According to a recent analysis by Future Market Insights, the global market for cosmetic pencils and pens was valued at over US$ 2 billion in 2018 and is projected to grow at a CAGR of around 8% during the forecast period of 2019 and 2029. (FMI). According to the survey, one of the key elements accelerating the market expansion of the cosmetic pencil and pen will continue to be the increased focus on innovations and advancements.
The report’s major findings indicate that the demand for cosmetic products and other driving factors are expected to cause the global market for cosmetic pencils and pens to expand significantly over the forecast period. According to the survey, the top cosmetic pencil and pen manufacturers are concentrating on e-commerce platforms for sales and marketing.
During the forecast period, the e-commerce sector, which is expanding quickly, is anticipated to support rising sales of cosmetic products and have an impact on new trends in the market for cosmetic pencils and pens globally. Small and local manufacturers may conduct business on a broad scale thanks to e-commerce, and by reaching out to new clients, they should see a gain in market share. Customers are drawn to the e-commerce industry’s purchase procedure because it saves time and expedites the transaction. Additionally, it offers a cost comparison study of the product, which will increase online sales of cosmetic pencils and pens in the future.
Asia Pacific to Hold One-Third Revenue Share; Market Leaders to Expand Their Presence in the Region
According to the FMI survey, China, South Korea, and Japan are the top importers and exporters of cosmetic products in the Asia Pacific area, and collectively, these three nations account for almost 2/3 of the market for cosmetic pencils and pens in the region. It is brought on by the rise in the average income of working women and the growing popularity of trendy cosmetic products.
In the projected period, Europe is also anticipated to see a good perspective toward cosmetic pencils and pens, followed by the Asia Pacific region. The top exporters on the world market are France and the United States. It is because major manufacturers of cosmetic pencils and pens are present. Leading European cosmetic pencil and pen makers are increasingly targeting the Asia-Pacific region as a potential market.
The tier 2 companies also intend to boost their production capacity through mergers and acquisitions to strengthen their position in the international market. The cosmetic pencil and pen industry is also being driven by local manufacturers who are becoming more prevalent in their particular regions. Additionally, throughout the projected period, growing Latin American economies like Mexico and Argentina are anticipated to have promise in the cosmetic pencil & pen market. In the upcoming years, demand for cosmetic pencils and pens will be driven by all of these causes.
Key Segments Covered in Cosmetic Pencil & Pen Industry Research
By Material :
By Product Type :
- Sharpenable Wooden Pencils
- Sharpenable Molded Pencils
- Mechanical Pencils
By Application :
- Eyeliner & Kajal
- Eye Shadow
- Eye Brow
- Lip Liners
- Lip Gloss
- Clean-up Pencils
- Concealer Pencils
- Cheek Balms
- Sculpting Pencils
- Skin Glossing Pencils
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.