The market for colour cosmetics is projected to grow at a compound annual growth rate of 5 percent between 2014 and 2019, reaching a value of US$47 billion, according to a recent study.
The Colour Cosmetics Market report, published today by US-based market research firm RnR Market Research, identified that innovations in colour cosmetics coupled with rising consumer disposable income will fuel a growth in the market across North America and Europe.
The colour cosmetics market is flourishing across the developed world as well as in developing regions as consumers are willing to explore new advanced products, and manufacturers are producing a wider range of products.
The continuous rise in loyalty to colour cosmetics, increase in innovations, rise in demand for organic colour cosmetics, and rise in demand for colour cosmetics to reduce age- related skin imperfections are driving the demand for colour cosmetics market across the world. Nail products, lip products, facial make-up, and hair colour products are the other significant applications. Special effects and special purpose products are also projected to witness significant growth by 2019.
L’oreal, Estée Lauder, Avon Products, Procter and Gamble, Revlon Group, Alliance Boots, Benefit Cosmetics, Chanel, Chantecaille, Ciaté, Clarins SA, Coty SAS, Johnson & Johnson, Lush Cosmetics, Lvmh (Louis Vuitton Moet Hennessy), Maesa, Unilever and Nails Inc are identified as important active players in the color cosmetics market.
One of the biggest manufacturers in the colour cosmetics field is Coty, which is situated both in the US as well as Europe. The rise in disposable incomes in these developed regions, and new product launches in the colour cosmetics market has made the US and the UK the largest markets for colour cosmetics.
The UK is predicted to be the largest market for colour cosmetics in Europe. Western Europe is projected to register over 20% growth between 2010 and 2015.
The developing economies of Asia, namely China and India are also projected to register high growth rate in the colour cosmetics market in the next five years. Prestige products registered strong growth in 2013 as consumers traded prestige brands over mass products and this trend is projected to continue for the next five years.
Asia-Pacific countries are projected to register high growth rates over the next five years mainly due to increasing consumer incomes and rise in the awareness about personal care products in the region.
Growth in these regions is predicted to be driven by a rise in consciousness about appearance, overall growth in the beauty and personal care industry, technological advancement in colour cosmetics, increasing consumer spending and rise in demand for colour cosmetics due to age related imperfections are few of the drivers of this market in the Asia-Pacific countries.