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The global makeup market size was USD 43.82 billion in 2018 and is projected to reach USD 63.73 billion by 2026, exhibiting a CAGR of 4.9% during the forecast period.
Nowadays, makeup has become an integral part of the 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 face, eyes, nails, and lips, among others, which are 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 product demand.
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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 participants surveyed said that 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 value of the product and thereby, attract more consumer base. For instance, in April 2018, L’Oréal 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 makeup products market trend that is likely to propel growth.
Increasing Awareness Regarding Personal Grooming is Expected to Drive the Market
Increasing the adoption of makeup products can be attributed to their ability to alter the appearance 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. A variety of products are available in the market, which can be used according to the individual’s skin tone. These products are useful 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. For instance, according to ‘Consumer Insights 2017’, published by Cosmetics Europe- The Personal Care Association, about 65% of females and 15% of male participants in the survey said that makeup products are important or very important in their lives.
Moreover, there is a rising demand for these products from the aged population to hide wrinkles and dark spots and to get a younger look. Furthermore, rising awareness regarding men’s grooming has resulted in an increasing demand for men’s makeup products such as Men Face Bronzer or Boys BB Cream. For instance, according to PrimandPrep’s 2019 survey, about 76% of men surveyed stated that they spend significant time on grooming in order to take pride in their own 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 skin care products for men, including concealers, anti-shine face powder, and men’s makeup starter kit. Therefore, the increasing demand for these products across all the age groups and genders is likely to boost the makeup market growth in the near future.
Manufacturers Focusing on Launching Innovative Products to Fuel the Market 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. Players operating in the market are focusing on providing attractive packaging, easy to handle, and easy-to-use products. These are boosting product demand. Compact packaging, which does not require much space and can be easily stored and kept in a bag or makeup 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 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 in the makeup market is likely to foster growth.
An Infographic Representation of Makeup Market
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Rising Awareness Regarding Adverse Effects to Hamper Market Growth
Prolonged exposure to chemicals used in these products such as pigments and preservatives has negative effects on 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 these products on the skin are expected to hamper the makeup market growth.
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Powders Segment is Expected to Dominate the 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 powdered form such as foundation, blush, eyeshadow palette, and others. The powder form is usually suitable on all skin types such as oily as well as dry skin and it provides clear, lightweight, and natural look. Powders are more user-friendly as they can be quickly applied and can be easily spread over the surface even in layers as compared to lotion or gel. Additionally, the powder is also applied over a liquid quote to get a fresh look.
Eyeshadows, foundations, lip colors, and lip glosses are also provided in the forms of gels or lotions. Lotions are often used by individuals who desire to have a shiny or greasy look. New lotions and gels which are easy to use are being developed by manufacturers. It is expected to drive the market.
Face Segment is Likely to Hold Major Market Share
Makeup products when applied to face enhances the look. Therefore, the face segment is expected to hold major share during the forecast period. For most of the 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 face as they provide the primary makeup 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 eyeshadow palettes in order to attract a large consumer base. Therefore, the wide availability of products for lips and eyes is expected to foster demand for these segments.
Supermarket/Hypermarket to Enable Dominance of the 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 huge consumer base. Additionally, an increasing number of beauty salons, studios coupled with increasing brand loyalty are expected to foster growth of the exclusive brand stores segment. However, increasing internet penetration and rising use of social media are expected to fuel the growth of online sales channels that provide easy product ordering solutions.
North America Makeup Market Size, 2015-2026 (USD Billion)
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The market size in North America stood at USD 9.76 billion in 2018. The region is expected to witness significant growth owing to high spending power of the populace, 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 U.S. held the second position in the global cosmetics market accounting about USD 73.93 billion in 2018.
In Europe, the market is characterized by the presence of big 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 in order to gain a strong foothold in the market. For instance, in July 2017, L’Oréal launched ‘L'Oréal Paris Color Riche Matte Lipstick’ on National Lipstick Day to attract consumers.
The market in Asia Pacific is projected to hold significant makeup market revenue 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 working-class populations are expected to propel the market growth in 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. 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 makeup products during the forecast period in these regions.
Presence of Diverse Portfolio and Fragmented Industry Structure in the Global Market
The market is highly fragmented, owing to the presence of a large number of local, domestic, as well as international players in the global market place. 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 taking efforts to use safe and less toxic organic ingredients in their products. This is expected to propel the makeup market growth.
The report provides a detailed analysis of the makeup market and focuses on key aspects such as leading companies, product types, and leading application areas of the product.
Besides this, the report offers insights into the makeup industry trends and highlights key developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Billion)
By Application Area
By Distribution Channel
Fortune Business Insights says that the global market size was USD 43.82 billion in 2018 and is projected to reach USD 63.73 billion by 2026.
In 2018, the market value stood at USD 43.82 billion.
Growing at a CAGR of 4.9%, the market will exhibit steady growth in the forecast period (2019-2026).
The powder product segment is expected to be the leading segment in this market during the forecast period.
Increasing awareness regarding personal grooming is fueling the demand for makeup market.
Loreal is the leading player in the global market.
Asia Pacific dominated the market in 2018.
Increasing demand for organic and natural products and product innovations are expected to propel the adoption of these products.
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