Makeup Market Size, Share & COVID-19 Impact 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, 2023-2030

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.     

COVID-19 IMPACT

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.

LATEST TRENDS

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.

DRIVING FACTORS

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.

RESTRAINING FACTORS

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.

SEGMENTATION

By Product Analysis

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.

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 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.

REGIONAL ANALYSIS

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.

KEY INDUSTRY PLAYERS

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.

LIST OF KEY COMPANIES PROFILED:

• Unilever Plc. (U.K.)


• L'Oréal S.A. (France)


• Avon Products, Inc. (U.K.)


• Oriflame Cosmetics AG (Switzerland)


• Revlon, Inc. (U.S.)


• Coty Inc. (U.S.)


• The Estée Lauder Companies Inc. (U.S.)


• The Procter & Gamble Company (U.S.)


• Kao Corporation (Japan)


• Shiseido Co. Ltd (Japan)

KEY INDUSTRY DEVELOPMENTS:

• 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.

REPORT COVERAGE

An Infographic Representation of Makeup Market

View Full Infographic

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.

Report Scope & Segmentation