The colour cosmetics industry is anticipated to grow at a CAGR of 5%. Sales of colour cosmetics will reach US$ 50 billion by 2031 as demand for natural and organic colour cosmetics and facial makeup products continues to grow.
Thanks to the growth of distribution channels and the growing adoption of social media platforms, sales of colour cosmetics have skyrocketed. Additionally, it is projected that throughout the projection period, the rising demand for cruelty-free cosmetics would propel sales of vegan colour cosmetics.
The growing demand for eco-friendly cosmetics and the inclusion of cutting-edge technologies like artificial intelligence will be favourable for the market for colour cosmetics. AI is being used by top colour cosmetic firms like L’Oreal and others to enhance the comparison and visualisation of hundreds of cosmetic colour variations.
Besides this, key players are investing extensively in research activities to include organic and natural color cosmetics such as