The US color cosmetic market posted a 5 percent growth in 2012 on the back of innovative technology, developing fashion trends and immature markets for some products, according to a report by www.companiesandmarkets.com .
The study highlights the innovation-driven growth of nail polish, as well as items which are relatively new to Western markets such as BB and CC cream.
Growth was slightly lower than 2012’s 7 per cent, but the report anticipates solid development through to 2017, as the US economy recovers and manufacturers launch new innovations for easier and more fun applications.
Color cosmetics is predicted to increase by 9 percent in constant value terms.
Nail polish sales grew by 27 per cent, bringing it to a record value of US$1bn.
Advances in technology were pointed to as a major factor, with development highlights including gel nail polishes becoming available in retail outlets after previously being limited to salons.
Another factor was the development of nail polish strips, which consist of nail polish applied to flexible material and which can last for up to ten days without being re-applied.
The report also highlighted the growth in nail art, which is becoming popular as “fashion designers and manicurists work together to create a co-ordinated look” and because it allows women to revamp their appearance at a low cost.
The analyst commented: “Advances in nail polish technology played a major part in boosting sales of nail polish. Coty’s Sally Hansen nail polish strips, which are actually nail polish applied to a flexible polymer, continued to do well.”
BB and CC creams were considered to be “immature,” which companiesandmarkets.com suggested gives them the potential for strong growth over the next few years as customers discover the products.
The analyst said: “Convenience and ease of use are very important to today’s consumers, and these products should be able to capitalize on these trends to grow.”
Particular areas highlighted for growth include women with darker skin, who are currently not well catered to by the limited range of shades on offer, and BB creams which include anti-ageing properties.
L’Oréal continued to be the biggest player in the US market, slightly increasing the market share of its four main brands- Maybelline, L'Oréal Paris, Lancôme, and Essie- from 22 percent to 23 percent.
The French cosmetic giant’s Maybelline brand also ascended to become the leading colour cosmetics range, overtaking Cover Girl and capturing 10 percent of the market.