The cosmetics market players have always depended on product innovation to sustain their prominence in the competition, and color cosmetics including liquid facial foundation, colorants, and nail polish makes for a sub-segment that has plenty of scope for experiment. The color cosmetics marketplace is currently booming as health & wellness and personal hygiene trends are disrupting the lifestyles of consumers. Now, the innovation in color cosmetics is mostly aiming to minimize the negative aftereffects by increasing the use of organic ingredients. Consumers are now more aware than ever before as they have found a new avenue of information via the phenomenal rise of the eCommerce industry in recent times. Color cosmetics market companies have realized this expansion of knowledge-base, and they are tapping on the trend by highlighting how their products are friendlier for the end-users than they were in the past.
E-commerce has enabled brands to demonstrate their vast product portfolio and leverage the features offered by the vendors. One such feature is Amazon Pantry Beauty. The eCommerce industry giant has introduced this feature across Europe and North America with great returns and beauty product manufacturers are listing their products for a consumer base that is already customized according to their desire, and hence has greater chances of generating a sale.
Color cosmetics are highly useful in enhancing the consumer’s mental well-being, and also allowing the consumers to boost their self-confidence. These cosmetics offer solutions to a diverse range of facets such as emulsification, structure, durability, moisturization, and vibrancy. Color cosmetics are gaining refined interest, due to the translucent gradients, metallic structures, and prismatic aqua pearl sparkle. Multi-functional ingredients are mainly used for facial, lip and eye make-up applications, because they increase the color intensity, flexibility, and also ease of use. Therefore, the color cosmetics market size stood at $38 billion in 2018 and is estimated to rise with a CAGR of 6.2% during the forecast period 2019-2025.
Currently, raising concerns about pollution are compelling to accept face make-up as a layer of protection. Incorporation of skin benefits such as UV protection and hydration in the color cosmetics are beneficial to the consumers involved in the beauty industry. Thus, application of color cosmetics in the Facial Make-Up is set to grow at a CAGR of 5.8% during the above-mentioned forecast period. The spread of trendy fashion in the modern era coupled with the ubiquity of smartphones is grabbing more attention of consumers. “Boy beat” make-up trend has become a very eye-catching among others and also diverting the make-up users towards sheer bases to eliminate the dark circles, and freckles on the face. Facial make-up products comprise of face powders, cheek colors, foundations, lip color, and concealers, which are mainly used to color and highlight the face features. Eye care deals with eye shadow, eyebrow pencils, eyeliner, mascara, false eyelashes, and adhesives.
Globally, make-up preparations and preparations for the care of the skin import value has been recorded an annual growth of 24% from 2017-2018. China has depicted as the dominating importer of make-up and skincare preparations, it has recorded a profitable annual growth in value that is 73% from 2017 to 2018. It is primarily due to the influence of celebrity beauty bloggers and vloggers on color cosmetics users to buy these products. Whereas, the U.S. has experienced annual growth of 33% in import value of make-up preparations and skincare preparations during 2017-2018. Strict regulations by the U.S. Food and Drug Administration (FDA), especially in the case of cosmetic and personal care products companies, has resulted in few adverse experiences. Now, nearly 11 billion personal care products sold every year in the United States, out of which there are very few adverse experiences related to rashes or allergies, informed to the FDA. Cosmetic companies' strong commitment to safety has been attracting consumers to purchase the safest and FDA regulated cosmetic and personal care products. In the U.S., several female beauty buyers are fascinated in multi-purpose beauty products. Established footprints of Loreal S.A. and The Estee Lauder Companies Inc. in this country are impacting the demand for U.S. color cosmetics market. North America region established a regional revenue share of 31% among the other regions in the global color cosmetics market, as of 2018. Millennials desire for a flawless face, and black women under-index for facial make-up, are mostly boosting the growth of the North America color cosmetics market.
Color Cosmetics Market Growth Drivers:
· Digital Trends Impact: Presently, color cosmetics manufacturers are focused on manufacturing cosmetic products which provide a natural appearance. Additionally, a smart camera phone and social media are highly demanding the perfection in these products. Brands are replying with innovative products and applications, to gain traction of digitally aware consumers faster and meet their demands. Beauty products are answering with new formulations in the traditional products majorly in case of blusher, highlighter, foundation, and eye and lip products. A blur powder of face blur product is a weightless powder, which supports skin tone brightening through smooth color commitment.
· Skin Care: Increasing consumer demand for make-up combined with skincare benefits is creating significant opportunities for brands to cultivate hybridization between types. It is owing to the growing pollution everywhere in the world. Hence, adoption of color cosmetics with skincare benefits, which include hydration and UV protection are driving the growth of the color cosmetics market. Moreover, probiotics are highly used as a prominent trend in the skin care products which are helpful in connecting the good bacteria to healthy skin. As well, these probiotics are progressively being used in color cosmetics.
· Organic/Natural Products: At present, the shift of the beauty industry towards organic and natural products are influencing the color cosmetics. This is because of the increased focus of consumers on product origin and their preference according to the superiority of ingredients. Also, an increased number of attempts by the manufacturers to decrease the carbon footprints by eliminating the waste associated with the innovations of color cosmetics.
The Major Players in this Market Include:
The major players that are involved in the color cosmetics market are noted as follows Unilever N.V., L’Or’eal S.A., Avon Products, Inc., The Estee Lauder Companies Inc., Kryolan Professional Make-Up, Shiseido Co. Ltd., Chantecaille Beaute Inc., Coty Inc., Ciate London, and Revlon Inc. These companies have been continuously concentrating on product launches, and collaborations strategies to strengthen their color brands and their stable existence in respective geographies.
Key Players Market Strategies:
o Tokiwa Corporation, which is a color cosmetics manufacturer. In January 2019, it has established a new manufacturing site in New Jersey, as a part of global expansion. This company has invested an amount of $30 million in the U.S. facility to produce Japanese color products. It is aimed to experience continuous growth and international expansion in case of by fulfilling the needs of the U.S. based customers.
o On 1st August 2018, Loreal acquired Logocos Naturkosmetik AG, a German beauty company by signing an agreement. Through this acquisition, L'Oréal plans to increase the sales of Logocos Naturkosmetik brands all over the world.
o Double Wear Stay-in-Place Make-up is the latest product introduced by The Estee Lauder Companies Inc. It can be used as 24-hour wear, which provides a flawless, natural, and matte foundation in the U.S.
o Coty Inc. is a global leader in the fragrance and also a strong number not only in the color cosmetics but also in the professional salon hair color and styling.
o In August 2018, a collaboration was established between Loreal S.A. and A.S. Watson companies. This collaboration is intended to launch a new make-up-centric store in China. It is owing to meet the increasing demand for make-up in this nation. It is acting like a brand new retail concept in a trendy space, which attracts the Chinese millennials. These new stores not only offer a wide range of make-up products but also provide access to in-store make-up artists. So, consumer’s get an idea about a wide range of collateral on make-up trends.
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