Color Cosmetics Market size is estimated to surpass USD 95 Billion by the end of 2033, witnessing around 4% CAGR during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of color cosmetics was USD 73 Billion. The growth of the market can be attributed to the rise in the use of cosmetic products among women. The rise of social media and globalization have made the use of cosmetics more popular and easily accessible than ever. According to estimates of 2021, about 70% of American women use cosmetics daily, which translates to approximately 160 million people who spend about USD 14,000 on them over the course of their lifetime.
People around the world are becoming conscious of their appearance. For instance, approximately 26 days a year, or almost an hour and a half each day, are spent by adults across the world under the age of 25 worrying about their appearance. Color cosmetics consist of chemicals that are beneficial for enhancing appearance. Hence, the demand for color cosmetics is expected to grow over the forecast period. Further, the rising per capita income has increased the spending capacity and generated a need for improved quality of life. As a result, people are investing and spending more in color cosmetics, subsequently expanding the market size in the upcoming years. In addition, the rising geriatric population is considered to increase the sales of color cosmetics owing to reduce age skin-related imperfections such as fine lines, wrinkles, pigmented spots, dry skin, and others. The rapid expansion of the beauty and care industry along with technological advancements in developing color cosmetics and increasing consumer awareness about personal care and fashion trends are considered other factors that are anticipated to create a positive outlook for market growth in the assessment period.
Growth Drivers
Growing Income Level of the Population - By 2022, 130 million families in the world were expected to have an annual income between USD 3000 and USD 9000, up from about 90 million households in 2019. People tend to spend more money on beauty goods when the average household income rises. Because of their higher standard of living, people become more aware of their appearance. As a result, it is predicted that this trend would increase the demand for color cosmetics and fuel market expansion.
Rise in the Percentage of Older Aged People – As people grow older, they are faced with many skin-related issues such as pigmentation, wrinkles, fine lines, age spots, under-bag eyes, and others which could be corrected through color cosmetics. Thus, the burgeoning geriatric population is expected to bring lucrative opportunities for market growth. By 2030, one in six people worldwide will be 60 years of age or older as per the World Health Organization.
Surge in Middle-Class Population - The number of persons in the middle class worldwide expanded from about 900 million to approximately 2 billion between 2011 and 2019, or by an average of 50 million people per year.
Significant Investment in Advertising Cosmetic Products – Massive investments in advertising cosmetics products increase the awareness level of beauty and care products among the population. As a result, individuals are propelled to buy color cosmetics, thus, increasing its sales. According to estimates, in 2020, global beauty businesses spent approximately 40% of their advertising budgets on television, which is about 2 times more than the average brand, and about 17% of their advertising budgets on magazines, which is approximately 5 times more than the average brand.
Online Distribution of Cosmetics Products - E-Commerce has made various color cosmetics products that were unavailable at local channels, easily available to the consumer. Hence, the adoption rate of color cosmetics is expected to increase. In 2021, personal care sales generated almost USD 55 billion which is equivalent to 12% of the total retail e-commerce sales in the United States.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~USD 73 Billion |
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Forecast Year Market Size (2033) |
~USD 95 Billion |
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Regional Scope |
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Target Market (Prestige Products, Mass Products)
The global color cosmetics market is segmented and analyzed for demand and supply by target market into prestige products, and mass products. Out of which the mass product segment is anticipated to garner the highest revenue by the end of 2033, owing to innovation and affordability. The rising population and high demand from the younger generation to enhance their looks have generated the need for high-quality color cosmetics but at a lower price, thus, bringing profitable opportunities for growth of the segment. For instance, Amazon's mass cosmetics sales have risen by about 19% globally from the prior year to approximately USD 130 million in 2018.
Application (Nail Products, Hair Products, Lip Products, Face Products)
The global color cosmetics market is also segmented and analyzed for demand and supply by application into nail products, hair products, lip products, and face products. Out of these segments, the face product segment is attributed to holding the largest segment share during the forecast period. The growing awareness about personal grooming among the population, along with the penetration of beauty trends, and improved lifestyle are the major factors considered to fuel the segment growth. Color cosmetics for the face include products such as face powder, moisturizer, face cream, foundation, concealer, and others. The rising trend to beautify faces and hide facial lines, dark circles, and spots, and enhance facial features have generated the demand for color cosmetics for the face. Also, the high costs and risks associated with plastic surgeries and medicines are not favorable for the beautification process, making color cosmetics for the face a favorable option in the longer run. On the other hand, the lip product segment is expected to hold the second-largest share. The major factor for the segment growth is projected to be the growing purchasing power of consumers in both developed and developing economies along with rising beauty standards in every region of the world. Several products fall under color cosmetics for lip care including lipstick, lip balm, cosmetic pen and pencil, and others. The utilization rate of these lip care products is expected to rise owing to improving living lifestyles. Also, the rise in the number of working women is anticipated to drive segment growth.
Our in-depth analysis of the global market includes the following segments:
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By Target Market |
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By Distribution |
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By Application |
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APAC Market Statistics
The Asia Pacific color cosmetics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by the growing disposable income of individuals in this region. Higher disposable income results in people having more money to spend on themselves and beauty products such as color cosmetics. For instance, it was calculated that the disposable per capita income of Singapore a country within the ASEAN region was roughly around 30 thousand dollars in 2021. The increased demand for skin care, and nail care products from countries such as China, India, and Japan is estimated to augment the market growth in the region. The rapid technological advancements in the beauty sector and rising investments to develop high-quality cosmetic products are also projected to create a positive outlook for the market. Other factors that are responsible for the market growth in the region are the rapid expansion of the beauty and care industry, the presence of major key players, and changing consumer lifestyles
Avon Products Inc.
L'Oréal S.A. presented its most recent beauty technology breakthrough – Coloright, an AI-connected hair color system that uses Virtual Try-on to project desired shades and an algorithm that leads to an on-demand, customized hair color with more than 1,500 custom shade possibilities.
The first-to-market implementation of Perfect Corp.'s AgileHand Technology, the innovative virtual try-on tool from Sally Hansen enables customers to quickly experience hundreds of Sally Hansen nail color selections in an augmented reality environment, accessible from any mobile device.
Author Credits: Smruti Ranjan, Rajrani Baghel
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