The worldwide cosmetic pencil pen market would be worth US$ 2.8 billion in 2023 and is expected to reach US$ 5.7 billion by 2033, likely to register a 7.5% CAGR from 2023 to 2033
The study opines that the increasing focus to developments and innovation will continue to remain one of the vital factors that accelerates the market growth of the cosmetic pencil pen.
As per the key findings of the report, the global cosmetic pencil pen market is projected to experience noteworthy growth over the forecast period due to various driving factors such as growing e-commerce industry and increasing demand for cosmetic product. The major players of cosmetic pencil pen are focusing on the e-commerce channels for sales and promotion, finds the study.
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The e-commerce industry is growing at a good pace and is expected to contribute to the increasing sales of cosmetic products, and simultaneously influence the emerging trends in the global cosmetic pencil and pen market during the forecast period. E-commerce provide small and local manufacturers a large platform to do business, which is expected to increase in market share by reaching new customers.
Consumers are attracted towards the buying process provided by the e-commerce industry, it speeds up the buying process and saves time. It also provides a comparative study about the product with reduced cost, and this will bolster online sales of cosmetic pencil pens in the coming future.
Asia Pacific to Hold One-Third Revenue Share; Market Leaders to Expand Their Presence in the Region
The FMI study finds that China, South Korea and Japan are the leading exporter and importer of cosmetic product in the Asia Pacific region, and these countries cumulatively accounts for approximately 2/3rd of the total Asia Pacific cosmetic pencil pen market. It is due to increase in per capita income of working women and increasing attention towards fashionable cosmetic product.
Europe is also expected to witness a positive outlook towards cosmetic pencil and pen in the forecast period followed by the Asia Pacific region. France and U.S. are the leading exporters in the global market. It is due to presence of key players in cosmetic pencil pen manufacturing. Leading European cosmetic pencil pen manufacturers are entering into potential market of Asia pacific, and more often in Southeast Asia.
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The tier 2 companies are also planning to expand their presence in the global market with increased production capacity with acquisition and mergers. Growing penetration of local manufacturers in their respective regions also fuels the cosmetic pencil pen market.
Furthermore, emerging economies of Latin America such as Mexico and Argentina are expected to have potential in the cosmetic pencil pen market during the forecast period. All these factors will create demand for cosmetic pencil pen in the coming years.
Cosmetic Pencil Pen Market: Vendor Insights
Leading cosmetic companies such as Intercos S.p.A, Swallowfield PLC, Schwan-STABILO Cosmetic GmbH Co. KG and HCT Group are focusing on developing innovative product and also focusing on expanding its geographical presence to sustain in the market. The companies providing various types of cosmetic pencil pen with increase product offering help them to increase the revenue and sales of the company.
Some of the other key players in the global cosmetic pencil pen market are Alkos Cosmetiques SAS, Oxygen Development LLC, JOVI S.A, A.W. Faber-Castell Cosmetics GmbH, Confalonieri Matite S.R.L, Columbia Cosmetics Manufacturing Inc, Eugeng International Trade Co., Ltd., Quadpack Spain SL, Ningbo Beautiful Daily Cosmetic Packaging Co., Ltd., The Packaging Company, and Alovey Cosmetic Packaging Co.,Ltd.