Portland, OR, Aug. 06, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research,the global color cosmetics market generated $5.87billion in 2016, and is estimated to reach $9.55billion by 2023, registering a CAGR of 7.4% from 2017 to 2023.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand for color cosmetic products and growing beauty consciousness among the consumers across the globe drivesthe growth of the global color cosmetics market.However,stringent government regulations regarding production of colour cosmeticsrestrainsthe market growth. Furthermore,development of organic color based cosmetics products is expected to provide new growth opportunities to the market players.
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Covid-19 scenario:
- The manufactrurershavehalted their production activities due to disrupted supply chain amid lockdown all across the globe.
- The demand for color cosmetics is expected to decline during Covid-19 pandemic due to stringent regulations to prevent transmission of Covid-19.
- The buying behaviour of consumer has also impacted the market, as people are spending more money to buy personal care products such as handwash, soaps, hand sanitizers rather than on cosmetic products.
The report offers a detailed segmentation of the global color cosmetics market based ontarget market, application, and region.
Based on target market, the mass product segmentcontributed to the largest share in 2016and is estimated to maintain its dominant position during the forecast period. In addition, itis also estimated to portray the highest CAGR of 7.9% during the forecast period.
Based on application, the facial make upsegmentaccounted for the largest share in 2016, holding nearlytwo-fifthsof the total share, and is expected to maintain the largest share throughout the forecast period.
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Based on region, Asia-Pacific and LAMEA collectively contributed about halfof the total market sharein 2016, and will maintain its dominance throughout the forecast period.However, Asia-Pacific isexpected to grow at the highest CAGR of 7.6% from 2017 to 2023.
Leading market players analyzed in the research include L’Oreal Group, Unilever N.V.,The Estée Lauder Companies Inc.,Avon Products, Inc., Shiseido Co. Ltd., Kryolan Professional Make-Up, Coty Inc.,ChantecailleBeaute Inc.,Revlon Inc., and Ciaté London.
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