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Growth Accelerated By Enhanced Product Innovation

Pooja Khodke
Growth Accelerated By Enhanced Product Innovation

Color cosmetics products such as nail paints, lipsticks, eye shadows, and more have gained immense popularity among various demographics across the globe. These products offer attributes like enhanced appearance, beautification, and confidence boosting. The wide variety of shades and textures allow users to experiment with different looks. Moreover, the introduction of innovative formulas which are long-lasting, cruelty-free and contain natural ingredients has further increased the adoption of these products.

The global Color Cosmetics Market is estimated to be valued at US$ 77.17 Billion in 2023 and is expected to exhibit a CAGR Of 23% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing demand for multifunctional and natural color cosmetics among consumers has emerged as a key trend in the market. Manufacturers are focusing on development of innovative products with added skincare benefits like anti-aging, moisturizing etc. along with the coloring attributes. For instance, products infused with vitamins, minerals, organic ingredients and botanical extracts are gaining popularity. Furthermore, the increasing adoption of social media platforms has enabled producers to directly connect with younger demographics and introduce trendy shades and looks frequently. The rising influence of digital media is thus acting as a strong driver for constant innovation and expansion of different product ranges in the color cosmetics market.

Segment Analysis

The global color cosmetics market is dominated by the Facial Makeup sub segment. The facial makeup sub segment accounts for the largest share in the market owing to the wide availability and demand for products such as foundation, concealer, compact powder, face powder etc. as people are more focused towards improving and enhancing their facial features with the application of color cosmetics.

Key Takeaways

The Global Color Cosmetics Market Demand  is expected to witness high growth during the forecast period of 2023-2030. The market is estimated to reach a size of US$ 77.17 Billion by 2024, registering a CAGR of 23%.

Regional analysis

The Asia Pacific region is projected to experience the fastest growth in the color cosmetics market during the forecast period. The growth can be attributed to the rising disposable incomes, increasing modernization and adoption of western culture in countries such as India and China. Furthermore, increasing focus on beauty and personal grooming among the young population of Asia Pacific is also contributing to the rising demand for color cosmetics in the region.

Key players

Key players operating in the color cosmetics market are Desktop Metal, Formlabs, HP, 3D Hubs, WASP, GE Additive, Aleph Objects (Lulzbot), Apis Cor, 3D-Fuel (3DomFuel), Doob Group, E3D, Nano Dimension, Open Bionics, Zortrax, Nanoscribe GmbH, Monoprice, Stratasys, 3D Systems, Divergent3D, and Optomec. Desktop Metal, Formlabs and HP capture significant market share due to their diversified product portfolio and wide geographical presence.

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Pooja Khodke
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