Theglobal colour cosmetics market sizeis expected to reach USD91,779.1million by 2027, exhibiting a CAGR of 3.6% during the forecastperiod. The growing awareness about cosmetic products coupled with evolvinglifestyles of consumers will contribute positively to the growth of the market,states Fortune Business Insights, in a report, titled “Colour Cosmetics MarketSize, Share & Industry Analysis, By Target Market (Prestige Product, andMass Product), By Distribution (Offline, and Online) By Application (NailProduct, Hair Product, Lip Product, Face Product, and Others), and RegionalForecast, 2020-2027.” The market size stood at USD 72,376.2 million in 2019.
Theentire world is fighting with the COVID-19 pandemic, which has severelydisrupted trades across the globe. The authorities of several countries haveinitiated lockdown to prevent the spread of this deadly virus. Such plans havecaused disturbances in the production and supply chain. But, with time andresolution, we will be able to combat this stern time and get back tonormality. Our well-revised reports will help companies to receive in-depthinformation about the present scenario of every market so that you can adoptthe necessary strategies accordingly.
The colour cosmetics markethighlights a grand study of the market, it sheds on vital facts and figures. It also offersauthoritative data about dominant regions, policiesadopted by governments and companies. Besides, providing a brief overview ofthe market with future insights. The report also encompasses key factorsexhibiting growth. In addition, COVID-19 impact is also covered in the report.
Market Driver:
Significant Demand for Organically Produced CosmeticProducts to Aid Growth
The increasingcognizance about organic products made from natural substitutes in the cosmeticindustry will spur opportunities for the market. Moreover, the growing demandfor vegan products among beauty and skin conscious consumers will fosterhealthy growth of the market. Thus, the increasing production of chemical-freecosmetic products will consequently enable speedy expansion of the market. Theshift from chemical-based to organic products made from natural ingredientswill promote the growth of the market. Furthermore, the rising disposableincome has resulted in heavy demand for colour cosmetic products, henceboosting the market.
InterruptedImport/Export Activitiesto Retard Business Amid Coronavirus
Thecoronavirus pandemic has criticallyhampered the import and export activities of cosmetic products. The disruptedcosmetic industry has experienced a massive loss owing to the coronavirus.According to the McKinsey report, in China, the cosmetic industry declined byup to 80% in February, and in March, a 20% decline was seen ona year-on-yearbasis. Moreover, the drop-in retail sales have led to impediment for themarket. However, the online purchase of cosmetic products has escalated due tothe lockdown, which, in turn, will aid the market. Besides, the temporaryclosure of beauty salons will drastically affect the global market during theforecast period.
RegionalAnalysis:
ImprovingEconomic Conditions to Influence Growth in Asia Pacific
The market in Asia Pacific is expected to dominatethe global market during the forecast period owing to the growing demand forskin care products in developing countries such as China, Japan, and India. Theimproving economic conditions have resulted in high demand for cosmeticproducts in the region. The surging middle-class population will contributepositively to the growth of the market in Asia Pacific. Europe is expected tohold a significant share in the global market owing to the high demand for premiumcosmetic products. Germany accounts for a high share due to the highconsumption of cosmetic products in the region.
Key Development:
April2020: Avon announced the launch of the second batch ofK-beauty products due to the success of the trend collection of the first batchin the previous year. This K-beauty range has made Avon’s partnership withKorean manufacturers and enabling to bring innovative products and formulaswith authentic ingredients to the customers from various regions.
The Report Lists the Main Players in the ColourCosmetics Market:
· L'Oréal S.A (Clichy, France)
· Avon Products Inc. (London, UK)
· Estée Lauder Inc (New York, U.S.)
· Shiseido Company, Limited (Tokyo, Japan)
· Revlon, Inc. (New York, U.S.)
· Procter & Gamble (Ohio, U.S.)
· Other Key Players
Information Source:
https://www.fortunebusinessinsights.com/colour-cosmetics-market-104305
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Colour CosmeticsMarket Segmentation& Analysis, IndustryGrowth Forecast 2020–2027
