Makeup Market Size, Share & COVID-19 Impact Analysis, By Product (Powder, Gels, Lotions, and Others), Application Area (Lips, Eyes, Face, and Others), Distribution Channel (Supermarkets/Hypermarkets, Exclusive Brand Stores, Online/e-commerce Channels, and Others), and Regional Forecast, 2021-2028

The global makeup market size was USD 34.38 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -24.65% in 2020. The market is projected to grow from USD 35.22 billion in 2021 to USD 50.28 billion in 2028 at a CAGR of 5.2 % in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Nowadays, makeup has become an integral part of a daily routine for a large number of individuals as it enables highlighting facial features such as eyes and lips and thereby provides an efficient method for grooming. These products include color cosmetics used for the face, eyes, nails, and lips, among others, offered in various forms, including powders, creams, or gels. Unnecessary face imperfections can be made invisible or masked by wearing makeup, whereas on the other hand, color cosmetics can also add or highlight the beauty spots, which enhances the overall appearance and personality of the individual. This, in turn, has increased the popularity of these products across the globe.

Moreover, a variety of products are available in the market in various colors and shades as per the requirement of people with different complexions. The products include primer, BB & CC cream, blush, lip liner, eye shadow, and others, which can change and enhance the way one looks. It is a major factor driving the product demand.

Restriction amid COVID-19 to Reduce Demand

The eruption of the pandemic has resulted in the implementation of various rules and restrictions regarding lockdown, social distancing, and others. This has thus drastically reduced the usage of the pro

duct on a daily basis, especially among the female population, and thus led to restraint the market growth. The data presented by the 2020 L’Oreal Annual Report mentions that the global beauty market experienced a decline of -8% in 2020. In addition to this, the reduction of goods supply in various countries amid the COVID-19 is likely to have a negative impact, shrinking the consumption rate among the global population.

LATEST TRENDS

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Natural, Organic, and Vegan Products are Fueling Market Growth

With rising awareness regarding the toxicity of synthetic chemicals and their adverse effects on the skin, consumer preference has shifted towards more safe and natural products. For instance, according to the ‘Green Consumer Behavior in Cosmetics Market’ published by the Journal of Resources in 2019, 70% of the surveyed participants said they wish to buy natural cosmetic products. Therefore, various manufacturers are focusing on using herbal and botanical extracts such as essential oils and antioxidants to increase the product's value and thereby attract more consumer base.

For instance, in April 2018, L’Oreal launched its new Seed Phytonutrients brand, which will provide beauty products formulated with organic raw materials. Moreover, plant-based or vegan products that do not contain any ingredients derived from animals are also gaining major traction owing to increased awareness regarding cruelty on animals and animal rights. It is one of the crucial products market trends that is likely to propel growth.

DRIVING FACTORS

Increasing Awareness Regarding Personal Grooming to Drive Market

Increasing the adoption of makeup products can be attributed to their ability to alter the appeal of the skin, face, or overall body. Collegians and working women are more inclined towards these products and routinely use them to look good, elegant, and presentable. Thus, the increasing number of working women is fostering demand for the product. Various products are available in the market, which can be used according to the individual’s skin tone. These products are helpful for different purposes, such as hiding or covering up acne, dark circles, scars, or discoloration on the face or neck, which is the prime factor flourishing their demand.

Furthermore, rising awareness regarding men’s grooming has increased demand for men’s products such as Men Face Bronzer or Boys BB Cream. According to PrimandPrep’s 2019 survey, about 76% of men surveyed stated that they spend significant time grooming to take pride in their appearance. Therefore, various companies are focusing on introducing more products for men’s cosmetic needs. For instance, Menaji Worldwide, LLC, is a company that exclusively manufactures makeup and skincare products for men, including concealers, anti-shine face powder, and men’s starter kits. Therefore, the increasing demand for the product across all age groups and genders is likely to boost the makeup market growth in the near future.

Key Players Launching Innovative Products to Fuel Growth

Different manufacturers across the globe are adopting new technologies to manufacture products, such as the incorporation of probiotics and microbiome-based makeup products to increase their value and application. The players operating in the market focus on providing attractive packaging, easy to handle, and easy-to-use products. These are boosting the product demand. Compact packaging, which does not require much space and can be easily stored and kept in a bag or kit, is gaining more popularity.  Additionally, increasing investment in R&D activities is expected to boost market growth.

For instance, according to ‘The National Association of Perfumery and Cosmetics in Spain’ (STANPA), about USD 326.13 million per year (accounting for 3.4% of the industry’s turnover in-country) is invested in innovation and research & development by the cosmetic industry in the country. Therefore, the introduction of innovative and efficient products by manufacturers is likely to foster growth.

RESTRAINING FACTORS

Rising Awareness Regarding Adverse Effects to Hamper Market Growth

Prolonged exposure to chemicals used in the product, such as pigments and preservatives, negatively affects the skin. This can result in allergic reactions such as redness, intoxication, and other side effects. Continuous deposition of such toxic products can lead to dermatitis and cancer, which can become lethal if not treated at the proper time. Therefore, adverse effects shown by the product on the skin care are expected to hamper the market growth.

