"Assisting You in Establishing Data Driven Brands"
The global makeup market size was valued at USD 39.58 billion in 2022 and is projected to grow from USD 41.49 billion in 2023 to USD 58.15 billion by 2030, exhibiting a CAGR of 4.9% during the forecast period.
A perfect blend of makeup can significantly beautify an individual’s personality. Utilizing smart virtual cosmetic tools also enhances women consumers’ grooming experience. Nowadays, beauty product manufacturers, retailers, and industry innovators introduce innovative virtual beauty tools to offer a holistic grooming solution to their consumers. For instance, in March 2022, Perfect Corp., a beauty fashion-related technology solutions provider, launched a virtual try-on NFT collection, which allows consumers virtually interact with the digital assets of the offering and try various products as per the suggestions.
Supply Chain Disruptions Due to the Pandemic Affected the Market Growth
The COVID-19 pandemic has had a significant impact on the market's growth. During the pandemic, lockdowns and emergency measures hampered the supply of raw materials to the market. Prices for natural ingredients rose in exports from developing countries due to higher freight prices and longer shipping delays. Due to lockdowns in some countries, import and export activities became difficult, and demand dropped, affecting market expansion. Also, the COVID-19 crisis restricted supply chains in every industry, including fashion and cosmetics.
Furthermore, the pandemic adversely affected the global cosmetics products market, sharply dropping sales. Governments imposed lockdowns and shutdowns of retail stores, affecting retailers as the epidemic spread across the globe. Labor shortages in factories and logistics operations due to the pandemic continue to have a severe impact on supply chains around the world.
Despite the negative impact of the coronavirus pandemic, the global cosmetics market is expected to recover in the coming years. With consumer preferences changed to organic and therapeutic formulations due to rising awareness of organic products, manufacturers have accelerated research & development efforts to find new organic and herbal ingredients that can attract consumers. Additionally, players strengthen online and offline distribution to expand their presence. For instance, in October 2022, Earth Rhythm announced its entry into the offline retail market by launching 12 kiosks in India's Tier 1 and Tier 2 cities, New Delhi, Chennai, Chandigarh, Raipur, Bangalore, Mumbai, and Dehradun. The kiosks include 90 products across its four major categories – beauty, bath & body, face, and hair.
Request a Free sample to learn more about this report.
Inclination Of Consumers Toward Natural Cosmetic Products To Assist Market Growth
The rising concern about skin problems due to wearing foundations and lipsticks has affected the global demand, with the use of beauty products with chemicals resulting in acne, breakouts, and other conditions. Regular foundation use harms the skin by breaking its protective layer. For instance, a 2020 National Library of Medicine study stated that cosmetics harm the human skin and can lead to pigmentation and skin problems. Some of these substances could also have harmful, irritating, and allergic effects on human health. With the rise in skin problems due to chemically contained cosmetics, people shifted toward more natural and organic products. Many key manufacturers such as L'Oréal S.A., Estée Lauder Companies, Honasa Consumer Private Limited, and others in this industry also shifted their production toward natural cosmetic products.
Increasing Inclination Toward Personal Grooming to Favor Market Expansion
Grooming, looking good, and feeling good trend is rising worldwide, with women at the center of the cosmetics industry. The emerging glamour industry is boosting the demand for makeup products that can alter their appearance among the young generation. Social media strongly influences this generation, with attractive product promotions showcasing newer market trends—brands such as SA.AL & Co., Bulldog Skincare, David Beckham's House 99 range, and Chanel's BOY focuses on offering products for men's skincare needs to cater to its increasing demand.
Product Modernization in Terms of Cosmetic Items to Expand Product Demand
As natural beauty ingredients are gaining popularity, the need for natural preservatives is also rising, resulting in research opportunities for organic and natural constituents. Consumers' buying behaviors have shifted to organic products with the rising awareness of harmful chemical ingredients on one’s health and the environment. Hence, sustainability has become a priority across all industries. The COVID-19 -induced lockdown restrictions have changed how we live and work. This has also decreased the negative impact on the environment to some extent.
Rising Awareness Regarding Adverse Effects of Chemical Formulations to Hamper Product Sales
Chemicals used in the production of cosmetic products can harm an individual's skin, and the daily application of these products could be dangerous. The formulations of cosmetic products consist of numerous chemical constituents, including synthetic chemicals, coloring agents, sulfates, and others. The rising inclination of consumers in terms of health awareness and toxicity created by the products is expected to restrict product demand in the long run. Moreover, prolonged exposure to such products results in the continuous deposition of toxic ingredients in body cells that can eventually cause adverse effects.
Excessive use of certain creams and powders and hair coloring products can result in rashes or patches on the skin and permanent hair greying. Furthermore, the higher cost of skin-lightening products may hamper product demand. This factor also resulted in the development of low-cost counterfeit products with lower-quality ingredients that are unsafe to use.
To know how our report can help streamline your business, Speak to Analyst
High Absorbing Features of Powder to Trigger Demand in the Powder Segment
The market is segmented into powder, gel, and lotion based on product. The powder segment is estimated to grow significantly in the coming years. Various cosmetics, such as face powder and powder foundation, are available in powder form, whether loose or pressed. Face powder is used as a base to apply bronzer, contour, or blush. Certain powders also help to reduce the look of pores and fine lines. Moreover, powdered contents are suitable for oily skin as they help absorb oily residue. Such factors contribute to the growth of the powder segment.
