry and the involvement of investors in the elaboration of superior cosmetics are driving the market progress. The premium beauty tier is envisioned to grow at a rate of 8% per year in Asia from 2022 to 2027 as per a survey owing to a surge in spending by people on makeup products compared to a 5% rise in mass beauty production.
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Mounting Demand for Organic, Clean, and Skin Friendly Products is Assessed to Shoot Up the Market Expansion in the North America Region
The North America region color cosmetics market is envisaged to acquire a market share of 25% during the forecast era. The market expansion is attributed to the rise in the use of cosmetics made from organic or natural ingredients. The sales of clean products every year contribute USD 380 million to the beauty market as per the survey in the United States. The components obtained from natural sources are believed to be less toxic to the skin so there can be no damage when applied continuously or stayed on the skin for longer hours. Eye shadows, eyeliners, lipsticks, and lip glosses come in direct contact with the most sensitive parts of the face, hence people prefer premium care products which is strengthening market value in the region.
Color Cosmetics, Segmentation by Target Market
- Prestige Product
- Mass Product
The mass product segment of the color cosmetics market is analyzed to register a market share of 52% during the forecast period. The use of color cosmetics by the present generation to improve their look and requirement for high-standard products to meet customer needs is proliferating the market segment growth. The multiplying number of middle-class families worldwide is indirectly impacting the market size positively. In India, the middle-class population reached nearly 44 crore as per the 2021 statistical analysis.
Color Cosmetics, Segmentation by Application
- Nail Product
- Hair Product
- Lip Product
- Face Product
The face product segment from the color cosmetics sector is intended to secure a market share of 36% by the end of 2033 on account of amplifying care of people on personal grooming and the trends in the usage of beauty products by men and women. For instance, powder, primer, moisturizer, foundation, creams, sunscreens, blush, contour, highlighters, concealers, and many more products are produced for face correction. These products are manufactured in a huge amount in various shades and colors to reach all ranges of people. Along with these reasons, also the risk of plastic surgery is soaring the market trends in the coming years as per the evaluations. The percentage of deaths in liposuction plastic surgery was 1.3 deaths per 50,000 people and above 20% of people may experience complications as per the study.
A few of the well-known industry leaders in color cosmetics market that are profiled by Research Nester are Avon Products Inc., COCO CHANEL Inc., CIATE LONDON, Coty Inc., Estee Lauder Companies, Johnson & Johnson Private Limited, KRYOLAN GmbH, L’Oréal S.A., Revlon Consumer Products Corporation, Shiseido Company Limited, and others.
Recent Development in the Market
- L’Oreal S.A. introduced an AI-connected hair color system named Coloright. This new beauty technology utilizes Virtual Try-on to analyze and display the right shade. It generates an algorithm based on demand and customized hair color with over 1500 possible custom shades.
- The application of first-to-market AgileHand Technology which is an innovative virtual try-on instrument from Sally Hansen allows customers to visualize various nail colors. The technology belongs to Perfect Corp which increases the real-time experience in nail color selection providing access from mobiles.
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