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MARKET OUTLOOK

Triton Market Research’s report displays that the North America cosmetic dyes market is set to register a growth compound annual growth rate of 3.51% through the projected years 2021-2028. The United States and Canada together form the market in this region.

Canada’s cosmetic dye market is driven by various factors, including the surge in disposable income, a rising working population, and a high life expectancy rate. According to the OECD data, the country’s household on average spends approximately 22% of their gross adjusted disposable income on consumer goods. Additionally, Canada has a high living standard, which has enhanced the demand for cosmetics and skincare products. Other than this, the country’s efforts to promote immigration will surge the demand for cosmetic products, which will ultimately increase the scope of the cosmetic dye market. 

On the other hand, the United States has a racially and ethnically diverse population. This diverse population has increased the demand for different cosmetic products depending on the skin tone and type. This further encourages companies to invest heavily in the research and development of new products, which adds to the studied market’s growth to a large extent. Above all, social media platforms have introduced various makeup trends, which is likely to create several new opportunities for the cosmetic dyes market in the United States in the near future. 

COMPETITIVE OUTLOOK

The established companies in the cosmetic dyes market include Chromatech Incorporated, Dayglo Color Corporation, Dystar Group, Koel Colours Pvt Ltd, Sensient Cosmetic Technologies, Merck Group, and BASF.