Key companies covered in makeup market are Unilever Plc. (U.K.), L'Oréal S.A. (France), Avon Products, Inc. (U.K.), Oriflame Cosmetics AG (Switzerland), Revlon, Inc. (S.), Coty Inc. (S.), The Estée Lauder Companies Inc. (U.S.), The Procter & Gamble Company (S.), Kao Corporation (Japan), Shiseido Co. Ltd (Japan), and more players profiled.
Pune, India, May 10, 2023 (GLOBE NEWSWIRE) -- The global makeup market size was valued at USD 39.58 billion in 2022 and is projected to reach a valuation of USD 41.49 billion in 2023 and is expected to reach USD 58.15 billion by 2030 with a CAGR of 4.9% during the forecast period. Presently, beauty manufacturers, retailers, and innovators have been offering a holistic approach to grooming solutions. A rising number of concerns about skin problems has resulted in the increasing usage of beauty products. Shift towards organic products with the rising awareness of harmful chemical ingredients on one’s health and the environment is projected to assist in the market development. Fortune Business Insights™ shares this information in its report titled “Makeup Market, 2023-2030.”
Powder Segment To Dictate Due To Rising Popularity Of Powder Foundations
On the basis of product, the market is segmented into powder, gel, and lotion. Powder segment had the largest part as availability of face powder and powder foundation in powdered form. Rising popularity of powder foundations among young users who wants light coverage drives the market segmental growth.
Face segmentto Govern Due to Increasing Usage of Products On Face
Based on application area, the market is categorized into lips, eyes, face, and nails. Face segment is anticipated to dominate the market as consumers generally apply creams and powders on the face compared to other body parts. Major companies have been developing sustainable face products that are safe for the environment.
Supermarkets & HypermarketsTo Lead Due To Wide Variety Of Products
On the basis of distribution channels, the market is categorized into supermarkets & hypermarkets, exclusive brand stores, online/e-commerce channels, and others. Supermarkets & hypermarkets to hold the majority part as these stores offer a variety of products to consumers and every individual has the liberty to validate the authenticity.
Based on geography, the market is studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
COVID-19 Impact:
Halt on Supply Chain Activities Affected Market Growth
The COVID-19 pandemic impacted market growth as the prices for the export ingredients as the supply of raw materials were hampered. Due to lockdowns in some countries, import and export activities became difficult which affected the market expansion. Also, the pandemic also affected fashion and cosmetics sectors. Despite, the decrease in the demand for general beauty products, consumer preferences changed to organic and therapeutic formulations due to rising awareness of organic products.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Inclination Towards Personal Grooming To Enhance the Market Growth
Inclination towards personal grooming is anticipated to drive makeup market growth. The trend of personal grooming is rising worldwide, with women at the center of the cosmetics industry. The emergence of the glamour industry is boosting the demand for makeup products that can alter the appearance of the young generation. Social media strongly influences this generation, with attractive product promotions showcasing newer trends—using various brand promotions for brands such SA.AL & Co., Bulldog Skincare, House 99 range, and Chanel's BOY for men's skincare needs.
However, rising awareness about the chemical formulations of beauty products is expected to hamper the market growth.
Regional Insights
Asia Pacific Lead The Market Owing To Rising Consumption Of Branded Beauty Products
Asia Pacific is expected to have largest part in the makeup market share due rising consumption of branded beauty products. Moreover, the need for cosmetic products among beauty professionals is projected to drive the demand for cosmetic products. The market reached the valuation of USD 18.73 billion in 2022.
North America is anticipated to have a considerable substantial growth in the forecast period due to high demand from countries such as U.S., Canada, and Mexico. Presence of various key market players have improved the supply chain management of the cosmetic products.
Europe has a moderate growth due to presence of various international cosmetic brands in countries such as France, the U.K., and others.
Competitive Landscape
Acquisition Strategies by Key Players to Advance Market Path
Beauty manufacturers have been acquiring different small-scale cosmetic brands to have maximum customer reach and builds brand identities. Such strategies help in the expansion of the product portfolio of the companies. In 2020, L'Oréal S.A. acquired THAYER'S which is a renowned brand for natural remedies. It will expand the company's product portfolio and add a rich skincare heritage to L'Oréal's Consumer Products Division, offering a wide range of high-quality items.
April 2022- Health and Glow launched H&G Cosmetics, its brand of quality color cosmetics. The new brand offers a range of cruelty-free and vegan everyday makeup products.
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