Makeup Market Trending | Foreseen Surge to US$ 75.18 Billion by 2029, CAGR 5.62%
Global Makeup Market To Thrive: Projected to Reach US$75.18 Billion by 2029, Driven by Evolving Trends and Personal Expression
Market Overview: The global makeup market is anticipated to witness strong growth, with a projected Compound Annual Growth Rate (CAGR) of 5.62% during the forecast period (2022-2029). This translates to a significant market expansion, reaching a value of nearly US$75.18 billion by 2029, compared to its US$48.58 billion valuation in 2022. This growth is attributed to several factors, including rising disposable income, increasing focus on personal expression, and the continuous emergence of innovative products and trends.
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Report Scope: This report provides a comprehensive analysis of the makeup market, exploring key trends, growth drivers, challenges, and opportunities. It delves into various product categories, consumer preferences, and the evolving retail landscape. The report also assesses the competitive landscape, identifying leading players and their market strategies.
Research Methodology: The research methodology combines both primary and secondary data sources. Primary data is gathered through interviews with industry experts, manufacturers, and consumers. Secondary data is meticulously compiled from reliable sources such as industry reports, government publications, and academic journals. Data analysis methods like market sizing, segmentation, and forecasting are employed using advanced statistical tools.
Segmentation: The makeup market is segmented by:
by Product
• Foundation
• Concealer
• Powder
• Primer
The market is divided into foundation, concealer, powder, and primer segments based on the kind of product.
In 2021, the Foundation sector accounted for 42.96% of the market, the highest share. Over the projection period, this segment is anticipated to develop at a CAGR of 5.27%. Foundation provides the skin a consistent tone and is available in liquid, cream, cake, and stick forms. It also acts as a sunscreen and moisturiser for the skin. Sometimes the foundation changes the customer’s natural skin tone. The foundation section has gained popularity worldwide because of its many applications.
by Distribution Channel
• Online
• Offline
The market is divided into two segments: online and offline, based on the distribution channel. In 2022, the Offline segment accounted for 75.99% of the market, the highest share. In this distribution route, supermarkets, hypermarkets, and specialty shops are well-known retail locations. Because brick and mortar stores let customers try products before they buy them, a lot of individuals decide to buy new cosmetics from them.
by Application
• Area
• Lips
• Eyes
• Face
• Nails
Regional Insights:
In 2022, the Asia Pacific region accounted for 30.5% of the market share, the biggest share. The rising number of working-class women in this region, combined with rising levels of living and urbanisation, has propelled the rise of the makeup industry. Over the past several years, there has been an increase in demand in this area for time-saving and easily applied cosmetics, such as makeup foundations.
Furthermore, the demand for luxury cosmetics has been spurred by an increase in middle-class clientele in this region, especially in China and India. The Economic Survey of Japan reports that the country produced 455 thousand tonnes of cosmetics in 2018, a rise over the previous year.
Key Players:
• L’Oreal
• LVMH Moet Hennessy Louis Vuitton
• Coty Inc.
• Kao Corporation
• Oriflame
• Estée Lauder Inc.
• Unilever
• Revlon, Inc.
• Coty Inc.
• The Procter & Gamble Company
• Avon Products Inc.
• Shiseido Co., Ltd
• Kao Corporation
• Amorepacific Corporation
• Mary Kay Inc.
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