Factors such as growing spending on personal care products and rising focus on appearance as a result of improving lifestyle are expected to be the key factors driving the market over the forecast period (2017 to 2022).In addition, technological advancements and the advent of innovative products is also expected to propel the market demand. Constantly changing fashion trends are also said to have a positive impact on the color cosmetics market over the next few years.
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On the other hand, economic recession, high costs associated with high-quality chemicals and packaging, and stringent government guidelines regarding the product ingredients may have a negative impact on the market growth. However, the development of high-quality products due to escalating demand for eco-friendly and longer-lasting products with reduced risk of toxicity and skin irritation would drive the market. In addition, increasing usage of natural ingredients in the production of color cosmetics on account of rising awareness about the adverse effects of synthetic chemicals is also likely to influence the product demand.
The global color cosmetics market can be segmented on the basis of product, application, and region. Based on product, the market can be segregated into nail makeup, facial makeup, eye makeup, hair color products, lip products, and other. On the basis of application, the color cosmetics market can be classified into skin care, beauty, and other. Geographically, the market can be divided into North America, Europe, Southeast Asia, China, India, and Japan. North America and Europe are the lucrative regions for color cosmetics and personal care products due to constant innovations, in terms of technologies and products, and high consumer disposable income levels in these regions.
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Earlier technological innovations in US, such as gel nail polishes, have gained more traction in the market, which has contributed toward the region’s development. The Europe region is also expected to witness healthy expansion on account of the presence of many renowned cosmetics brands, particularly in UK.. Color cosmetics market in the Southeast Asia, India, Japan, and China regions is expected to have a significant demand in the coming years. This growth is attributed to the factors such as growing demographics, improving standards of living, and rise in disposable income in these regions.
In addition, availability of branded products in these regions due to rising number manufacturing facilities is also anticipated to support the market growth. Some of the prominent companies operating in the global Color cosmetics market include Johnson & Johnson; Procter & Gamble Co. or P&G; MAC Cosmetics, AmorePacific Corp.; and Revlon Group. Most of these manufacturers have heavy investments in the R&D activities to develop innovative, organic products such as such as UV protection lotions and anti-aging creams, with lesser adverse effects on environment.
For instance, Colour Poprecently developed limited-edition, long-wear nail polishes with six different shades. The new polishes are fast-drying and non-toxic since them do not contain any harmful chemicals such as toluene, formaldehyde resin, formaldehyde, camphor, DBP, xylene, and TPHP.
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