Global market for color cosmetics set to reach $41.4bn
‘Color Cosmetics: A Global Strategic Business Report’ reveals that post-recessionary markers such as higher disposable incomes, greater inclination to spend and preference for prestige products are all factors likely to propel market growth.
According to GIA, the strongest markets for color cosmetics are Europe and Asia-Pacific, who collectively dominate the sector.
Multi-benefit products still popular
An on-going trend within the color cosmetics is that of multi-benefit products; color cosmetics that boast additional characteristics such as anti-aging benefits or UV protection.
However, in this dynamic industry sector, product differentiation is crucial, and manufacturers looking to get ahead of the competition are experimenting with new textures and formats, the report revealed.
It was also noted that performing well in this market relies heavily on addressing the ever-changing needs of consumers, such as the aging population, multicultural communities and the growing awareness of sustainability.
In the facial make-up market, manufacturers are creating foundations that incorporate light-capturing crystals, such as mother of pearl, topaz and quartz, rather than using heavy pigments.
Additionally, foundations are becoming more closely allied with skin care formulations, with the rise of products such as anti-aging foundations.
Lipstick weathers recession well
According to the report, lipstick appears to have weathered the recession particularly well, partly due to the fact that consumers opt for less expensive products. One that have proved to be particularly popular that are those that offer intense color and contain vitamins A C and E.
The report recommends that manufacturers in the lip care category looking to tap into this lucrative market should offer products that combine shimmering, shiny textures, with a long-lasting and caring formula, as well as being contained in a stick form for easy application.
According to GIA, a company to tap into the demand for convenient, easy-to-use lip products is Avon, with the launch of its Pro-to-Go lipstick in the UK. The lipstick can be applied using one hand that’s to a button that can be slide up and down to open and close the lid.