10.12.17
The global color cosmetics market was valued at $5.9 billion in 2016, and is projected to reach at $9.5 billion by 2023, registering a CAGR of 7.4% from 2017 to 2023. This is according to a new report published by Allied Market Research, titled: "Color Cosmetics Market by Target and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023."
The global color cosmetics market is driven by rise in the disposable income in emerging economies such as, India, Brazil, UAE, Saudi Arabia, Africa, and Egypt. Moreover, financial independence of working women influences the market to a large extent. In addition, increased awareness about external appearance fuels the market growth.
The mass product segment is expected to maintain its dominance during the forecast period, as it accounted for the highest share in the market in 2016. Increased innovations in the mass products segment, such as anti-aging cream and UV protection lotions, will continue to drive the market growth.
Key Findings
- Asia-Pacific is expected to maintain its dominant position in the global market during the forecast period, followed by Europe.
- The mass products segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 7.9% during the forecast period.
- The facial make up segment dominated the global market accounting for approximately two-fifths share.
- LAMEA accounted for approximately one-eighth share of the global market in 2016.
- The Asia-Pacific color cosmetics market is anticipated to grow at the highest CAGR of 7.6%.
- North America accounted for approximately one-fourth share in the global market, and is expected to grow at a CAGR of 7.1%.
- Asia-Pacific and LAMEA collectively contributed about 50% share of the global market in 2016.
