Colour Cosmetics Market size is expected to reach USD 91,779.1 million by 2027, exhibiting a CAGR of 3.6% during the forecast period. The growing awareness about cosmetic products coupled with evolving lifestyles of consumers will contribute positively to the growth of the market, states Fortune Business Insights, in a report, titled “Colour Cosmetics Market Size, Share & COVID-19 Impact Analysis, By Target Market (Prestige Product, and Mass Product), By Distribution (Offline, and Online) By Application (Nail Product, Hair Product, Lip Product, Face Product, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 72,376.2 million in 2019.
The entire world is fighting with the COVID-19 pandemic, which has severely disrupted trades across the globe. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The colour cosmetics market highlights a grand study of the market, it sheds on vital facts and figures. It also offers authoritative data about dominant regions, policies adopted by governments and companies. Besides, providing a brief overview of the market with future insights. The report also encompasses key factors exhibiting growth. In addition, COVID-19 impact is also covered in the report.
Significant Demand for Organically Produced Cosmetic Products to Aid Growth
The increasing cognizance about organic products made from natural substitutes in the cosmetic industry will spur opportunities for the market. Moreover, the growing demand for vegan products among beauty and skin conscious consumers will foster healthy growth of the market. Thus, the increasing production of chemical-free cosmetic products will consequently enable speedy expansion of the market. The shift from chemical-based to organic products made from natural ingredients will promote the growth of the market. Furthermore, the rising disposable income has resulted in heavy demand for colour cosmetic products, hence boosting the market.
Interrupted Import/Export Activities to Retard Business Amid Coronavirus
The coronavirus pandemic has critically hampered the import and export activities of cosmetic products. The disrupted cosmetic industry has experienced a massive loss owing to the coronavirus. According to the McKinsey report, in China, the cosmetic industry declined by up to 80% in February, and in March, a 20% decline was seen on a year-on-year basis. Moreover, the drop-in retail sales have led to impediment for the market. However, the online purchase of cosmetic products has escalated due to the lockdown, which, in turn, will aid the market. Besides, the temporary closure of beauty salons will drastically affect the global market during the forecast period.
Improving Economic Conditions to Influence Growth in Asia Pacific
The market in Asia Pacific is expected to dominate the global market during the forecast period owing to the growing demand for skin care products in developing countries such as China, Japan, and India. The improving economic conditions have resulted in high demand for cosmetic products in the region. The surging middle-class population will contribute positively to the growth of the market in Asia Pacific. Europe is expected to hold a significant share in the global market owing to the high demand for premium cosmetic products. Germany accounts for a high share due to the high consumption of cosmetic products in the region.
List of Top Players Profiled in the Colour Cosmetics Market are:
- L'Oréal S.A (Clichy, France)
- Unilever (London, UK)
- Avon Products Inc. (London, UK)
- Estée Lauder Inc (New York, U.S.)
- Shiseido Company, Limited (Tokyo, Japan)
- Revlon, Inc. (New York, U.S.)
- Coty Inc. (New York, U.S.)
- Amway (Michigan, U.S.)
- KRYOLAN (Berlin, Germany)
- CIATÉ (London, UK)
- Procter & Gamble (Ohio, U.S.)
- Other Key Players
April 2020: Avon announced the launch of the second batch of K-beauty products due to the success of the trend collection of the first batch in the previous year. This K-beauty range has made Avon’s partnership with Korean manufacturers and enabling to bring innovative products and formulas with authentic ingredients to customers from various regions.
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