Innovation drives US color cosmetics market – report
Added to the increasing amount of groundbreaking technology being incorporated into product, US color cosmetics product sales are also growing due to developing fashion trends, and immature markets for some products, the Markets and Markets report suggests.
Nail polish and BB creams were the products which registered the highest growth in the States between 2012 and 2014, underlining the advances in technology made in the market.
In particular, the report states that key highlights included new gel nail polishes, and the convenience and ease of use provided by the BB creams, which have with an increasing choice of functionality developed around different consumer needs.
Indeed, multifunctionality is a color cosmetics trend which has rapidly gained currency as a convenient and cost-effective beauty solution, with the global skin care space characterized by increasingly demanding consumers who are torn between simplicity and efficacy.
An eye on ingredients
With the naturals and organics trends continuing to enjoy massive popularity among cosmetics consumers, particularly in the West, brands would do well to keep an eye on which ‘green’ claims their color cosmetics products are able to make.
A recent market report by Grand View Research highlighted the organic beauty category’s potential, predicting near double-digit annual growth up to 2020.
The report suggested the global market for organic personal care products should grow to be worth approximately $15.98bn by 2020, reflecting annual growth rates of between 9% and 10% across Europe, North America and the Asia Pacific regions.
Strong growth underlines dominance of big players
However, despite the rise of the natural and organic segment in both the US and worldwide, it still remains a small part of the color cosmetics market, which is dominated by the big multinationals.
Overall the global color cosmetics market, which encompasses the colorants and cosmetic ingredients used in beauty and personal care products, was valued at $57.4bn in 2014, according to the report, and is now projected to reach $77.7bn in 2020.
This growth will be the result of an annual CAGR of 5.7% across the forecast period, the report predicts, with the market set to continue to be dominated by established key players such as L’Oreal, Avon, Coty, and Estée Lauder.
According to the firm’s analysts, consumer demand for color cosmetics is set to rise in response to progressive category innovations, and consumers' willingness to experiment.
