The colour cosmetics market is increasingly enjoying more time in the spotlight, with new formats, textures and consumer groups helping it experience a new lease of life.
Whether it’s matte, glossy, nude, natural, baked, bright or contoured, the market has exploded with new products over the past five years. It has evolved into a multi-effect, multi-product, multi-billion dollar industry with technology and routes to market becoming more sophisticated than ever.
In fact, market research provider, Euromonitor International found that the global colour cosmetics market increased by seven per cent in 2017, with a further annual growth rate of four per cent expected over the next five years – compared to just two per cent between 2012 and 2017.
Growth was higher in both mature and emerging geographical markets, and Mintel estimated sales in the top five markets at a combined US$47bn. Euromonitor also identified strong growth in Eastern Europe, Latin America, as well as China and India.
"The market is definitely growing," Euromonitor International research analyst, Kloe Angelopoulou said. "Lipsticks and the blusher/bronzer/highlighter sector both showed strong growth in 2017 at 12 per cent and eight per cent, particularly in markets such as the UK, the US and Asia Pacific, where the natural look and glowing skin is popular. Western markets are also adopting more 'editorial' looks with cat's eye eyeliner, bushy brows and freckles."
According to Mintel senior innovation and insights analyst for beauty & personal care, Sarah Jundal, social media plays a huge role in the evolution of colour cosmetics.
"Social media is a massive influence right now, especially when you consider it is the number one source of information for younger consumers," she said. “It has made application techniques and looks so accessible for everyone, so consumers are less afraid to try. Whether looking for something new or for tips or tricks, YouTube and Instagram are where people are going.”