SEGMENTATION

By-Products Analysis

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Powders Segment to Dominate Global Market

Makeup products can be segmented as powders, gels, lotions, and others. The powders segment is expected to dominate in terms of makeup market share as most of the products are offered in a powdered form such as foundation, blush, eye shadow palette, and others. The powder form is usually suitable on all skin types, such as oily as well as dry skin, and it provides a clear, lightweight, and natural look. Powders are more user-friendly as they can be quickly applied and easily spread over the surface even in layers compared to lotion or gel. Additionally, the powder is also applied over a liquid quote to get a fresh look.

Eye shadows, foundations, lip colors, and lip glosses are also provided in the form of gels or lotions. Lotions are often used by individuals who desire to have a shiny or greasy look.  Manufacturers are developing new lotions and gels which are easy to use. It is expected to drive the market.

By Application Area Analysis

Face Segment to Hold Major Market Share

Makeup products, when applied to the face, enhance the look. Therefore, the face segment is expected to hold a major share during the forecast period. For most users, makeup starts with the face, which provides the base for applying further color cosmetics such as lipstick and eyeliner. Products such as foundation, compact powders, and blush are applied on the face as they provide the primary effect. For lips, a variety of products, including lipstick, lip-gloss, and lip liners, are available in the market in a wide range of colors as per the individual’s choice and requirement.

They are also offered in various textures and forms such as matte and shiny and offered in stick or liquid formulation. Additionally, manufacturers are focusing on offering new colors and unusual shades in eye shadow palettes to attract a large consumer base. Therefore, the wide availability of products for lips and eyes is expected to foster demand for these segments.

By Distribution Channel Analysis

Supermarket/Hypermarket to Enable Dominance of Segment

Offline stores such as supermarkets/hypermarkets and exclusive brand stores segments are expected to hold a higher market share over the online channel segment. At offline stores, consumers can physically check the product, including its color & form of lipstick, eyeliner, and eye shadow, by using testers which make them easier to choose the desired product. Moreover, at supermarkets/hypermarkets, lucrative discounts and gift cards are offered, which attracts a vast consumer base. Additionally, an increasing number of beauty salons, studios coupled with increasing brand loyalty is expected to foster growth of the exclusive brand stores segment. However, increasing internet penetration and rising use of social media is expected to fuel the growth of online channels which provide easy product ordering solutions.

REGIONAL INSIGHTS

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North America is assessed to witness significant growth owing to the high spending power of the populace, the increasing number of beauty salons, coupled with the availability of better infrastructure facilities for product development in the region. For instance, according to ‘Socio-Economic Contribution of the European Cosmetics Industry,’ published by Cosmetics Europe- the Personal Care Association in 2019, the United States held the second position in the global cosmetics market, accounting for about USD 73.93 billion in 2018.

In Europe, the market is characterized by the presence of prominent players coupled with greater awareness regarding fashion, glamour, and personal grooming among the populace. Players in Europe are adopting various strategies such as promotion and marketing initiatives and product launches to gain a strong foothold in the market. For instance, in July 2017, L’Oreal launched ‘L’Oreal Paris Color Riche Matte Lipstick’ on National Lipstick Day to attract consumers.

The market size in Asia Pacific stood at USD 16.37 billion in 2020. The market in the region is projected to hold a dominant share owing to an increased product demand from emerging economies such as China, Korea, Japan, and India. Increasing globalization, shift in consumer preferences, increasing disposable income, and rising number of the working-class population are expected to propel the market growth in the Asia Pacific. For instance, according to Japan Cosmetic Industry Association, in Japan, the shipment of foundation increased from USD 1,193 million to USD 1,285 million, and that of lipstick increased from USD 367 million to USD 459 million from 2016 to 2018, respectively.

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The market in Latin America and the Middle East & Africa held a comparatively lower share. However, changing lifestyles and increasing standard of living are projected to boost the demand for the product during the forecast period in these regions.

KEY INDUSTRY PLAYERS

Presence of Diverse Portfolio and Fragmented Industry Structure in Global Market

The market is highly fragmented, owing to the presence of a large number of local, domestic, and international players in the global marketplace. Manufacturers are focusing on various strategies such as mergers and acquisitions, new product development, geographic expansions, and advertising strategies in order to expand the consumer base and gain a strong market position. Moreover, players operating in the market are making efforts to use safe and less toxic organic ingredients in their products. This is expected to propel the market growth.

LIST OF KEY COMPANIES PROFILED:

• L’Oréal Professional (Clichy, France)


• Shiseido Co., Ltd. (Tokyo, Japan)


• Coty Inc. (New York, U.S.)


• Avon Products Inc. (London, U.K.)


• Estée Lauder Inc. (New York, U.S.)


• Kao Corporation (Tokyo, Japan)


• Revlon, Inc. (New York, U.S.)


• The Procter & Gamble Company (Ohio, U.S.)


• Unilever (London, U.K.)


• NARS Cosmetics (New York, U.S.)

KEY INDUSTRY DEVELOPMENTS:

• August 2018 – L’Oreal acquired Logocos Naturkosmetik AG, a German cosmetics company engaged in producing organic and vegan products. This is expected to strengthen L’Oreal’s foothold in the natural cosmetic products market.


• November 2019 – Coty Inc., a U.S.-based beauty products company, entered into a partnership with Kylie Jenner in order to expand its geographic presence and gain a strong foothold in the market.

REPORT COVERAGE

An Infographic Representation of Makeup Market

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The market research report provides a detailed makeup market analysis and focuses on key aspects such as leading companies, product types, and the leading application area of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the global market over recent years.

Report Scope & Segmentation