The rising popularity of powder foundations among young users who demand light coverage drives the market segmental growth. It also helps control excess oil around the nose and forehead area, preventing the need for frequent reapplication and further increasing its demand. Companies are focusing on developing powder-based products that protect the skin other than just enhancing the appearance. For instance, in August 2022, Ponds, a beauty brand from Unilever, a British consumer goods company, launched its natural glow face powder made from ingredients such as titanium dioxide and zinc oxide with UV protection properties.
Face Segment to Dominate the Market Owing to Rising Product Demand
On the basis of application area, the market is segmented into lips, eyes, face, and nails. The face segment is expected to dominate the market as most consumers apply creams and powders on the face compared to other body parts, increasing its demand in the market. Key players focus on launching new facial skin-easing products developed according to the need of different skin types, supporting segmental growth. For instance, in April 2022, RENEE Cosmetics, an Indian cosmetic brand, announced the launch of its new product range, face Base, for Indian skin types. The range includes liquid foundation, stick foundation, concealer, and compact, available in five shades. The range also contains loose powder, which is offered in four shades. The products are available on both online and offline platforms.
Large key companies across the globe focus on developing sustainable face products that are safe for the environment. For instance, in May 2021, Huda Beauty, a cosmetic brand headquartered in Dubai, UAE, announced the launch of its new cosmetic collection, GloWish. According to the brand, the collection is cruelty-free and vegan, with sustainable packaging and ingredients. The collection includes MultiDew Skin Tint and Soft Radiant Bronzing Powder.
Supermarkets/Hypermarkets Segment to Dominate the Market Due to Growing Demand for a Variety of Options
Based on distribution channels, the market is segregated into supermarkets & hypermarkets, exclusive brand stores, online/e-commerce channels, and others. The supermarkets & hypermarkets segment is expected to capture a significant market share during 2023-2030. These stores offer a variety of products to consumers, and every individual has the liberty to validate the genuineness of the product. Apart from this, the online segment is anticipated to hold the fastest growing CAGR during the forecast period owing to the rapid boom of e-portals during 2020.
Asia Pacific Makeup Market Size, 2022 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Geography categorizes the market into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Asia Pacific market is estimated to reach USD 18.73 billion in 2022. The region is anticipated to experience significant growth in the coming years, owing to the young population's rising consumption of branded beauty products. Moreover, the need for cosmetic products among beauty professionals is projected to foster the demand for the entire market.
The North American makeup market share is expected to grow considerably from 2023 to 2030. Prominent players in the region provide a massive opportunity for consumers to access different beauty brands and select products according to their choice. This fosters product demand in countries such as the U.S., Canada, and Mexico.
The presence of various international cosmetic brands in countries such as France, the U.K., and others characterize the market of Europe. The increasing collaboration of market players with different brands and stakeholders to provide various products and improve their supply chain management propels the region’s demand for cosmetic products.
To know how our report can help streamline your business, Speak to Analyst
The Middle East & Africa and Latin American makeup products markets are assisted by the government's continuous support for skin care product manufacturers to produce products at affordable costs. The positive stance of the producers in the region, supported by short-term loans provided by the government and other facilities, is raising the product demand in these regions.
Beauty Brands to Focus on Acquisitions to Expand Product Portfolio
Beauty companies aim to expand their product portfolio by acquiring different small-scale cosmetic brands as it helps the company with maximum customer reach and builds brand identities in the untapped global markets. This is also considered a marketing strategy for many bog beauty firms for brand building and market acquisitions. For instance, in 2020, L'Oréal S.A. acquired a renowned brand for natural remedies, THAYER'S. The deal helped increase the company's product portfolio and added a rich skincare heritage to L'Oréal's Consumer Products Division, offering a wide range of high-quality items.
An Infographic Representation of Makeup Market
To get information on various segments, share your queries with us
The research report analyzes the industry in-depth and highlights crucial aspects such as prominent companies, product types, and sales channels. Besides this, the global market research report provides insights into the market trends and highlights recent industry developments including merger & acquisition, product launches, and partnership & expansion. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the makeup market growth.
The Market is Growing at a CAGR of 4.9% during 2023-2030
Value (USD Billion)
By Application Area
By Distribution Channel
Fortune Business Insights says that the global market size was USD 39.58 billion in 2022 and is anticipated to reach USD 58.15 billion by 2030.
In 2022, the global market value stood at USD 39.58 billion.
At an ascending CAGR of 4.9%, the global market forecasted to growth during (2023-2030).
By product, the powder segment is expected to dominate the market in revenue throughout the forecast period (2023-2030).
Increasing awareness of personal grooming is accelerating market growth.
Unilever, LOreal, Avon, Oriflame Cosmetics AG, Revlon, Inc., Coty Inc., The Estée Lauder Companies Inc, The Procter Gamble Company, Kao Corporation, and Shiseido Co. Ltd are the leading players worldwide.
The Asia Pacific region dominated the global market in 2022.
The rising awareness toward personal grooming and the expanding number of brands producing a wide range of cosmetic products favors market expansion.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry