Growing Demand for Cosmetics Applicable to a Wide Array of Skin Colors Bolstering the Demand in the Cosmetic Pigment Market | Future Market Insights Inc.

Manufacturers are investing more in the cosmetic pigments industry as a result of the expanding fashion and entertainment industries, evolving lifestyles, and rising disposable money.

/EIN News/ -- NEWARK, Del, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The cosmetic pigment market is expected to be valued at USD 13,794.3 million in 2024. The market is expected to progress over the forecast period, with a CAGR of 6.6%. By 2034, the value of the market is forecasted to have inflated to USD 26,235.5 million.

Maintaining or enhancing beauty is a prime concern for many consumers. While the female portion of the population is typically associated with the consumer base for cosmetic products, an increasing number of males, too, are indulging in beauty regimens. Thus, the rising sale of cosmetic products is benefitting the cosmetic pigment market.

Manufacturers are aware though that beauty standards are constantly evolving and traditional beauty standards are no longer the norm. Thus, producers are making cosmetic pigments that appeal to various skin tones. Innovations are also being done with the colors of the cosmetic pigments.

The growing disposable income of the people is seeing more investment in personal care products on the part of consumers. The rising popularity of organic cosmetic pigments is also benefitting the market. However, the market also has to contend with consumer aversion towards the effects of cosmetic pigments as well as strict laws regarding the labeling and packaging of the product.

Key Takeaways from the Cosmetic Pigment Market

• The cosmetic pigment market is anticipated to be valued at US$ 13,794.3 million in 2024.
• Inorganic pigments are the predominant elemental composition in the market. For 2024, inorganic pigments are expected to account for 25.7% of the market share.
• Cosmetic pigments are primarily used in facial makeup products. For 2024, facial makeup is anticipated to account for 25.7% of the market share.
• India is one of the most promising countries in the market. The CAGR for India over the forecast period is anticipated to be 11.3%.
• China is another Asian country poised to be lucrative for the market. For the 2024 to 2034 period, the CAGR for China is pegged at 9.4%.
• The market is expected to register a CAGR of 8.7% in Australia over the forecast period.

What are the Key Growth Factors for the Cosmetic Pigments Market?

Increased Financial Resources and Lifestyle Changes

Due to changing lifestyles and increased disposable income, the market for cosmetic pigments is anticipated to grow at a slower rate. Living standards in emerging markets like China, India, and Brazil rise in tandem with GDP growth. As a result of rising income levels and changing lifestyles brought by the demand for beauty and personal care, goods are also fueling the growth of the market significantly.

The Demand for High-Performance Pigment is Expanding

•        The global need for high-performance and specialty pigments is driving the cosmetic pigments market. The increasing demand for cosmetic pigments in personal care products will also have a significant impact on market growth.

•        The rising fashion and entertainment sectors are key drivers of the market for cosmetic pigments. Furthermore, the rapidly rising demand for organic pigments is one of the major dynamics that will boost the rise of the market for cosmetic pigments.

•        Another key aspect that will restrain the growth rate of the cosmetic pigment market is manufacturers' increasing emphasis on the use of cutting-edge technologies.

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“Consumers have historically been heavily influenced by entertainment industry professionals such as models and actors in their choice of beauty products. To add to that, social media influencers have also started influencing the population significantly. Thus, market players have the avenue of collaborating with models, actors as well as social media beauty experts to expand the market’s reach,” says Sudip Saha Managing Director and Co-Founder at Future Market Insights.

Competition Analysis of the Cosmetic Pigment Market

A few reputable companies dominate the cosmetic pigment market, though those with lesser capabilities have scope to thrive, too. Big-name players are targeting acquisitions to strengthen their position in the market. Some of the prominent companies in the market include Geotech, Eckart, BASF, and Lanxess.

Recent Developments in the Cosmetic Pigment Market

• In February 2024, Hubach launched the Cosmenyl S 100 range of sustainable pigment preparations.
• In July 2021, Sun Chemical unveiled the Reflecks MD Midnight Cherry and Reflecks MD Midnight Sapphire pigments.

Key Companies in the Cosmetic Pigment Market

• Geotech
• Eckart
• BASF
• Lanxess
• Venator
• Nihon Koken Kogyo
• Ferro Corporation
• Dayglo Color
• Elemental Srl
• Kolortek
• Sandream Impact
• Chem India Pigments

What Challenges do Suppliers of Cosmetic Pigments Overcome?

Preserving the Pigment Quality

The market for cosmetic pigments is expanding as a result of the rising demand for color cosmetics, but there are still a number of constraints that business owners must overcome. The key problem for cosmetic pigment makers is preserving pigment quality for mass-market products such as nail paints, lip colors, and eye makeup items.

Before employing a raw material to manufacture cosmetic pigments, its quality must be assessed. Color cosmetics for the mass market are occasionally of low quality because they are mass-produced and of high quality. The price of the cosmetic pigment used has a considerable impact on the demand for these high-priced items. Cosmetic pigment makers and processors must use only the highest quality pigments.

Strict Laws Governing the Usage of Specific Pigments likely Slow the Market's Growth Rate.

However, rigorous laws governing the usage of specific pigments will slow the rate of expansion in the market for cosmetic pigments. Cosmetic pigment manufacturers are obligated to follow tight cosmetics product regulations. Labeling, packaging, and the ingredients used in product manufacture are all governed by various authorities.

What is Fuelling the Usage of Cosmetic Pigments?

The Use of Environmentally Safe and Sustainable Cosmetic Pigments to Act as a Beacon

Even today, cosmetics contain potentially hazardous ingredients. These compounds may be hazardous to human health and are expected to increase the risk of health problems.

As a result of rising public interest and industry movements in the cosmetic pigment market, cosmetics manufacturers are looking for more natural and environmentally friendly cosmetic emulsifiers.

For example, environmentally friendly, sustainably manufactured organic pigments are in high demand. As a result, manufacturing companies are investing in green markets and using environmentally beneficial technologies.

The increased demand for cosmetic pigments made with natural and organic components produced from renewable raw resources is expected to provide significant potential for market participants in the cosmetic pigments sector throughout the forecast period.

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Key Segments

By Elemental Composition:

• Inorganic Pigments
• Organic Pigments

By Application:

• Facial Makeup
• Eye Makeup
• Lip Products
• Nail Products
• Hair Color Products
• Special effect & Special Purpose Products
• Others
  

By Type:

• Special Effect Pigments
• Surface Treated Pigments
• Nano Pigments
• Natural Colorants

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)
  

About the Consumer Product Division at Future Market Insights

The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Authored By

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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