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The global color cosmetic market size is expected to grow from USD 78.0 billion in 2020 to USD 120.0 billion by 2027, at a CAGR of 6.35% from 2021 to 2027. Color cosmetics are a mix of chemicals that are used to improve the appearance or fragrance of the human body. Cosmetics such as facial make-up, nail care, lip care, and eye make-up are included in this category. These products can be found in various places, including exclusive brand outlets, supermarkets, specialty stores, and online. Color cosmetics market growth is fueled by rising concerns about appearance and increasing disposable income in emerging economies such as India, Brazil, and Indonesia. Furthermore, the market is driven by multiple benefits of color cosmetics products, such as anti-aging and anti-tan.
The color cosmetics market in developed countries such as North America and Europe and emerging countries such as Asia-Pacific and the Rest of the World is driven by rising disposable income, increasing awareness about appearance, and improving quality of life. Furthermore, increasing consumer health awareness about personal care, organic cosmetic products, technological advancements in color cosmetics, attractive packaging, and growing consumer health awareness about fashion trends are expected to drive demand for color cosmetics.
Further, increased brand awareness and market growth have been assisted by increased purchasing power among women and high investment in marketing and advertising, including promotions on social networking platforms and celebrity endorsements. Expansion of digital marketing has also been a market growth driver, with organic beauty products viewing significant growth. The market is also benefiting from increased awareness of animal health and environmental protection.
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COVID 19 is a global pandemic that has affected a large portion of the population. Consumer purchases and business activities came to a halt as a result of the worldwide spread of covid-19. As a result of the pandemic’s lockdowns, which restricted people’s exposure to the outside world, there was a decrease in the demand for cosmetics. The closure of specialized beauty stores, which allowed customers to try products on board, resulted in a further drop in sales. The cosmetics industry’s supply chain has been severely harmed due to the lockdown, which is expected to have long-term implications. As a result, consumer reliance on cosmetics has decreased dramatically. The outbreak of COVID-19 has also had a negative impact on the market’s growth. Although the COVID-19 pandemic had a significant effect on the global beauty industry, top color cosmetic companies could quickly recover by temporarily shifting their focus to the production of sanitizers and products for healthcare workers. On the other hand, the color cosmetics market is a long-standing industry that has amassed many loyal customers over time.
Global Color Cosmetic Market Dynamics
Drivers: Rising Organic Cosmetic Products
The rising use of organic cosmetic products is expected to drive market growth during the forecast period. Extreme weather has boosted the adoption of facial care products such as moisturizing creams and sunscreen creams, and in a polluted environment, consumers prefer natural products, especially facial care. Several new brands offer organic and natural products because of the growing emphasis on grooming and personal appearance among consumers. Furthermore, facial care manufacturers or companies work with influencers to promote their brands and E-commerce companies to reach a larger audience and expand their customer base. They also run paid advertisements on YouTube and Instagram to raise brand awareness.
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Further, on YouTube, there are 50% off beauty content videos and tutorials based on makeup. To achieve a better look, sunscreens and moisturizers are commonly used in cosmetics. Face serum is used in the same way in the makeup routine. Cleansers are also designed to remove daily grime such as makeup, excess oils, and pollutants. Additionally, BioClarity launched its omnichannel at Ultra Beauty, the largest beauty retailer, in February 2021. On ulta.com, customers can find a wide range of bioClarity products. BioClarity would be able to connect with more Gen Z and younger millennial beauty customers at Ulta Beauty due to this partnership.
Restraints: Rising awareness regarding environment and animal protection
Growing awareness of the importance of environmental preservation and animal protection has influenced manufacturers to switch to plant-based cosmetics, affecting the market growth. Cosmetic sales have also decreased due to the adverse effects of chemical-based cosmetics on the skin and body. Many countries’ governments have imposed resource-use and environmental protection regulations. Another factor that acts to restrain the market is the spread of the coronavirus, which has disrupted the supply chain and slowed the market’s growth rate.
Opportunities: Technological Advancement in Color Cosmetic
In the coming years, the rising technological advancements in the color cosmetic will create lucrative market growth opportunities during the forecast period. The improvements in technologies create new and great opportunities for small and large-scale cosmetic businesses, enabling them to spread awareness about the product to the consumers. There are various technologies in the market includes changing color technology and color change sensors, among others. Researchers have measured the importance of the skin microbiome in hygiene and personal care due to the advent of metagenome and biogenetic technologies. Cosmetic scientists have focused on its vital link to beauty and well-being as a result of this. However, educating the consumer is an essential link that the industry must make.
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The study categorizes the global color cosmetic market-based target and application at the regional and global levels.
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