The global makeup Industry size was USD 40.37 billion in 2021. The market is expected to expand from USD 41.85 billion in 2022 to USD 61.34 billion by 2029, exhibiting a CAGR of 5.61% over the estimated period. The rise can be attributed to the increasing consumer inclination toward personal grooming.
This information is provided by Fortune Business Insights™ in its research report, titled “makeup Industry, 2024-2032”.
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Powder Segment to Gain Traction Owing to High-Absorbing Features
On the basis of product, the market is fragmented into gel, powder, lotions, and others. The powder segment is poised to record commendable expansion over the study period. The surge is being driven by the growing popularity of powder foundations among young users.
Face Segment to Record Substantial Demand Driven by Growing Product Adoption
Based on application area, the market is subdivided into eyes, lips, face, and nails. The face segment is estimated to register considerable growth throughout the analysis period. The rise can be credited to the rising focus of industry players on the launch of new facial skin easing products and increasing product adoption.
Supermarkets/Hypermarkets Segment to Depict Appreciable Growth Owing to Availability of Various Options
On the basis of distribution channel, the market is segmented into exclusive brand stores, supermarkets & hypermarkets, online/e-commerce, and others. The supermarkets/hypermarkets segment is slated to record notable expansion over the projected period. This is on account of the availability of various products to consumers.
Based on geography, the market for makeup has been categorized into Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
Report Coverage:
The report gives an analysis of the pivotal factors powering the global business landscape over the forecast period. It further gives an insight into the major trends driving market expansion throughout the analysis period. Other aspects include the vital steps taken by leading companies for strengthening their industry position.
Drivers and Restraints:
Soaring Awareness Regarding Personal Grooming to Fuel Industry Expansion
The makeup Industry growth is being favored by the growing consumer inclination toward personal care products. Besides, various brands are focusing on the development of products for catering to the skincare needs of men. This is expected to fuel industry expansion to a considerable extent.
However, the market expansion could be hindered by various effects of chemical formulations.
Regional Insights:
Asia Pacific to Lead Driven by Growing Consumption of Branded Beauty Products
The Asia Pacific makeup Industry share is expected to record substantial growth throughout the study period. The surge can be credited to the escalating consumption of branded beauty products in the region.
North America is set to register considerable expansion over the estimated period. The rise is being driven by the presence of large players in the region.
Competitive Landscape:
Leading Companies Introduce New Products to Secure Competitive Edge
Major makeup companies are focused on the adoption of a series of strategic initiatives such as mergers, acquisitions, and the launch of new products for strengthening their position in the market. Some of the other steps comprise rising participation in trade conferences.
Key Industry Development:
April 2022 – Avon launched ‘Ultra Color Lip Gloss’ to provide ultra shine, color, and feel. The launch helped the company in the expansion of its existing portfolio, attracting customers from various regions.
List of Key Players Mentioned in the Report:
- Unilever (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)
Browse Detailed Research Report Summary: https://www.fortunebusinessinsights.com/makeup-market-102587
