Mineral Cosmetics Market size was valued at $2,978 million in 2020 and is anticipated to reach $5,143 million by 2026, growing at a CAGR of 6.0% during the forecast period 2021-2026. The mineral cosmetics market growth rate is attributed to the rising need to reduce medication errors and development of automated systems with improved features and is anticipated to create new opportunities. Mineral cosmetics are cosmetics that are made up of compressed minerals such as zinc oxide, titanium dioxide, iron oxides, etc. Some mineral products are made entirely of mineral, with no wax or oil additives. Mineral products have improved coverage with less makeup, do not settle into wrinkles or fine lines, and are safe to use after injectable procedures such as dermal fillers, Botox, and other injectable treatments. Mineral cosmetics contain certain minerals that are considered to be beneficial to the skin; however, scientific debates about their effects on the skin have erupted. Any mineral with a high content of lead, for example, can cause serious skin damage or reactions. Moreover, the main reason behind the growing popularity of mineral cosmetics is the rise in health consciousness among both men and women around the world. Furthermore, surging focus on mineral cosmetic products and escalating disposable income of the individuals are the substantial driving factors of the mineral cosmetics market during the forecast period 2021-2026.
Mineral Cosmetics Market Segment Analysis - By Product Type
In 2020, on the basis of product type, face cosmetics segment accounted for the largest segmental revenue of the mineral cosmetics market. The face cosmetics segment held the largest market on account of the fact that the increasing working women population size has been fueling demand for face care products thereby, positively impacting the segment growth. Furthermore, the long-lasting and inbuilt Sun Protection Factor (SPF) features of these natural makeups have made them popular among consumers. Key face products include foundation, face powder, concealer, bronzer, and blush.
On the contrary, lip cosmetics segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.89%. The prime factors supplementing the growth of this segment owing to the increasing purchasing power of female consumers as a result of the rising number of working women in developing economies such as China and India is anticipated to raise the demand for premium lip products in the near future, which is to continue drive the segment growth in the forecast period 2021-2026. Furthermore, social media and beauty blogs have been encouraging consumers to experiment with new textures and colors in lip products. Apart from this, lip colors including nude, pink, and peach have gained significant popularity across the globe, which is anticipated to further fuel the segment growth.
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Mineral Cosmetics Market Segment Analysis - By Distribution Channel
On the basis of distribution channel, offline segment accounted for the largest segmental revenue of the mineral cosmetics market in 2020 owing to the fact that the majority of consumers still prefer to buy cosmetics from pharmacy chains and health and beauty retailers as these stores allow consumers to verify the quality of products before buying them. Furthermore, an increasing number of supermarkets and hypermarkets in the emerging economies including China, India, Bangladesh, and Brazil have boosted the offline distribution of products over the years. Moreover, manufacturers have been teaming up with regional and local retail chains in order to expand their market reach in each region.
On the other hand, online segment is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.5%. The online is to witness healthy growth owing to continuous advancement of the e-commerce industry that has been driving the online sale of the products worldwide. Cosmetics products is one of the most popular items bought through e-commerce channel. In addition, the rapidly growing number of smartphone users in developing nations including India and China is projected to fuel the growth of e-commerce in the upcoming years. All these factors are to drive the segmental market growth.
Mineral Cosmetics Market Segment Analysis - By Geography
North America is the major region dominating the mineral cosmetics market with a market share of 35.2% in the year 2020. This can be attributed to the rising consumer awareness about the harmful effects of chemical-based personal care products has propelled the demand for natural cosmetics in North America. A shift of preference towards natural and organic beauty products, particularly in the U.S., fosters the growth of the market. Additionally, the rising demand for natural, herbal and organic beauty products creates potential opportunities for manufacturers to innovate and develop new products in accordance to consumer preferences thereby, aiding the regional market growth.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to consumer outrage over artificial products, increase in internet penetration, improvement in lifestyle, and rise in health awareness fosters the growth of the market in the region. Apart from this, the growing number of working women is fueling the demand for CC (Color Correcting) and BB (Blemish Balms) creams in this region. The increasing penetration of international brands in emerging economies has been affecting the market for mineral cosmetics positively.
Mineral Cosmetics Market Drivers
Increasing Demand for Various Natural Beauty Products
The mineral cosmetics market is poised to receive upswing owing to increasing demand for various natural beauty products and is the major factor driving growth of the global mineral cosmetics market. Owing to this fact, manufacturers have been focusing on introducing new makeup products, which are made of various natural minerals such as iron oxides, zinc oxide, organic oils, mica powder, and titanium dioxide. Apart from this, various ingredients in natural mineral products including zinc oxide and titanium dioxide protect skin from harmful UV rays. This benefit of the product is poised to further drive demand for the product in the global mineral cosmetics market.
Advancement of The E-Commerce Industry
The rapid worldwide expansion of e-commerce has fuelled the availability of various mineral cosmetics. Moreover, owing the COVID -19 outbreaks, the market has been experiencing a positive impact. This can be attributed to the increasing infection rate worldwide. Therefore, the leading manufacturing firms use digital marketing techniques to market their product, which is acting as a driver to adapt the mineral cosmetics to overcome the infection rate.
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Mineral Cosmetics Market Challenges
High Cost Of The Product
Despite several drivers, high cost of the product and dearth of awareness among population is anticipated to hinder the growth of the global Mineral Cosmetics market during the forecast period 2021-2026. However, growing purchasing power of consumers makes them spend on purchasing premium natural personal care products, which is to further drive growth of the market over the forecast period 2021-2026.
Mineral Cosmetics Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Mineral Cosmetics Market. In 2020, mineral cosmetics market share is fragmented by the top ten players present in the market. Mineral Cosmetics Market top 10 companies are Glo Skin Beauty, L'Oreal, Mineralissima mineral makeup, REVLON, Shiseido, Clariant, ECKART, Merck, BASF, Neelikon and others.
Acquisitions/Product Launches
In August 2019, Iredale Cosmetics, Inc. launched a new foundation, Beyond Matte Liquid Foundation. It is a matte liquid foundation, which works as a primer, foundation, and concealer.
Key Takeaways
North America dominated the Mineral Cosmetics market with a share of 35.16% in the year 2020.
The factors such as growing demand for natural skincare products, growth in e- commerce industry are amongst the major factor projected to impel growth of Mineral Cosmetics market.
Additionally, factors such as millennials and young consumers are attracted to the product through crucial social media marketing platforms and rising concern among women about appearance are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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