In-cosmetics Asia revealed in a recent press release how the global colour cosmetics market is currently valued at almost $50 bn (€42.5 bn). The Colour Cosmetics Market: Global Industry Analysis and Opportunity Assessment, 2016-2026, report also states that the sector is expected to experience a compound annual growth rate (CAGR) of 4.8%.
As a result, the Asia-Pacific (APAC) region is anticipated to overtake the US figure of $79 bn (€67.2 bn) by the end of 2026 and will replace the US as the leading colour cosmetics region by 2020, Euromonitor International predicts.
In fact, the colour cosmetics segment is growing faster than the beauty industry as a whole. In 2015, the sector added $3.4 bn (€2.9 bn) of extra value, and this number is calculated to hit $10.3 bn (€8.8 bn) in absolute value terms in 2020.
Millennials are identified as a clear and strong driving force behind the colour cosmetics sector's healthy projections as they near “financial independence” and adopt “bold and confident approaches to colour choices” that have a positive impact on these growth figures.
Japan is a big player in colour cosmetics, with 2017 retail sales anticipated to rise to $6.8 bn (€5.8 bn) from $6.5 bn (€5.5 bn). China is second in terms of market size when it comes to colour cosmetics, having reached $3.8 bn (€3.2 bn) in 2015. Next up is South Korea, where consumers are projected to buy $2.05 bn (€1.74 bn) worth of colour cosmetics goods in 2017.
India, Thailand, Indonesia, the Philippines and Vietnam are also notable markets to watch, as the demand for and use of colour cosmetics increases. In India alone, for example, the sector is likely to accelerate by more than 20% by 2020 as increasing numbers of women enter the workplace and seek cosmetic items.
Factors at play
The Colour Cosmetics Market: Global Industry Analysis and Opportunity Assessment, 2016-2026 report, also highlights how today’s consumers are placing increasing amounts of importance on appearance, which is having a considerable impact on the growth of the colour cosmetics sector.
This year’s event, organised by Reed Exhibitions, will specifically delve into product development centring around new and unusual textures that create different emotions in the end user.
“It asserts that people from diverse cultures are attributing – at least in part – potential success to their ‘face value’, perceiving that a preferable appearance will help them get ahead in life,” in-cosmetics Asia stated in a recent press release.
It is this trend that is being attributed to the global cosmetics market reaching over $200 bn (€170 bn) by the end of 2015.
“South Korean brands, such as The Face Shop, Etude House and Innisfree, fuelled the mass cosmetics boom by fulfilling Asian consumers’ need for self-indulgence and affordability through creative brand storytelling, eye-catching packaging, diverse product ranges and low price points,” Sunny Um, Beauty & Fashion analyst at Euromonitor International noted.
The event will run from 31 October - 2 November 2017 in Bangkok. For more information, visit http://asia.in-cosmetics.com/.