Global Colour Cosmetics Market to Grow at a CAGR of 3.8% During 2024-2032, Aided by the Increasing Spending on Beauty by Men

The Asia Pacific region holds a significant share of the colour cosmetics industry owing to the evolving beauty trends in the region. The growing middle-class population in countries like India, Indonesia, and China, among others, are propelling the market for colour cosmetics. The market growth in the region can also be attributed to the rising demand for personalised colour cosmetics and the growing popularity of K-beauty, which is increasing the demand for colour cosmetics. Moreover, the growing trend of androgyny, especially in Japan and South Korea, is surging the demand for colour cosmetics for men, which is expected to fuel the growth of the market. The increasing spending on skincare and the evolving beauty trends for men is escalating the adoption of products like concealers and lipsticks, which is predicted to propel the growth of the market in upcoming years.

Unilever N.V. (NYSE: UL), one of the leading companies in the market, and its company, Hourglass Cosmetics, launched Confession Refillable Lipstick Red 0 in March 2021. It is the company’s first bug-free vegan lipstick that is made with vegan carmine. The company worked with its brand, Hourglass Cosmetics, for about three years and developed a vegan alternative to carmine. The bug-free shade is expected to be sold at a retail price of $40 and comes in a limited-edition case adorned with cochineal beetle, which is extensively used in traditional carmine. The product delivers a saturated, creamy, and long-wearing colour that does not smudge or feather. Moreover, it contains an ultra-slim applicator to provide control for precise definition. The development of such innovative products by the leading companies is anticipated to propel the growth of the colour cosmetics industry in the forecast period.

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Market Analysis by Target Market, Application, and Region:

• The market, on the basis of target market, can be divided into mass product and prestige product.

• Based on application, the industry can be divided into facial make-up, lip product, eye make-up, and nail product, among others.

• The regional markets for colour cosmetics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing demand for versatile colour cosmetics, especially eye and lip make-up, by young consumers is driving the growth of the market.

• The market is being aided by the growing trend of clean beauty, which is surging the preference for colour cosmetics made up of ethical and skin-friendly ingredients.

• The emerging trend of at-home beauty is increasing the demand for colour cosmetics offering balancing and healing colours, hence augmenting the market growth.

• The hybridisation of colour cosmetics with skincare ingredients to boost the skin and health benefits of cosmetics is providing impetus to the industry growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for colour cosmetics for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the target markets, applications, and major regions of colour cosmetics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global colour cosmetics market are Unilever N.V., L'Oréal Group, Avon Products, Inc., The Este Lauder Companies Inc., Shiseido Co. Ltd., and Chantecaille Beaute Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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