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Makeup Market to Reach USD 61.37 Billion by 2029; E.l.f Cosmetics Rolls out E.l.f.ing Sweet Collection to Strengthen Industry Position

February 20, 2023 | Consumer Goods

The global makeup market size stood at USD 40.37 billion in 2021. The market value is slated to rise from USD 41.85 billion in 2022 to USD 61.34 billion by 2029 at a CAGR of 5.61% during 2022-2029. The surge is driven by the increasing consumer inclination toward personal grooming products. The industry expansion is further driven by the growing establishment of brand stores and mega stores in developing countries such as India, China, and others. Additional factor favoring the market growth is the surging popularity of premium beauty products among millennials and women.

Fortune Business Insights™ presents this information in its report titled “Makeup Market Size, Share & COVID-19 Impact Analysis, By Product (Powder, Gel, 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, 2022-2029”.

Market Growth Affected Owing to Supply Chain Disruptions Amid Coronavirus Pandemic

The COVID-19 pandemic led to disruptions in supply chain, impacting the supply of raw materials. This further resulted in an escalation in the export cost of natural ingredients from developing regions. The pandemic also impacted product sales driven by the shutdown of retail stores and the imposition of lockdown restrictions.

In addition, the pandemic resulted in labor shortages in factories, affecting logistics operations and leading to supply chain disruptions. The period also led to an increase in development and research efforts to find new herbal and organic ingredients. This was driven by the changing consumer preferences.

Coty Inc. Expands Strategic Partnership with Cruelty Free International to Enhance Business Prospects

In September 2022, Coty Inc. entered into an extended strategic partnership with Cruelty Free International, an organization working toward ending animal testing. The Cruelty Free International Leaping Bunny Programme approved Coty’s several brands including Risqué, Manhattan, and Rimmel.

The partnership helped in strengthening the company’s position in the market.  

Market Value to Surge Due to Increase in Product Modernization

One of the key factors propelling the makeup market growth is the growing popularity of natural ingredients. This has led to an increase in research activities and product modernization initiatives.

However, the market expansion may be hampered due to growing consumer awareness regarding the health hazards of consumers.

To get a detailed report summary and research scope of this market, click here:


Major Companies Enter into Partnership Agreements to Strengthen Industry Foothold

Several industry participants are focused on the adoption of various initiatives for the consolidation of their market presence. These include acquisitions, merger agreements, formation of alliances, and others. Some of the other initiatives comprise an increase in research activities and development of new products.

Key Players Covered:

  • Unilever (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)

Notable Industry Developments

  • March 2022 – E.l.f. Cosmetics rolled out E.l.f.ing Sweet Collection. The limited edition makeup collection was launched in partnership with Dunkin’ Donuts. The products would be available on Ulta.com and Ulta Beauty stores.

  • September 2022 – L’Oreal entered into an agreement for the takeover of Skinbetter Science. The deal helped the company in strengthening its global presence. Furthermore, it also helped L’Oreal in the expansion of its product portfolio.

Further Report Findings

  • The Asia Pacific makeup market share is poised to grow at an appreciable pace over the forecast period. The surge is being driven by the escalating consumption of branded beauty products.

  • The North America market is slated to record remarkable growth over the study period. This is on account of the presence of large market players in the region.

  • Based on product, the powder segment is expected to lead the market over the forthcoming years. This is due to the benefit of high-absorbing features and the rising popularity of powder foundations among young users.

  • On the basis of application area, the face segment is touted to register commendable expansion over the forecast period. This is due to the growing focus of industry players on the launch of new makeup products.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)

By Product

  • Powder

  • Gel

  • Lotion

  • 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)

Makeup Market
  • PDF
  • 2021
  • 2018-2020
  • 213


  • 4850

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