LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global color cosmetics market to post a CAGR of more than 5% by 2019, according to their latest report.
The research study covers the present scenario and growth prospects of the global color cosmetics market for 2015-2019. To calculate the market size, the report takes into account revenue generated from retail sales of color cosmetics products.
Technavio consumer and retail analysts highlight the following three major drivers that are influencing growth of the global color cosmetics market:
- Social media and celebrity endorsements
- Rising demand for luxury products
- Affordable indulgence among young consumers
Social media and celebrity endorsements
According to the report, the presence of social media is a boon for any industry as social investments help brands be more efficient with their dollars. Consumers are now more engaged in social networking and blogs to educate themselves about the personal and beauty care products. In the nail make-up market, blogging sites like Nailed Blog dominate the online discussion forum for nail color brands. Close to 25% of the online users aged 22-25 years buy the products they see online.
“Celebrity endorsements are smart for business as they provide a channel between the customers and the manufacturers and help in highlighting the product. Gwen Stefani belted out seven new shades and finishes of nail polish with OPI. Shiseido signed Lady Gaga as chief brand ambassador in January 2015,” says Brijesh Kumar Choubey, lead cosmetics and toiletry analyst at Technavio.
The report also states that around 25% of the Internet users aged 16-24 years discovered new brands through celebrity endorsements, and for the group aged 25-34 years it was 22%, while for the group aged 35-44 years it was 14%.
Rising demand for luxury products
Manufacturers are now expanding the luxury segment to cover the full spectrum of the cosmetics market, from bath products to nail polishes. Designers like Marc Jacobs and Tom Ford are extending their presence in the premium beauty segment. For instance, Marc Jacobs has opened a luxury store in Manhattan, US, dedicated solely to fragrances and other cosmetic products. In 2013, Tom Ford launched his own cosmetics line. Also, Giorgio Armani, Michael Kors, and Tory Burch have teamed with the top industry players to set up a different product portfolio. Estée Lauder is focusing more on younger consumers for its top brands Clinique and Estée Lauder by launching new products to boost revenue growth, for instance, the luxury brand New Dimension face and eye make-up kit launched in 2015.
Affordable indulgence among young consumers
The rising demand for color cosmetics among the younger population is one of the primary drivers of the market. The engagement is high among women aged 25-34 years who are interested in the benefits of the product and prefer long-lasting products and natural claims. Around 91% of girls between the ages of nine and 17 years use some sort of nail product, making it one of the most popular cosmetic items among teen girls. Fashion trends like nail art are transforming a nail into a stylish accessory.
According to Brijesh, “Other than the trending concepts like glitter, magnetic and metallic finishes, and nail art, women are generating high interest in natural nail care concepts, as well as products that help in ease of use and convenience. The improving economy is prompting consumers to indulge in nail care products as an affordable luxury.”
Browse Related Reports:
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- Global Lipstick Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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