Colour cosmetics are colorants that are used in daily beauty and personal care products such as skin care, make-up, haircare, personal hygiene, and fragrances. These cosmetics are used for enhancing physical appearance, defining features, and conceal flaws while providing a healthy and refreshed appearance. Increasing demand for cosmetics among women has improved the prospects of the market in recent years. The rising awareness about cosmetic products and focus on personal grooming has changed the consumption pattern, lifestyle, and purchasing power of consumers. Moreover, rising awareness regarding personal hygiene due to the coronavirus pandemic has progressed the demand for cosmetic products, thus driving the market growth.
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Market Dynamics
Color cosmetics are gaining popularity, particularly among the young population owing to increasing interest in physical appearance. Women are the largest targeted consumer group for these formulations with young girls adopting a wide range of color cosmetics in daily life. Increasing disposable income and quality of living are other macro factors driving the sales of color cosmetic formulations globally. The promotion and marketing activities led by leading companies are propelling the interest for these products among consumers, thus surging the demand. Furthermore, the growth of social media and the entertainment industry led to a significant rise in sales of color cosmetics.The expansion of digital marketing has been an important driver of this industry. Manufacturers are collaborating with social influencers for their marketing and press strategies. This strong digital campaign has been shifting the shopping behavior of the consumers towards the e-commerce portals. Instagram, YouTube, Facebook, Twitter, Pinterest, and Beauty Blogs are the main digital marketing channels, which are influencing consumers to try new cosmetic products.
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Segment Analysis
The face product segment dominated the market in 2020 due to growing consumer awareness about beauty trends and improving lifestyles. These products include face powder, moisturizer, face cream, and others. The rising trend of beautifying the face to improve facial structure, hide ageing lines, and mask dark circles is leading to high demand for cosmetic products. Plastic surgery is too expensive and the availability of these cosmetics at cheaper rates has caused increased consumption of cosmetic products, further supporting market growth.The lip product segment is also expected to have significant growth during the forecast period. The growing purchasing power in developing countries and rising beauty trend among the younger generation is supporting the colour cosmetic market.
Competitive Landscape
Key players operating in the industry are L'Oréal S.A, Unilever, Avon Products Inc., Estée Lauder Inc., and others. Companies profiled are involved in product innovation, social marketing, acquisition, and collaboration thus gaining a competitive edge in the global market. For example, In July 2020, Avon introduced a new product called ANEW Skin Reset Plumping Shots that is clinically proven to restore collagen for healthy skin.
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