February 28, 2024

The Global Color Cosmetics Market Is Driven By Growing Cosmetic Industry

Color cosmetics refer to a range of products including facial make-up, eye make-up, lip products, nail products, and others that are used to enhance the appearance or make a statement. The demand for color cosmetics is growing owing to the increasing fashion consciousness among consumers and growing usage of social media platforms. Color cosmetics provide benefits such as protecting skin from sun damage, hiding skin imperfections, long-lasting effects, and others. The growing working women population worldwide coupled with rising disposable income has boosted the sales of color cosmetics.

The global Color Cosmetics Market is estimated to be valued at Us$ 77.17 Bn in 2024 and is expected to exhibit a CAGR Of 23.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the color cosmetics market is the growing popularity of organic and natural ingredients. Consumers are increasingly looking for cosmetic products that are free from harmful chemicals. This has spurred manufacturers to develop color cosmetics containing natural ingredients such as botanical extracts. Another important trend is multi-functional makeup products that allow consumers to achieve multiple makeup looks using a single product. Innovation in technology is allowing manufacturers to develop advanced formulations in color cosmetics. Virtual try-on technology and artificial intelligence enabled tools are being incorporated by major brands to enhance consumer shopping experiences.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the market requires significant capital investments in R&D and branding. However, barriers to entry are lowering with advancements in 3D printing technology.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of product alternatives. However, brand loyalty and availability of unique offerings provide advantages to incumbent players.

Bargaining power of suppliers: Suppliers have low bargaining power as raw materials required for color cosmetics are commoditized and easily available.

Threat of new substitutes: The threat of new substitutes is high with continuous innovation and new product launches. Players constantly need to innovate and update their product portfolios.

Competitive rivalry: The market is highly competitive due to the presence of global as well as local players. Players compete based on product differentiation, pricing, and marketing.

Key Takeaways

The Global Color Cosmetics Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis: North America accounts for the largest share of the color cosmetics market currently. However, Asia Pacific is expected to grow at the fastest pace owing to rising disposable incomes, increasing working women population, and expanding retail channels in the region.

Key players:

 

Key players operating in the color cosmetics market are Desktop Metal, Formlabs, HP, 3D Hubs, WASP, GE Additive, Aleph Objects (Lulzbot), Apis Cor, 3D-Fuel (3DomFuel), Doob Group, E3D, Nano Dimension, Open Bionics, Zortrax, Nanoscribe GmbH, Monoprice, Stratasys, 3D Systems, Divergent3D, and Optomec.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it