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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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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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