By the year 2021, the size of the worldwide color cosmetic market is expected to reach US $75 billion, according to a dossier compiled by Statista. The same report also put the 2015 market at $61 billion, and the 2016 market at $63.1 billion. This compares to a market size of $55 billion in 2012. While the official 2015 numbers aren’t in yet, these estimates make two things clear: there is high hope for growth in this sector— but there’s also a long way to go. So where do we start?
Look to the Leaders
One place we can look is to the current market leaders to see what’s working for them. This doesn’t necessarily mean creating me-too products, it’s more about being aware of the market’s reaction to their products. As of December 2014, the following companies and rankings led the market; note that these revenue numbers consider not just makeup, but also fragrances; skin, body, sun and hair care; deodorant; and cellulite and shaving products.