Global color cosmetics set for industry-leading growth
With global cosmetic and personal care market growth likely to come in at around 3% during the course of the next five years, predictions made in the latest market report from India-based Market and Market put the category streets ahead.
The report, titled The Color Cosmetics Market, predicts that CAGR will be 5.7% up to the year 2020, which means that, with a market value of $57.4bn in 2014, it will reach $77.7bn by 2020.
So what’s likely to drive this growth?
The report predicts that growth opportunities will be divided up according to geographic regions, with the US and European regions likely to be driven by face make-up and nail products, while in the Asia Pacific region the Indian market is likely to be the main driving force.
Drilling down, a lot of the growth in the US market is being driven by technological innovation, the report highlights, with advanced nail varnishes and BB creams likely to continue with the growth spurt witnessed in the course of the last two years.
The popularity of these products has increased thanks to the ease of use, convenience and the significant changes these products bring to the consumer who wears them.
In Europe it is the UK that is flagged up as being the market to continue to watch, particularly due to the fact that there has been an upsurge in demand for prestige color cosmetics, with the report estimating that the market accounted for 30% of all category growth in the region between 2010 and 2015.
Changing lifestyles in India
In Asia-Pacific the report highlights that the color cosmetics market in India is likely to grow by more than 20% from now until 2020, mainly on the back of a growing awareness of color cosmetic products and changing lifestyles.
In turn this is also likely to see a shift from the traditional domestic color cosmetics, towards international players who are offering greater variety and more daring effects.
This also ties in with a general surge in the beauty consciousness of the average Indian, a phenomenon that is happening on the back of more effective advertising and marketing campaigns for color cosmetic brand chasing the increased spending power from the growing number of women in the country’s workforce.
