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Makeup Market Size, Share & Industry Analysis, By Product (Powders, Gels, Lotions, and Others), By Application Area (Lips, Eyes, Face, and Nails), By Distribution Channel (Supermarkets & Hypermarkets, Exclusive Brand Stores, Online/E-Commerce, and Others), and Regional Forecast, 2024-2032

Region : Global | Format: PDF | Report ID: FBI102587



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The global makeup market size was valued at USD 41.49 billion in 2023. The market is projected to grow from USD 43.61 billion in 2024 to USD 70.80 billion by 2032, exhibiting a CAGR of 6.24% 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.     

Furthermore, the COVID-19 pandemic had a profound effect on the makeup market. Restrictions on social gatherings, events, and travel significantly reduced opportunities for consumers to wear makeup. With fewer occasions to dress up or socialize in person, the demand for makeup products declined sharply during 2020. However, the closure of skincare retail outlets and beauty stores during lockdowns accelerated the shift toward online shopping for makeup products. Consumers turned to e-commerce platforms and beauty websites to purchase cosmetics, skincare, and haircare products, driving sales through online channels.

Makeup Market Trends

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.

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Makeup Market Growth Factors

Increasing Inclination toward Personal Grooming to Favor Market Expansion

Changing societal norms and attitudes toward beauty and grooming have shifted consumer preferences toward makeup. Moreover, 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. Besides, social media strongly influences this generation, with attractive product promotions showcasing newer market trend. Beauty influencers and content creators share makeup tutorials, product reviews, and styling tips, inspiring followers to explore new makeup looks and trends, thereby stimulating demand for cosmetic products. Moreover, brands such as SA.AL & Co., Bulldog Skincare, and David Beckham's House 99 range, and Chanel's BOY focuses on offering innovative products for skincare needs to cater to its increasing demand.

Product Modernization in Terms of Cosmetic Items to Expand Product Demand

Product modernization involves the reformulation of cosmetics to incorporate advanced ingredients and technologies. These innovations result in makeup products with improved performance, such as longer wear, better pigmentation, and enhanced skin benefits. Consumers are attracted to modernized cosmetics that offer superior results than traditional formulations, driving demand for these products. 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, including makeup products, and escalating market growth. For instance, in October 2023, Organic Harvest, an Indian skincare brand, launched a line of makeup products manufactured with certified organic elements.


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.

Makeup Market Segmentation Analysis

By Product Analysis

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.

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By Application Area Analysis

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.

By Distribution Channel Analysis

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 2024-2032. 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.


Geography categorizes the market into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Asia Pacific Makeup Market Size, 2023 (USD Billion)

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Asia Pacific is estimated to reach USD 19.57 billion in 2023. 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.

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The North American makeup market share is expected to grow considerably from 2024 to 2032. 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.

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.

List of Key Companies in Makeup Market

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.



  • September 2022: L’Oréal inked an agreement for the acquisition of Skinbetter Science. This helped the company expand its product portfolio, strengthening its global presence.

  • April 2022: Health and Glow, a retail beauty chain, launched H&G Cosmetics, its brand of quality color cosmetics. The new brand offers a range of cruelty-free and vegan everyday makeup products.

  • April 2022: Shiseido, a brand of the Shiseido Group, in collaboration with Revieve, a personalized digital brand experience company, launched an Artificial Intelligence (AI)-based beauty advisor to serve the grooming experience to the consumers in the EMEA region.

  • March 2022: E.l.f. in partnership with Dunkin’ Donuts, Cosmetics launched a new limited edition makeup collection, E.l.f.ing Sweet Collection. The products are exclusively available on Ulta.com and Ulta Beauty stores.

  • March 2022: Space NK, a British personal care and beauty product retailer, partnered with Walmart to launch BEAUTYSPACE. It features 600 beauty products from 15 new and established brands specifically for Walmart customers.


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.

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 6.24% during 2024-2032


Value (USD Billion)


By Product

  • Powders

  • Gels

  • Lotions

  • Others

By Application Area

  • Lips

  • Eyes

  • Face

  • Nails

By Distribution Channel

  • Supermarkets & Hypermarkets

  • Exclusive Brand Stores

  • Online/E-Commerce Channels

  • Others

By Region

  • North America (By Product, Application Area, Distribution Channel, and Country)

    • U.S. (By Product)

    • Canada (By Product)

    • Mexico (By Product)

  • Europe (By Product, Application Area, Distribution Channel, and Country)

    • Germany (By Product)

    • U.K. (By Product)

    • France (By Product)

    • Italy (By Product)

    • Spain (By Product)

    • Rest of Europe (By Product)

  • Asia Pacific (By Product, Application Area, Distribution Channel, and Country)

    • China (By Product)

    • India (By Product)

    • Japan (By Product)

    • South Korea (By Product)

    • Rest of Asia Pacific (By Product)

  • South America (By Product, Application Area, Distribution Channel, and Country)

    • Brazil (By Product)

    • Argentina (By Product)

    • Rest of South America (By Product)

  • Middle East and Africa (By Product, Application Area, Distribution Channel, and Country)

    • UAE (By Product)

    • South Africa (By Product)

    • Rest of Middle East & Africa (By Product)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 41.49 billion in 2023 and is anticipated to reach USD 70.80 billion by 2032.

In 2023, the global market value stood at USD 41.49 billion.

At an ascending CAGR of 6.24%, the global market is forecasted to grow during (2024-2032).

By product, the powder segment is expected to dominate the market in revenue throughout the forecast period (2024-2032).

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 2023.

The rising awareness toward personal grooming and the expanding number of brands producing a wide range of cosmetic products favors market expansion.

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