LONDON--(BUSINESS WIRE)--The color cosmetics market in the US is expected to grow at a CAGR of close to 4% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the color cosmetics market in the US by product types such as face makeup, eye makeup, lip makeup, and nail makeup. The report also provides a detailed analysis of the trends, drivers, and challenges expected to impact the market during the forecast period along with an analysis of the key players in the market.
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Market driver: product premiumization
The color cosmetics market in the US is characterized by a variety of products that are of high quality. Of late, consumers in the market are opting for products of superior quality. A large percentage of the consumers choose products that are durable and less-toxic. Cosmetics products that have minimal adverse health impacts are in high demand in the market. The degree of brand recognition associated with premium brands such as Chanel, OPI, Estée Lauder, and L'Oréal is high, and consumers prefer to invest in these premium brands.
Consumers are willing to invest heavily in premium products owing to factors like superior quality and durability. Such premium products are generally targeted at high net-worth customers. Most of the vendors that offer premium brands cater to the premium or the aspirational customer segment. Consumers prefer to invest in such brand as these brands instill a certain degree of confidence among the customers.
“The premium color cosmetics segment is a critical segment of the global premium cosmetics market. Designers such as Giorgio Armani, Michael Kors, and Tory Burch are collaborating with top industry players to diversify their product portfolios, due to which this segment is expected to witness significant growth during the forecast period,” says a senior analyst at Technavio for cosmetics and toiletry research.
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Market trend: increasing demand for natural and organic products
The growing demand for natural and organic color cosmetics is expected to have a positive impact on the color cosmetics market in the US. Of late, consumers have become increasingly aware of the harmful effects of synthetic chemicals used in color cosmetics. This increases the demand for natural and organic color cosmetic products.
The increased demand for organic products has contributed to the launch of several such products by key vendors in the market. Nudus offers certified organic lipsticks that are safe for regular use. Such lipsticks are gluten-free and do not contain genetically modified organisms or nanoparticles. The Nourish brand provides organic nail polish products infused with natural ingredients and essential oils with antifungal properties. Similarly, Purjoi Nail Studio Nail & Cuticle Oil Treatment uses an organic formula that refreshes and revitalizes nails and hands.
Market challenge: increased availability of counterfeit products
The color cosmetics market in the US is characterized by several counterfeit products. The sale of counterfeit products affects the revenue of mainstream brands and their prevailing brand equities. Also, counterfeit products contain harmful ingredients such as mercury, lead, cyanide, and arsenic. Such products exhibit a high degree of price performance as well, due to which they intensify the competition for existing brands.
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