The global cosmetic pigments market is expected to register a compound annual growth rate of 7 percent between 2014 and 2019, according to a recent forecast.
The findings of a report by India-based market research firm Markets and Markets, estimate that the global value of the market for pigment products such as natural colourants, high performance pigments, commodity pigments and special effect pigments will register between US$1bn and $1.024bn by 2019.
The report notes that the colour cosmetic pigment market is flourishing as consumers continue to explore new looks in eye makeup, nail varnish and lip products. Manufacturers are increasingly producing a wide range of formulas and textures to cater to demand.
Rising disposable income among consumers coupled with an increase in the number of new product launches across North America and Europe is leading the growth of the market, the report noted.
To date, the UK has been the largest market for colour cosmetic pigments in Europe and is projected to register more than 20% growth in Western Europe between 2010 and 2015.
Colour cosmetic pigments is witnessing a shift from the US, Western Europe and Japan to the developing markets of Asia such as China and India, due to low wage rate and less stringent environmental regulations.
Asia-Pacific countries such as China and India, are expected to account for highest cosmetic pigments market, in terms of value, by 2019, mainly due to: increasing consumer incomes; changing lifestyles and rise in consciousness about appearance—particularly age-related imperfections; rise in awareness about personal care products; and innovation and technological advancement of new products.