As the millennial generation nears adulthood, attaining financial independence, the colour cosmetics segment is undergoing a major positive shift and millennials are leading the way with their bold and confident approaches to colour choices.
The global market for colour cosmetics is presently valued at close to US$50bn and is anticipated to exhibit growth of 4.8% CAGR[1]. This means it is expected to surpass US$79bn by the end of 2026 and makes it a key focus for discussion at the upcoming in-cosmetics Asia 2017.
Colour cosmetics are a major driver of overall market growth in the APAC region, alongside well-established product streams like skincare and suncare. Euromonitor International predicts that APAC will replace the US as the leading colour cosmetics region by 2020. This segment is growing faster than the overall beauty industry, driven by emerging markets across the region. It added US$3.4bn of extra value in 2015 and is projected to maintain robust growth until 2020 when the sector will be worth US$10.3bn in absolute value terms. Japan is one of the fastest-growing regions when it comes to colour cosmetics, with retail sales projected to leap from $6.5bn to $6.8bn this year.
China is the next largest market within the APAC region achieving retail sales of $3.8bn in 2015, followed by South Korea, whose consumers are expected to spend some $2.05bn in 2017. Other countries where the demand for and use of colour cosmetics are projected to rise quickly are India, Thailand, Indonesia, the Philippines and Vietnam. In India alone the colour cosmetics market is projected to grow by more than 20% by 2020 – driven by an increasing number of women entering the workplace and demanding more cosmetic products.
This is mirrored by the Colour Cosmetics Market: Global Industry Analysis and Opportunity Assessment, 2016-2026 report, in which experts attribute the popularity of colour cosmetics to the increased importance attached to appearance. It asserts that people from diverse cultures are attributing – at least in part – potential success to their ‘face value’, perceiving that a more preferable appearance will help them get ahead in life. This commonly accepted trend is what helped the global cosmetics market to make more than US$200bn by the end of 2015.
The report names companies including L’Oréal, Estée Lauder, Shiseido and Coty as key players in the global colour cosmetics market. These organisations and more will be present at this year’s in-cosmetics Asia event, where the segment will be explored in depth, with particular focus on product development around new and unusual textures that evoke different emotions in the end user. The exhibition will highlight the latest in colour cosmetics in a dedicated Spotlight On area on the show floor.
As well as showcasing the latest products, Sunny Um, Beauty & Fashion analyst at Euromonitor International, will deliver a presentation entitled ‘Identifying opportunities in colour cosmetics in Asia Pacific’ on Tuesday 31 October at the popular Marketing Trends Theatre.
“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,” she commented. She will share further key insights into the colour cosmetics industry and highlight opportunities in this fast-growing segment.
The event will run from 31 October to 2 November 2017 in Bangkok.
